Domestic Tractor Sales Witness a Decline of 7.07% in FY24: Industry Reports 8,74,504 Tractors Sold

Key Highlights

• Domestic tractor sales in India dropped by 7.07% in FY24, totaling 874,504 units.
• Major players like Mahindra & Mahindra, TAFE Group, and Sonalika Tractor witnessed declines in sales.
• Some exceptions included Captain Tractor, which experienced a 6.91% growth, and New Holland Tractor, which saw a slight increase in market share.
• Economic slowdown and pandemic disruptions were key factors contributing to the overall decline in the agricultural machinery sector.

The fiscal year 2023-24 (FY24) has seen a notable decline in domestic tractor sales in India, with a significant 7.07% decrease compared to the previous year. The industry, which plays a crucial role in agriculture and agricultural activities across the nation, faced challenges resulting in a total of 874,504 units sold in FY24, down from 940,985 units in FY23.

Also Read: Domestic Tractor Sales Declined by 22.67% in March 2024: 63,755 Units Sold

Domestic Tractor Industry FY’24 (April 23 - March 24)

* Force Motors Discontinued the TMA Membership

Mahindra & Mahindra (Mahindra + Swaraj)

Mahindra & Mahindra, a prominent player in the Indian tractor market, reported a decline of 6.42% in domestic tractor sales for FY24. The company sold 364,526 units in FY24 compared to 389,531 units in FY23. Despite the decrease in sales volume, Mahindra Tractor managed to add 0.29% to its market share.

TAFE Group

TAFE Group, another significant player, experienced a 7.27% decline in sales, with 157,503 units sold in FY24 compared to 169,843 units in FY23. The group's market share also saw a marginal decline of 0.04%.

Sonalika Tractor

Sonalika Tractor reported a minor decrease of 0.54% in its domestic tractor sales, selling 115,369 units in FY24 compared to 116,000 units in FY23. However, the company managed to maintain its market share, showing a slight increase of 0.86%.

Escorts Group

Escorts Group witnessed a 5.28% decrease in yearly tractor sales, with 90,239 units sold in FY24 compared to 95,266 units in FY23. Interestingly, the company managed to gain 0.19% in market share.

John Deere Tractors

John Deere Tractors registered a substantial decline of 13.61% in domestic tractor sales, selling 71,408 units in FY24 compared to 82,658 units in FY23. The company's market share also decreased by 0.62%.

New Holland Tractor

New Holland Tractor recorded a 1.89% decline in domestic tractor sales, with 34,697 units sold in FY24 compared to 35,367 units in FY23. Despite the decrease in sales, the company's market share saw a slight increase of 0.21%.

Kubota Tractor

Kubota Tractor faced a significant decline of 27.90% in domestic sales, selling 18,538 units in FY24 compared to 25,710 units in FY23. The company's market share also decreased by 0.61%.

Also Read: Kubota India Introduces K3R Brand as Quality & Affordable Spare Parts