Ad
Ad
Ad
In the fiscal year 2024 (FY'24), the Tractor OEM market witnessed significant growth, with Mahindra & Mahindra Limited emerging as the leading player, according to recent market data. The company's tractor division saw notable growth in both sales volume and market share compared to the previous fiscal year.
Also Read: Domestic Tractor Sales Witness a Decline of 7.07% in FY24: Industry Reports 8,74,504 Tractors Sold
The Indian tractor industry witnessed diverse performances among OEMs in the fiscal year 2023-24. While some companies recorded robust growth, others faced challenges in sustaining their sales figures. Nevertheless, the industry as a whole demonstrated resilience and adaptability.
Also Read: Tractor Retail Sales Report March 2024: Mahindra & Mahindra Leads the Market
In FY'24, the Indian tractor industry collectively recorded total sales of 8,92,313 units. This represents a notable increase from the previous fiscal year's sales figure of 8,29,639 units, demonstrating the sector's overall growth and resilience amidst changing market dynamics.
In the fiscal year 2023-24, Mahindra & Mahindra Limited's tractor division emerged as the top performer in the Indian tractor industry. The company recorded sales of 2,04,737 units, reflecting a market share of 22.94%. This marks a significant increase from the previous fiscal year, where the company sold 1,76,763 units, securing a market share of 21.31%. Mahindra & Mahindra Limited's consistent growth underscores its leading position in the market and its ability to cater to the evolving needs of farmers across India.
The Swaraj Division of Mahindra & Mahindra Limited showcased robust performance in the fiscal year 2023-24. With sales reaching 1,59,958 units, the division captured a market share of 17.93%, marking a substantial increase from the previous fiscal year's figures of 1,28,725 units and a market share of 15.52%. Swaraj's strong performance highlights its commitment to delivering quality products and services to farmers and reinforces its position as a key player in the Indian tractor market.
International Tractors Limited demonstrated impressive performance in the fiscal year 2023-24, securing the third position in the Indian tractor industry. The company recorded sales of 1,14,207 units, representing a market share of 12.80%. This reflects a notable increase from the previous fiscal year, where the company sold 97,775 units, with a market share of 11.79%. International Tractors Limited's growth trajectory underscores its ability to compete effectively in the market and its focus on meeting the needs of farmers with innovative and reliable tractor solutions.
Also Read: Domestic Tractor Sales Declined by 22.67% in March 2024: 63,755 Units Sold
TAFE Limited continued its steady growth trajectory in the fiscal year 2023-24, further solidifying its position in the Indian tractor industry. The company recorded sales of 1,08,101 units, capturing a market share of 12.11%. This marks an increase from the previous fiscal year, where TAFE sold 92,599 units, with a market share of 11.16%. TAFE's consistent performance reflects its commitment to excellence and its ability to adapt to changing market dynamics, making it a trusted choice among farmers nationwide.
Escorts Limited's Agri Machinery Group showcased strong performance in the fiscal year 2023-24, reaffirming its position as a key player in the Indian tractor industry. With sales reaching 89,830 units, the company captured a market share of 10.07%, compared to 79,543 units and a market share of 9.59% in the previous fiscal year. Escorts Limited's focus on innovation and customer satisfaction has contributed to its growth and market leadership in the agricultural machinery segment.
John Deere India Pvt Ltd maintained its competitive position in the Indian tractor industry in the fiscal year 2023-24. The company recorded sales of 63,718 units, representing a market share of 7.14%. While there was a slight decrease from the previous fiscal year's sales of 64,570 units and a market share of 7.78%, John Deere India Pvt Ltd continues to be a formidable player in the market, known for its advanced technology and reliable products.
Eicher Tractors demonstrated growth in sales in the fiscal year 2023-24, reflecting its expanding presence in the Indian tractor market. With sales of 59,514 units, the company captured a market share of 6.67%, compared to 53,068 units and a market share of 6.40% in the previous fiscal year. Eicher Tractors' focus on offering value-driven solutions and building strong customer relationships has contributed to its positive performance and market acceptance.
