Domestic tractor sales in India reached a historic high in FY '23 with 945319 units. The sales increased by 12.24% compared to the last year, where sales were 842266 units. However, industry experts expect sales growth to drop to a low single-digit percentage in the next financial year.
Domestic tractor sales increased by 15.57% for Mahindra & Mahindra (Mahindra + Swaraj) in FY'23. In the financial years '23 and '22, the business sold 389531 and 337052 units, respectively. Additionally, the Mahindra Tractor increased its market share by 1.19%.
Hemant Sikka claims, "The availability of financing and an adequate farm income have encouraged farmers to purchase tractors, which they view as valuable assets. As a result, as per industry executives, domestic tractor sales have increased significantly year on year, starting from September of the previous year, even before the commencement of the festive season.”
In the fiscal year 2023, TAFE Group reported selling 169850 units, an increase compared to the 151481 units sold in the previous fiscal year, indicating a rise in Massey Ferguson Tractor domestic sales by 12.13%.
The President of Sales and Marketing, Bharatendu Kapoor, forecasts that the strong sales momentum experienced in the first quarter of the fiscal year 2024 will persist, but growth may decelerate after July.
During the fiscal year 2023, Sonalika Tractor sold 116000 units, demonstrating a significant surge of 14.78% in its domestic tractor sales compared to the 101060 units sold in the previous fiscal year. Despite this, the company maintained its market share, which only changed by 0.27%.
In the fiscal year of 2023, Escorts Group saw a growth of 9.29% in tractor sales, although their market share dropped by 0.27%. They sold 95266 units in FY'23, up from 87168 units in FY'22.
John Deere Tractors grew 4.22% in domestic tractor sales, but their sales decreased by 82658 units in FY'23 compared to 79308 units in FY'22, resulting in a 0.67% decline in market share.
Shailendra Jagtap, the managing director of John Deere, remains optimistic about the tractor industry despite the unpredictable weather patterns that could harm farm output due to climate change.
New Holland Tractor saw a hike of 10.34% in domestic tractor sales, selling 35367 units in FY'23 and 32053 units in FY'22, but their market share fell by 0.06%.
Kubota Tractor significantly increased domestic tractor sales, selling 25711 units in FY'23 compared to 21104 units in FY'22, a growth of 21.83%, and gained 0.21% of market share. Indo
Indo Farm Tractor sales decreased by 7% in FY'23, selling 6445 units compared to 6930 units in FY'22, and lost 0.14% of market share.
Preet Tractor domestic tractor sales declined by 10.65%, selling 6390 units in FY'23 compared to 7152 units in FY'22, and lost 0.17% of market share.
VST Tractor dropped 18.26% in domestic tractor sales, selling 5422 units in FY'23 compared to 6633 units in FY'22.
Force Tractor domestic tractor sales also decreased by 4.21%, selling 4326 units in FY'23 compared to 4516 units in FY'22, and their market share marginally reduced by 0.08%.
Captain Tractor saw a growth of 14.48% in domestic tractor sales, selling 4254 units in FY'23 compared to 3716 units in FY'22. ACE
Tractor gained 26.71% of market share in FY'23, selling 3074 units, up from 2426 units in the previous year.
However, SDF Tractor market share decreased by 38.51% in FY'23, selling 1025 units compared to 1667 units in the previous year.