Domestic Tractor Sales Rise in October 2024: 1,44,675 Units Sold with 22.37% Growth

Key Highlights

• Domestic tractor sales rose by 22.37% in October 2024, reaching 1,44,675 units.
• M&M Group led with 64,326 units sold, marking a 30.38% growth and a 2.73% increase in market share.
• Tafe Group's sales grew by 15.91%, but their market share dropped by 0.96%.
• Escorts Kubota saw a stable market share with a slight increase to 12.33% after a 22.60% growth in sales.
• VST experienced the highest growth at 113.62%, with their market share rising by 0.15%.

The domestic tractor industry witnessed significant growth in October 2024, with sales rising by 22.37% compared to October last year. A total of 1,44,675 tractors were sold in October 2024, up from 1,18,232 units in October 2023, showcasing the strength of the agricultural sector and the rising demand for tractors in India.

Also Read: Domestic Tractor Sales Report September 2024: Sales Increased by 3.74%, 1,00,542 Units Sold

Domestic Tractor Sales Report Oct 2024 - Brand Wise Performance

M&M Group (Mahindra)

Mahindra led the market in October 2024 with sales of 64,326 units, a growth of 30.38% compared to 49,336 units in October 2023. Their market share also increased from 41.73% to 44.46%, a positive jump of 2.73%.

Also Read: Mahindra Tractor October 2024 Sales Report: 65,453 Units, 30% Growth

Tafe Group

Tafe Group, another prominent player, recorded sales of 25,014 units, up by 15.91% from last year. However, their market share slightly declined from 18.25% to 17.29%, a decrease of 0.96%.

Also Read: TAFE Wins Interim Relief in Massey Ferguson Brand Dispute

Sonalika

Sonalika sold 18,002 tractors in October 2024, showing a growth of 14.94%. Despite the increase in sales, their market share fell slightly from 13.25% to 12.44%, a decline of 0.80%.

Also Read: Sonalika Tractors Achieves Record Sales with 20,056 Tractors Sold in October 2024

Escorts Kubota

Escorts Kubota achieved a sales growth of 22.60%, selling 17,839 units. Their market share saw a minor increase from 12.31% to 12.33%, indicating a stable performance.

Also Read: Escorts Kubota October 2024 Sales Report: 18,110 Units, 19.8% Growth

John Deere

John Deere sold 11,483 units, reflecting a growth of 7.50%. However, their market share dropped from 9.03% to 7.94%, a decline of 1.10%, showing that despite sales growth, their hold on the market weakened.

New Holland

New Holland sold 5,744 units, marking a growth of 25.74% from October 2023. Their market share rose slightly from 3.86% to 3.97%, an increase of 0.11%.

Preet

Preet sold 546 units, up by 5.41% compared to last year. However, their market share decreased slightly from 0.44% to 0.38%, a decline of 0.06%.

VST

VST achieved remarkable growth, with sales doubling to 502 units, a 113.62% increase. Their market share also increased from 0.20% to 0.35%, up by 0.15%.

Also Read: VST Tillers Tractors Sales Report October 2024: 1,783 Power Tillers and 680 Tractors Sold

Indo Farm

Indo Farm saw moderate growth, selling 485 units, up by 7.06% from last year. However, their market share decreased from 0.38% to 0.34%, down by 0.05%.

ACE

ACE recorded strong growth, selling 370 tractors, a rise of 41.76%. Their market share increased slightly from 0.22% to 0.26%, up by 0.03%.

Captain

Captain's performance declined, with sales dropping to 267 units, down by 11.30%. Their market share also fell from 0.25% to 0.18%, a YoY decline of 0.07%.

SDF

SDF sold 97 units, showing a growth of 14.12%. Their market share remained unchanged at 0.07%.

Industry Summary

In October 2024, the domestic tractor industry demonstrated impressive growth, with total sales reaching 1,44,675 units, marking a year-on-year growth of 22.37%. M&M Group (Mahindra) maintained its lead, showing strong sales growth and an increased market share. While most brands achieved positive growth, a few, like John Deere and Captain, saw a drop in their market shares. Overall, the tractor industry continues to show resilience and upward momentum, benefiting from robust demand and a favorable agriculture environment.

Also Read: Retail Tractor Sales Report for October 2024: Growth of 3.08% in Sales

CMV360 Says

The domestic tractor industry showed impressive growth in October 2024, with total sales rising by 22.37% to reach 1,44,675 units. M&M Group led the market, while most brands saw positive sales momentum. However, a few manufacturers experienced declines in market share despite sales growth, highlighting the competitive nature of the tractor industry in India.