By Ayushi Gupta
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India's domestic tractor sales declined by 14.94% in January 2024, totaling 55,589 units, compared to 65,353 in January 2023. Stay tuned to CMV360 for the latest updates on tractor sales trends.
In January 2024, there was a dip in domestic tractor sales in India, registering a decline of 14.94%. The total number of tractors sold by various brands amounted to 55,589 in January 2024, compared to 65,353 in January 2023. However, industry experts are optimistic about a significant upswing in the upcoming season.
January 2024 Domestic Tractor Sales Update - Brand Wise
Leading the charts, Mahindra Tractors, India's top tractor manufacturer, recorded the sale of 22,972 tractors in January 2024. This indicated a reduction of 16.85% from January 2023, when 27,626 tractors were sold. Additionally, Mahindra faced a marginal 0.95% dip in its market share during this period.
Commenting on the performance, President Hemant Sikka stated, “We have sold 22972 tractors in the domestic market during January 2024. Retail momentum slowed down on account of tapering of agricultural activities. Rabi crop output is expected to be good with prevailing cold conditions helping the key crop of wheat. Government announcement of a good estimate of Horticulture production, and continued government support to boost rural economy will aid positive sentiments and support tractor demand in the coming months. In the export market, we have sold 976 tractors.”
TAFE witnessed a decrease of 16.90% in domestic tractor sales for January 2024, with 9,453 units sold, compared to 11,375 units in January 2023. The company's market share also experienced a slight decline of 0.40%.
Sonalika International reported the sale of 7,158 tractors in January 2024, a slight drop from the 7,581 tractors sold in January 2023, translating to a 5.58% decrease in sales. However, the data indicated a 1.28% increase in the brand's market share.
Escorts sold 5,817 tractors in January 2024, marking a 6.70% decrease compared to the same month in 2023, when 6,235 tractors were sold. Notably, the company's market share increased by 0.92%.
John Deere recorded sales of 5,454 tractors in January 2024, marking an 18.84% decline compared to the previous year's sales of 6,720 units. Additionally, the brand's market share experienced a slight decrease of 0.47%.
New Holland reported the sale of 2,105 tractors in January 2024, indicating a 7.55% decline compared to January 2023, when 2,277 units were sold. Conversely, the brand's market share witnessed a positive growth of 0.30%.
Kubota tractor sales in January 2024 stood at 965 units, showing a substantial decline of 40.14% compared to January 2023, when 1,612 units were sold. Simultaneously, the company's market share also decreased by 0.73%.
Preet witnessed a significant decrease of 5.85% in domestic tractor sales, with 402 tractors sold in January 2024, compared to 427 units in January 2023. The report also indicated a minor upward trend of 0.07% in market share.
Indo Farm tractors experienced a 14.78% decrease in domestic tractor sales, selling 392 tractors in January 2024 compared to 460 units in January 2023. The company maintained its market share with no profit or loss in this month.
Captain Tractor sold 359 tractors in January 2024, marking a significant 38.08% increase in sales compared to January 2023, when 260 tractors were sold. Additionally, the brand experienced a modest 0.25% rise in market share.
VST reported 248 tractors sold in January 2024, resulting in a 43.12% decrease in sales compared to the 436 tractors sold in January 2023. The brand's market share also fell by 0.22%.
ACE tractor sales witnessed an 18.95% decline, with the brand selling only 231 tractors in January 2024 compared to January 2023, when 285 tractors were sold. Moreover, the market share of ACE tractors decreased by 0.02%.
SDF tractor sales in January 2024 observed a 44.07% decline as the brand sold 33 units compared to January 2023, when 59 tractors were sold. Consequently, the market share decreased by 0.03%.
In January 2024, the domestic tractor sales in India fell by 14.94%, as only 55589 tractors were sold, compared to 65353 tractors in January 2023. Keep following CMV360 for more news and updates on tractor sales reports.