Subcontinent: the market will triple in the next ten years

In the context of the EIMA Agrimach the Italian foreign agency ICE presents a forecast study on the Indian market whose value is destined to exceed 31 billion dollars by the year 2033 confirming thus its leadership position in the world

Numerous visitors and economic operators for EIMA Agrimach that presents the range of technologies necessary for the development of Indian agriculture, a production reality destined to grow significantly in the coming years. Closely connected with the agricultural trend is the market for machines, equipment and electronic technologies specific to the primary sector, as described in the Report on India produced by the Italian Foreign Trade Agency ICE, and released yesterday in coinciding with the EIMA Agrimach exhibition. The agricultural machinery market - we read in the very substantial and detailed document - reached an overall value of 13.7 billion dollars in 2023, but is destined to grow dramatically in the next ten years, reaching the share in 2033 of 31.6 billion dollars. The increase in sales will be the result of a greater variety of vehicles requested by agricultural enterprises. The study carried out by ICE in fact highlights how the current panorama is dominated by tractors, which alone cover 86% of the market, followed by commercial tractors (8%), and trailers (5%). The types of tractor trolleys and harvesters both have a minimum share of 1%. In the next ten years the range of technologies is destined to expand considerably, since the agricultural system of the Subcontinent requires modern machinery for all production segments. Newly developed equipment is required for ploughing and sowing, and along with this, spraying and irrigation systems are also set to increase. Combine harvesters and harvesting vehicles will be fundamental to the efficiency of the agricultural production system, and forage harvesting machines will have growing importance. The new agricultural vehicles will be equipped with digital systems - this is underlined in the ICE report - which will guide the development of an increasingly specialised advanced electronics market.