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August 2024 saw a 5.39% drop in domestic tractor sales, with Mahindra and Escorts slightly increasing their market shares.
The latest report on domestic tractor sales for August 2024 shows a decline of 5.39% compared to the same period last year. In total, the leading companies in the industry sold 50,134 units this August, down from 52,991 units in August 2023. Despite this decrease, experts remain optimistic about future growth opportunities in the industry.
Manufacturer | Aug'24 | Aug'23 | % Growth | MS Aug'24 | MS Aug'23 | MS YoY |
M&M Group | 20,518 | 20,647 | -0.62% | 40.93% | 38.96% | 1.96 |
Tafe Group | 8,247 | 9,708 | -15.05% | 16.45% | 18.32% | -1.87 |
Sonalika | 6,493 | 6,984 | -7.03% | 12.95% | 13.18% | -0.23 |
Escorts | 5,205 | 5,198 | 0.13% | 10.38% | 9.81% | 0.57 |
John Deere | 4,770 | 4,986 | -4.33% | 9.51% | 9.41% | 0.11 |
New Holland | 2,321 | 2,210 | 5.02% | 4.63% | 4.17% | 0.46 |
Kubota | 1,038 | 1,241 | -16.36% | 2.07% | 2.34% | -0.27 |
Preet | 349 | 425 | -17.88% | 0.70% | 0.80% | -0.11 |
Indo Farm | 322 | 440 | -26.82% | 0.64% | 0.83% | -0.19 |
VST | 315 | 310 | 1.61% | 0.63% | 0.59% | 0.04 |
Captain | 301 | 550 | -45.27% | 0.60% | 1.04% | -0.44 |
ACE | 216 | 249 | -13.25% | 0.43% | 0.47% | -0.04 |
SDF | 39 | 43 | -9.30% | 0.08% | 0.08% | 0.00 |
Total | 50,134 | 52,991 | -5.39% | 100.00% | 100.00% | - |
Mahindra, the longstanding leader in the domestic tractor market, experienced a slight drop in its sales, with a 0.62% decrease compared to August 2023. The company sold 20,518 tractors this August, down from 20,647 units last year. However, Mahindra's market share increased by 1.96%, solidifying its dominance in the market.
Also Read: Mahindra Tractor Sales Report August 2024: Domestic Sales Drop by 1%, Exports Soar 36%
TAFE Group, the second-largest tractor manufacturer in India, also faced a significant drop in its sales, with a 15.05% decrease. The company sold 8,247 units in August 2024, down from 9,708 units in the same month last year. This decline also led to a 1.87% reduction in its market share.
Sonalika reported a 7.03% decline in its sales, selling 6,493 units in August 2024 compared to 6,984 units in August 2023. This decrease also resulted in a 0.23% drop in the company's market share.
Escorts Tractors managed to maintain stable sales, with a slight increase of 0.13%. The company sold 5,205 units this August, just above the 5,198 units sold last year. Their market share grew by 0.57%.
Also Read: Escorts Kubota Tractor Sales Report August 2024: 0.4% Growth, 5,614 Units Sold
John Deere saw a 4.33% decline in sales, selling 4,770 units in August 2024 compared to 4,986 units in the same month last year. Despite the drop in sales, the company's market share increased by 0.11%.
New Holland experienced a 5.02% growth in sales, selling 2,321 units in August 2024 compared to 2,210 units last year. However, the company's market share saw a slight decrease of 0.46%.
Kubota, the Japanese tractor manufacturer, witnessed a 16.36% drop in its sales, with 1,038 units sold in August 2024, down from 1,241 units in August 2023. The company's market share also decreased by 0.27%.
Preet Tractors saw a significant decrease in its sales, with a 17.88% drop. The company sold 349 units in August 2024, down from 425 units last year. This also led to a 0.11% reduction in market share.
Indo Farm Tractors had a challenging month, with a 26.82% decrease in its sales. The company sold 322 units in August 2024, compared to 440 units in August 2023, resulting in a 0.19% drop in market share.
VST Tillers and Tractors reported a slight increase in its sales, with a 1.61% growth. The company sold 315 units in August 2024, up from 310 units last year. Despite this, their market share decreased by 0.04%.
Also Read: VST Tractor Sales Report August 2024: 394 Tractors and 4,022 Power Tillers Sold
Captain Tractors faced a significant reduction in its sales, with a 45.27% drop. The company sold 301 units in August 2024, down from 550 units in the same month last year, leading to a 0.44% decrease in market share.
ACE Tractors saw a 13.25% decrease in its sales, with its market share dropping by approximately 0.04%.
SDF Tractors sold 39 units in August 2024, a 9.30% decrease from the 43 units sold last year. The market share for SDF remained stable, with no significant changes.
Overall, the domestic tractor industry in August 2024 faced a challenging month, with a general decline in sales across most manufacturers. However, the market shares of leading companies like Mahindra and Escorts saw some positive growth, indicating potential areas of strength within the industry.
Also Read: Domestic Tractor Sales Report July 2024: 1.94% Sales Growth with 59,530 Units Sold
August 2024 was challenging for the domestic tractor industry, with a 5.39% overall sales drop. While most manufacturers saw declines, market leaders like Mahindra and Escorts managed to slightly increase their market shares, offering a glimpse of potential stability amidst the broader industry downturn.