LONDON–(BUSINESS WIRE)–Technavio, a tech-focused research firm, has published a new report on the agricultural machinery market in India, which is expected to grow at a CAGR of nearly 8% from 2015-2019.
“Although the arable area has not increased in proportion to the demand for food, farmers are increasing the efficiency and speed of production by adopting advanced agricultural machinery to meet this demand”
The latest report by Technavio highlights the rising population in India, which is leading to an increased demand for food, enabling end-users to adopt efficient farm cultivation to cope with this demand. According to the Australian Department of Agriculture, real value of agri-food demand in India is likely to rise by 136% between 2009 and 2050.
“Although the arable area has not increased in proportion to the demand for food, farmers are increasing the efficiency and speed of production by adopting advanced agricultural machinery to meet this demand,” says Faisal Ghaus, Vice President of Technavio.
The new report also features the new advanced technologies such as GPS tractors, syndicates, and sprayers that have helped farmers turn a small amount of land into a source of profit.
“Another technology in the market is telematics, which can access the on-board diagnostic system of the tractor if a problem occurs on the field. These innovations and development of technologies in agriculture have made easy for end-users, which will boost the market growth,” adds Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
Global Agricultural Tractor Market 2015-2019
Agricultural Machinery Market in the US 2015-2019
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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