Domestic Tractor Sales Report February 2024: Sales Drop By 16.59%, 51774 Units Sold

Key Highlights

• Domestic tractor sales in India dropped by 16.59% in Feb 2024.
• Mahindra leads with 18.27% decline, TAFE follows with a 24.73% drop.
• Sonalika maintains market share with a 1.19% sales decrease.
• Escorts see a 16.62% decline, while John Deere's market share grows by 0.45%.
• New Holland registers a slight sales increase of 0.12%.
• Kubota faces a significant 29.95% decline, Preet sales drop by 27.96%.
• Overall, the industry sold 51774 tractors, marking a 16.59% decrease.

In February 2024, India's domestic tractor sales faced a setback with a notable decline of 16.59%. The industry sold 51774 units during this period, compared to the 62075 tractors sold in February 2023. Despite the drop, industry insiders remain optimistic about a potential resurgence in the upcoming season.

Table Indicating the Sales in Feb’23 & Feb’24 With Growth % as well as the Market Share (MS) for Feb’24, Feb’24 With the Market Share (MS) Year on Year (YoY) Bases

Domestic Tractor Sales February 2024 - Brand Wise

Mahindra Tractor

India's leading tractor manufacturer, Mahindra Tractor, reported a sales figure of 20121 tractors in February 2024, reflecting an 18.27% drop from the previous year. Additionally, the company experienced a 0.80% loss in market share during this period.

TAFE Group

TAFE Group faced a 24.73% decrease in domestic tractor sales, with 8455 units sold in February 2024 compared to 11233 units in February 2023. The company's market share saw a decline of 1.77%.

Sonalika

Sonalika sold 6911 tractors in February 2024, marking a marginal decrease of 1.19% from the previous year. The brand, however, saw a positive growth of 2.08% in its market share.

Escorts

Escorts reported a 16.62% decline in tractor sales, with 6041 units sold in February 2024. Despite the drop in sales compared to the 7245 units sold in February 2023, the company maintained its market share.

John Deere

In February 2024, John Deere sold 5037 tractors, experiencing a 12.57% decrease compared to the same month in 2023. Interestingly, the brand's market share saw a 0.45% increase.

New Holland

New Holland observed a slight sales increase of 0.12% with 2559 tractors sold in February 2024. The brand's market share grew by 0.83% during this period.

Kubota

Kubota faced a significant decline of 29.95% in tractor sales, with 1228 units sold in February 2024. The brand's market share also decreased by 0.45%.

Preet

Preet recorded a substantial 27.96% decrease in domestic tractor sales, with 389 units sold in February 2024. The company experienced a minor 0.12% drop in market share.

Indo Farm

Indo Farm tractors witnessed a 24.79% decline in sales, with 355 units sold in February 2024. The brand's market share decreased by 0.07%.

VST

VST reported a 28.40% decrease in domestic tractor sales, with 237 units sold in February 2024. The brand's market share fell by 0.08%.

Captain

Captain Tractor marked a significant 24.14% increase in sales, with 220 tractors sold in February 2024. However, the brand experienced a modest 0.04% drop in market share.

ACE

ACE tractor sales reported a 24.00% decline, with 171 units sold in February 2024. The brand's market share decreased by 0.03%.

SDF

SDF tractor sales observed a 10.71% decline, with 50 units sold in February 2024. The brand's market share increased by 0.01%.

Comments from Industry Experts

Hemant Sikka, President of Mahindra, commented on the overall performance, acknowledging the challenges in certain regions due to erratic monsoons. He expressed optimism, mentioning a favorable Rabi crop outlook and continued government support as factors that could boost tractor demand in the future.

Also Read: India's Domestic Tractor Sales Fall by 14.94% in January 2024: Only 55589 Units Sold

CMV360 Says

The comprehensive analysis of the Domestic Tractor Sales Report for February 2024 indicates a 16.59% decline in sales compared to the previous year. While challenges persist, industry players remain hopeful for a rebound in the upcoming agricultural season.