Auto And Farm Equipment Manufacturers Are Making Hay. The Market Is Ready For New Technologies And Over The Last Couple Of Years, There's Been A Flood Of New Products.
SUPER-EFFICIENCY OF PRODUCTS, MAINLY owing to self-steering systems, is driving the business for auto and farm machinery. Say what you might, but just like the food business, auto and farm equipment business will always see brisk business.
Over the last couple of decades, India has advanced much in terms of auto components and farm equipment manufacturing. In terms of auto components, according to a report by Automotive Component Manufacturers Association of India (ACMA), the Indian auto components industry is expected to register a turnover of $100 billion by 2020, backed by strong exports ranging between $80-100 billion by 2026, from the current $11.2 billion.
The farm equipment sector, which mainly comprises tractors and implements for farming, is set to grow moderately between 6-7% in FY19, given the high base attained in the current fiscal, predicts ICRA.
“The government remains committed towards rural development and agri-mechanisation, a critical component in improving the state of agriculture in the country, coupled with other factors such as increasing rural wages and scarcity of farm labour are likely to aid growth in industry volumes over the long term,” says said Anupama Arora, VP & sector head, corporate sector ratings, ICRA Ratings.
Global autonomous farm equipment market share is anticipated to exceed 7.5 million units by 2024. Shifting trends towards usage of advanced systems, precision farming, adaptation of GNSS system and
TECHNOLOGY INCLINED
There are reasons that attribute to the rapid growth of this industry. This includes suppliers’ ability to manufacture at scale, a buoyant end-user market, adequate liquidity, and improved consumer sentiment.
This story is from the June 2018 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2018 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
UltraTech Cement's ₹800 crore investment
UltraTech's board greenlights capacity expansion at the Parli facility by 1.2 million tonnes
Kia honoured for 'Brand Design Language' at 2024 Car Design Awards
Kia introduced its groundbreaking new design philosophy, 'Opposites United.'
The power of data-driven procurement
An insight into the future of data-driven procurements and how businesses are seeking to adopt data-driven approaches in their procurement practices.
Manufacturing's Digital Leap Forward
Post event report of the webinar on Digital Factory Transformation in Manufacturing: Strategies for Success
Elevating brand equity through rigorous system validation
Exploring how System Validation differs from other types of validation in its scope and depth
India's semiconductor ambitions: How to move up the value chain?
With a strong focus on becoming a global semiconductor hub, India aims to establish a robust presence across the chip value chain.
Dubai's manufacturing story
Dubai is set to become trading and smart manufacturing centre despite global challenges
Machining Evolution
Explore the impact of innovative tooling and machining strategies on efficiency and sustainability in auto parts manufacturing.
5G Smart manufacturing in the age of 5G
A review on the transformative potential of smart manufacturing and 5G, exploring its myriad applications and the paradigm shift it brings to the industry.
FORGING SUSTAINABLE SOLUTIONS in the metals industry
Runaya made waves by unveiling its advanced Calcium Aluminate Plant in Jharsuguda, underscoring its commitment to environmental leadership and technological progress in the industry. In conversation with Annanya Agarwal, CEO & Co-Founder, Runaya.