Domestic Tractor Sales Witness a Decline of 7.07% in FY24: Industry Reports 8,74,504 Tractors Sold
0 Views
Updated On:
Follow us:
FY24 saw a 7.07% decrease in domestic tractor sales in India, totaling 8,74,504 units, attributed to economic slowdown and pandemic disruptions.
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)
Manufacturer | FY’24 | FY’23 | %Change | MS FY’24 | MS FY’23 | %Change |
M&M Group | 3,64,526 | 3,89,531 | -6.42% | 41.68% | 41.40% | 0.29% |
Tafe Group | 1,57,503 | 1,69,843 | -7.27% | 18.01% | 18.05% | -0.04% |
Sonalika | 1,15,369 | 1,16,000 | -0.54% | 13.19% | 12.33% | 0.86% |
Escorts | 90,239 | 95,266 | -5.28% | 10.32% | 10.12% | 0.19% |
John Deere | 71,408 | 82,658 | -13.61% | 8.17% | 8.78% | -0.62% |
New Holland | 34,697 | 35,367 | -1.89% | 3.97% | 3.76% | 0.21% |
Kubota | 18,538 | 25,710 | -27.90% | 2.12% | 2.73% | -0.61% |
Indo Farm | 5,307 | 6,445 | -17.66% | 0.61% | 0.68% | -0.08% |
Preet | 5,488 | 6,390 | -14.12% | 0.63% | 0.68% | -0.05% |
VST | 3,708 | 5,422 | -31.61% | 0.42% | 0.58% | -0.15% |
Captain | 4,548 | 4,254 | 6.91% | 052% | 0.45% | 0.07% |
ACE | 2,475 | 3,074 | -19.49% | 0.28% | 0.33% | -0.04% |
SDF | 698 | 1,025 | -31.90% | 0.08% | 0.11% | -0.03% |
Total | 8,74,504 | 9,40,985 | -7.07% | 100% | 100% |
* 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