India: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in India

In 2021, the Indian market for forage harvesters and other harvesting machines increased by 3.7% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Forage Harvesters and Other Harvesting Machines in India

In value terms, production of forage harvesters and other harvesting machines reached $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.2% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth remained at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from India

In 2021, overseas shipments of forage harvesters and other harvesting machines decreased by -4.9% to X units, falling for the second year in a row after four years of growth. Overall, exports, however, saw a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 90% against the previous year. Over the period under review, the exports of attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of forage harvesters and other harvesting machines reached $X in 2021. In general, exports, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2017 when exports increased by 114% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Nepal (X units), Indonesia (X units) and Thailand (X units) were the main destinations of exports of forage harvesters and other harvesting machines from India, with a combined 51% share of total exports. These countries were followed by Fiji, China, Italy, Germany, Sri Lanka, Kenya, Algeria, Mexico, Turkey and France, which together accounted for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +300.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for forage harvesters and other harvesting machines exported from India were Nepal ($X), Indonesia ($X) and Thailand ($X), together accounting for 51% of total exports. Fiji, Italy, China, Germany, Sri Lanka, Kenya, Algeria, Mexico, Turkey and France lagged somewhat behind, together comprising a further 40%.

Among the main countries of destination, Turkey, with a CAGR of +1,109.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for forage harvesters and other harvesting machines stood at $X per unit in 2021, growing by 6.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 an increase of 17%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were France ($X per unit) and Sri Lanka ($X per unit), while the average price for exports to Indonesia ($X per unit) and Nepal ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports into India

In 2021, after four years of growth, there was significant decline in supplies from abroad of forage harvesters and other harvesting machines, when their volume decreased by -12.2% to X units. In general, imports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 69%. Over the period under review, imports of attained the peak figure at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of forage harvesters and other harvesting machines reduced to $X in 2021. Over the period under review, imports showed a deep setback. The pace of growth appeared the most rapid in 2017 when imports increased by 67%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest forage harvesters and other harvesting machines supplier to India, with a 83% share of total imports. Moreover, imports of forage harvesters and other harvesting machines from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), more than tenfold. Turkey (X units) ranked third in terms of total imports with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.2% per year) and Turkey (+31.6% per year).

In value terms, China ($X) constituted the largest supplier of forage harvesters and other harvesting machines to India, comprising 83% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 6.3% share of total imports. It was followed by Turkey, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.3% per year) and Turkey (+70.9% per year).

Import Prices by Country

The average import price for forage harvesters and other harvesting machines stood at $X per unit in 2021, which is down by -3.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 11%. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and the United States ($X per unit), while the price for China ($X per unit) and Taiwan (Chinese) ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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