Tractors and Farm Equipment Limited (TAFE) signed an agreement with Iseki & Co., Ltd. to manufacture compact tractors
Published Date | 2018 November 30
According to the agreement, ISEKI will provide their product technology to TAFE, to manufacture tractors for the Indian marketIndia: TAFE a tractor manufacture ring company of Chennai, India has signed an agreement with ISEKI a third largest agricultural machinery manufacturing company to provide them their tractor manufacturing technology. In addition under this agreement, TAFE will source tractor components and assemblies from ISEKI’s. TAFE is looking forward to launch ISEKI’S premium light utility compact tractors of 35-54 horsepower range in India. This model of tractors are multi utility lightweight with advance features which is ideal for puddling operation, plantation land preparation, tilling, spraying application, etc. The tractors will be manufactured in TAFE’s Madurai plant; this agreement will enable the company to access ISEKI’s technology and strengthen TAFE’s market position in Indian market along In addition, TAFE’s will positively gain higher market returns in terms of investment owing to string manufacturing capability and robust supply chain by offering Indian customer an international product range which will met the requirements of Indian customers with an international product range. According to BlueWeave Consulting, increasing demand for food owing to growing population has been imposing heavy burdens on the agricultural industry, the progress of which remains chiefly dependent on uncertain entities for instance natural tragedies, quality of soil and weather. However, farmers from several parts of the world rely on tractors for being the most essential agricultural machinery. In agriculture sector tractors have arisen as a robust commodity in agriculture sector. According to the upcoming report by BlueWeave Consulting on “Global Tractor Market, By Engine Type, By Application, By Region- Industry Analysis, Size, Share, Growth, Trends & forecast by 2018-2025”, the rising demand for agriculture yield, due to phenomenal rise in population is one of the fundamental factors estimated to surge the growth of the tractors market in the coming 10 years. Moreover, substantial rise in demand for food, the farm tractors market is anticipated to reach progressive growth rate over the forecast period. Increasing number of industrial players in the industry with a view to expand their product portfolio and technologically progressive farm tractors will stimulate the growth of the market in future.