The February 2024 tractor sales report has been released recently. According to the tractor sales data, a decline of 16.59% in sales has been witnessed compared to February 2023. The leading tractor manufacturers sold 51774 tractors in February 2024, which was 62075 tractors in February 2023. However, supporters of agribusiness are looking forward to higher revenues in 2024.
Mahindra, a renowned tractor maker, observed an 18.27% dip in February 2024 tractor sales compared to February 2023. However, the Mahindra tractor’s market share dropped by 0.80%. Mahindra recorded a sale of 20121 tractors in February 2024, which was 24619 tractors in February 2023.
Commenting on the performance, Hemant Sikka, President – “We have sold 20121 tractors in the domestic market during February 2024. Southern and western states continue to face agri-stress due to erratic and deficient monsoons. However, the Rabi crop outlook is very good, with the wheat crop likely to be a bumper crop. Harvesting has started in a few states with the government supporting early procurement of wheat crops. Continued government support through various rural schemes and enhanced institutional credit will further help boost tractor demand going forward. In the export market, we have sold 1551 tractors, a growth of 32% over last year.”
The TAFE Group also registered a sales decrease of 24.73%. Moreover, its market share also decreased by 1.77%. However, Massey Tractor sold 8455 units in February 2024, as compared to 11233 tractors sold in February 2023.
The February 2024 Domestic Tractor Sales Report depicts that Sonalika Tractors sold 6911 tractors in February 2024, which was 6994 tractors in February 2023, marking a decline of 1.19%. At the same time, Sonalika's market share witnessed a 2.08% increase.
Escorts Tractors sold 6041 tractors in February 2024, leading to a 16.62% sales decrease, with 7245 tractors sold in February 2023. Moreover, their market share saw no profit and no loss.
In February 2024, John Deere Tractor witnessed a significant decrease in tractor sales, with 5037 tractors sold, which was 5761 tractors in February 2023. As a result, the Domestic Tractor Sales Report for February 2024 presents a sales decline of 12.57%. Also, its market share recorded a 0.45% increase.
New Holland sold 2559 tractors in February 2024. On the other hand, its sales for February 2023 were 2556 tractors, which marked a sales increase of 0.12% this year. The market share of New Holland tractors shows a 0.83% gain.
Kubota sold 1228 tractors in February 2024, facing a 29.95% decline. This is because the brand sold 1753 units in February 2023. Along with this, the market share of Kubota tractors lost by 0.45%.
Preet Tractors Domestic Tractor Sales Report for January 2024 recorded 389 tractors sold, as compared to 540 tractors sold in January 2023. This revealed a 27.96% decrease. But, its market share decreased by 0.12%.
Indo Farm Tractors faced a sales decline, similar to other companies. They sold 355 tractors in January 2024, which was 472 tractors in January 2023. As a result, the sales figures show a 24.79% sales drop. At the same time, the company’s market share decreased by 0.07%.
VST Tillers and Tractors Ltd. marked a 28.40% decline in sales due to 237 tractors sold in January 2024 as compared to 331 units sold in January 2023.
Captain Tractor sold 220 units in January 2024, as against 290 units in January 2023. This report shows a clear decrease in domestic sales by 24.14%. Moreover, their market share recorded a drop of 0.04%.
According to the January 2024 domestic tractor sales, ACE Tractors recorded a sales drop of 24.00%. Along with this, 0.03% of the market share is lost in January 2024.
In January 2024, SDF Tractors registered 50 tractors sold, marking a 10.71% drop as compared to 56 tractors sold in the previous year. Moreover, the brand witnessed an increase of 0.01% in its market share.
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