India to explore growing tractor market in Latin America

"Brazil, Argentina and Mexico are large agricultural markets in Latin America. Annual agricultural commodity exports in 2017 across Brazil, Argentina, Mexico, Chile and Peru accounted for more than billions of dollars, which is only possible with modern machinery technology, in which the tractor is one of them. Indian tractor exports have increased in the last decades in Mexico, Argentina and Brazil.

The increasing demand for 40 HP for 100 HP (horsepower) tractors throughout the region will create lucrative opportunities for Indian tractor manufacturers in the Latin American markets. Indian tractors are equipped with a digital dashboard, attractive design and modernity required to meet the demands. Indian tractor manufacturers focus on precision farming, so tractors are equipped with intelligent technologies such as sensor technology, GPS and climate satellites.

Nowadays using the Smartphone, a tractor can drive easily. Indian tractor manufacturers are also focusing on developing tractors with alternative fuels, such as biodiesel and electric or battery powered machines, to attract new consumers. Alternative fuel sources will help the Indian exporter of tractors to gain a greater market share in Latin America, in addition to generating good revenues.

The tractor market in Latin America is expected to reach volumes of about 87,000 units by 2023, growing at a CARG of over 4% from 2018 to 2023. "

Written by Sandeep Wasnik

Read the full story at: https://www.financialexpress.com/economy/india-to-tap-growing-tractor-market-in-latin-america/1505806/




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