India: Agricultural Forestry Machinery Market 2024

Agricultural Forestry Machinery Market Size in India

The Indian agricultural forestry machinery market expanded markedly to $X in 2022, rising by 5.3% against the previous year. Over the period under review, consumption posted a resilient increase. Agricultural forestry machinery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Agricultural Forestry Machinery Production in India

In value terms, agricultural forestry machinery production rose modestly to $X in 2022 estimated in export price. Over the period under review, production posted a strong increase. The growth pace was the most rapid in 2016 with an increase of 36% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Agricultural Forestry Machinery Exports

Exports from India

In 2022, after three years of growth, there was significant decline in shipments abroad of agricultural forestry machinery (lawn or sportsground rollers), when their volume decreased by -16.8% to X units. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 185% against the previous year. As a result, the exports attained the peak of X units, and then shrank sharply in the following year.

In value terms, agricultural forestry machinery exports dropped to $X in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 77%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

The United States (X units) was the main destination for agricultural forestry machinery exports from India, with a 51% share of total exports. Moreover, agricultural forestry machinery exports to the United States exceeded the volume sent to the second major destination, Bangladesh (X units), fivefold. Nepal (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +130.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+61.2% per year) and Nepal (+16.2% per year).

In value terms, the United States ($X) remains the key foreign market for agricultural forestry machinery (lawn or sportsground rollers) exports from India, comprising 47% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 13% share of total exports. It was followed by Nepal, with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +107.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+57.0% per year) and Nepal (+16.0% per year).

Export Prices by Country

In 2022, the average agricultural forestry machinery export price amounted to $X per unit, growing by 6.2% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 41%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+10.1%), while the prices for the other major destinations experienced mixed trend patterns.

Agricultural Forestry Machinery Imports

Imports into India

In 2022, the amount of agricultural forestry machinery (lawn or sportsground rollers) imported into India contracted rapidly to X units, with a decrease of -30.4% against the year before. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -44.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 83%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, agricultural forestry machinery imports shrank sharply to $X in 2022. In general, imports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 when imports increased by 40%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest agricultural forestry machinery supplier to India, accounting for a 87% share of total imports. Moreover, agricultural forestry machinery imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was held by Japan (X units), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.2% per year) and Japan (-1.6% per year).

In value terms, China ($X) constituted the largest supplier of agricultural forestry machinery (lawn or sportsground rollers) to India, comprising 78% of total imports. The second position in the ranking was held by Japan ($X), with a 7.3% share of total imports. It was followed by Italy, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.6% per year) and Italy (-15.2% per year).

Import Prices by Country

In 2022, the average agricultural forestry machinery import price amounted to $X per unit, dropping by -7.3% against the previous year. In general, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2016 an increase of 18%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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