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In April 2024, the tractor OEM market witnessed dynamic shifts in sales figures, reflecting the industry's competitive landscape. Mahindra & Mahindra Limited maintained its dominance, while International Tractors Limited showcased notable growth. However, challenges were evident for Escorts Limited and TAFE Limited. Overall, the market saw modest growth, with total sales reaching 56,625 units.
Mahindra & Mahindra Limited continues to prevail in the tractor manufacturing sector, maintaining its top position with a total of 12,651 units sold in April 2024. This figure represents a marginal increase from the 12,633 units sold in the same period last year. Mahindra & Mahindra Limited captured a market share of 22.34%, solidifying its position as the market leader compared to the 22.62% market share in April 2023.
Also Read: Mahindra Tractor Sales Report April 2024: 1% Growth in Domestic Market, 23% Rise in Exports
In addition to its mainline tractor division, Mahindra & Mahindra Limited's Swaraj Division also witnessed significant growth in April 2024. The division sold 11,028 units in April 2024, marking a substantial increase from the 9,558 units sold in April 2023. Swaraj Division's market share rose to 19.48% reflecting its growing presence in the market compared to the 17.11% market share of April 2023.
International Tractors Limited demonstrated steady growth in April 2024, with sales totaling 7,420 units sold in April 2024 compared to 6,963 units sold in April 2023. This increase contributed to the company's market share of 13.10%, up from 12.47% in the previous year.
Escorts Limited, operating under its Agri Machinery Group, faced challenges in the market, with sales declining from 6,247 units in April 2023 to 5,866 units in April 2024. As a result, the company's market share decreased to 10.36% market share in April 2024 from 11.18% market share in April 2023.
Also Read: Escorts Kubota Tractor Sales Dip by 1.2% in April 2024
TAFE Limited experienced a decrease in sales, with units sold dropping from 6,749 in April 2023 to 5,622 in April 2024. This decline impacted the company's market share, which decreased to 9.93% in April 2024 from 12.08% in the same period last year.
John Deere India Pvt Ltd's tractor division maintained its position in the market, with sales reaching 4,772 units in April 2024, compared to 4,554 units in April 2023. The company held a market share of 8.43% in April 2024 compared to the 8.15% market share in April 2023, it remained relatively stable year-over-year bases.
Eicher Tractors demonstrated consistent performance in the market, selling 3,881 units in April 2024. This figure represents a slight increase from the 3,217 units sold in April 2023. Eicher Tractors held a market share of 6.85% in April 2024 compared to the 5.76% market share in April 2023.
CNH Industrial (India) Pvt Ltd maintained its position in the market, with sales of 2,414 units sold in April 2024, compared to 2,266 units sold in April 2023. The company's market share remained relatively stable at 4.26% in April 2024 compared to the market share of 4.06% in April 2023.
Kubota Agricultural Machinery India Pvt Ltd experienced a slight decrease in sales, with units sold dropping from 1,318 units sold in April 2023 to 1,077 units sold in April 2024. Despite this decline, the company held a market share of 1.90%.
V.S.T Tillers Tractors Limited experienced a decline in sales, with units sold dropping from 309 units sold in April 2023 to 163 units sold in April 2024. Despite this decline, the company held a market share of 0.29% in April 2024.
Also Read: VST Tractor Sales April 2024: Decline in Domestic Sales - 208 Tractors & 983 Power Tillers Sold
Force Motors Limited, a firodia enterprise experienced a decline in sales, with units sold dropping from 262 units in April 2023 to 151 units sold in April 2024. Despite this decline, the company held a market share of 0.27% in April 2024.
Other players in the market collectively accounted for 2.79% of the market share in April 2024, with total sales reaching 1,580 units compared to the 1,781 units in the same period last year.
The tractor OEM market witnessed modest growth, with total sales reaching 56,625 units in April 2024 compared to 55,857 units in April 2023. While some companies experienced growth, others encountered challenges, reflecting the dynamic nature of the industry.
Mahindra & Mahindra Limited retained its top position in the tractor OEM market in April 2024, accounting for 22.34% of total sales with 12,651 units. International Tractors Limited demonstrated significant growth, securing 13.10% of the market share with 7,420 units sold. Despite challenges, the market saw an overall increase, reaching 56,625 units in total sales.
Source: FADA Research
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