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 Solution

Indo Farm Tractor

Indo Farm Tractor recorded a noticeable decrease of 17.66% in domestic tractor sales, selling 5,307 units in FY24 compared to 6,445 units in FY23. The company lost 0.08% of its market share.

Preet Tractor

Preet Tractor experienced a decline of 14.12% in domestic tractor sales, with 5,488 units sold in FY24 compared to 6,390 units in FY23. The company also lost 0.05% of its market share.

VST Tractor

VST Tractor recorded a significant decline of 31.61% in domestic tractor sales, with 3,708 units sold in FY24 compared to 5,422 units in FY23. The company lost 0.15% of its market share.

Captain Tractor

Captain Tractor, however, witnessed a growth of 6.91% in domestic tractor sales, selling 4,548 units in FY24 compared to 4,254 units in FY23. The company also gained 0.07% in market share.

ACE Tractor

ACE Tractor saw a decline of 19.49% in domestic sales, with 2,475 units sold in FY24 compared to 3,074 units in FY23. The company also lost 0.04% of its market share.

SDF Tractor

SDF Tractor faced a significant decrease of 31.90% in domestic sales, with 698 units sold in FY24 compared to 1,025 units in FY23. The company's market share decreased by 0.03%.

Also Read: Navya Nanda's Tractor Factory Visit Reflects Shift Towards Agri-Business with Her Father Escorts Kubota MD Nikhil Nanda

CMV360 Says

The overall decline in domestic tractor sales reflects the challenges faced by the agricultural machinery industry in India during FY24. Factors such as economic slowdown, adverse weather conditions, and disruptions caused by the ongoing pandemic might have contributed to this decline. Industry stakeholders are closely monitoring the situation and strategizing to navigate through these challenging times.