CNH Industrial (India) Pvt Ltd witnessed growth in sales in the fiscal year 2023-24, indicating its growing traction in the Indian tractor market. The company recorded sales of 36,227 units, reflecting a market share of 4.06%, compared to 30,051 units and a market share of 3.62% in the previous fiscal year. CNH Industrial's emphasis on innovation and sustainability has resonated well with customers, driving its sales growth and market expansion.
Kubota Agricultural Machinery India Pvt. Ltd. experienced a decrease in sales in the fiscal year 2023-24, reflecting challenges in the Indian tractor market. With sales declining from 20,762 units in the previous fiscal year to 17,673 units, the company captured a market share of 1.98% in FY'24, compared to 2.50% in FY'23. Despite this decline, Kubota Agricultural Machinery India Pvt. Ltd. remains focused on enhancing its product offerings and strengthening its market presence.
Captain Tractors Pvt. Ltd. maintained a modest performance in the fiscal year 2023-24, reflecting its niche position in the Indian tractor market. With sales of 5,038 units, the company captured a market share of 0.56%, compared to 3,451 units and a market share of 0.42% in the previous fiscal year. Captain Tractors' focus on specialized products and niche segments has contributed to its consistent performance and customer loyalty.
V.S.T. Tillers Tractors Limited witnessed a decrease in sales in the fiscal year 2023-24, reflecting challenges in the Indian tractor market. With sales declining from 5,293 units in the previous fiscal year to 4,342 units, the company captured a market share of 0.49% in FY'24, compared to 0.64% in FY'23. V.S.T. Tillers Tractors Limited remains focused on addressing market dynamics and enhancing its competitiveness to drive future growth.
Gromax Agri Equipment Ltd faced a marginal decline in sales in the fiscal year 2023-24, reflecting competitive pressures in the Indian tractor market. With sales of 3,197 units, the company captured a market share of 0.36%, compared to 3,107 units and a market share of 0.37% in the previous fiscal year. Gromax Agri Equipment Ltd remains committed to innovation and customer satisfaction to navigate market challenges and drive sustainable growth.
Also Read: Kenji Ennyu was Appointed as the Chief Officer in the Operation Division of Escorts Kubota
Other key players in the market also saw growth in sales and market share, contributing to the overall positive performance of the Tractor OEM sector in FY'24. The growth in demand for tractors can be attributed to various factors such as favorable government policies, increased mechanization in agriculture, and a rise in disposable income among rural consumers. The outlook for the Tractor OEM market remains optimistic, with projections indicating sustained growth in the coming years, driven by technological advancements and evolving agricultural practices.
The Indian tractor industry in FY'24 saw Mahindra & Mahindra Limited leading with strong sales. While some OEMs experienced growth, others faced challenges. Overall, the sector displayed resilience, promising further growth, and innovation to meet the evolving needs of farmers and sustain its crucial role in agriculture.
Haryana to Launch Lado Lakshmi Yojana: Women to Receive ₹2,100 Monthly
Haryana's Lado Lakshmi Yojana offers ₹2,100 monthly aid to empower women, enhancing financial support for eligible beneficiaries....
22-Nov-24 07:08 AM
Read Full NewsSwaraj Tractors Showcases Advanced Farming Solutions at Krishithon Expo in Nashik
Explore Swaraj Tractors' innovative range at Krishithon Expo, featuring advanced models designed to enhance farming productivity and efficiency....
21-Nov-24 10:25 AM
Read Full NewsTAFE and AGCO Secure Legal Relief in Massey Ferguson Dispute
TAFE and AGCO clash over Massey Ferguson brand rights, with Madras High Court ordering status quo amid ongoing legal battles....
20-Nov-24 05:35 AM
Read Full NewsVST Tillers Launches Eco-Friendly 30HP Tractor with Advanced Emission Standards
VST Tillers unveils a 30HP tractor with Stage-V emission standards, combining eco-friendly technology, efficiency, and global market expansion....
19-Nov-24 05:32 AM
Read Full NewsGovernment to Provide Loans and Interest Subsidy for Tractors and Farm Equipment: How Farmers Can Benefit
The government offers loans with up to 7% interest subsidy for farmers, easing access to affordable funds for agricultural and other needs....
12-Nov-24 06:14 AM
Read Full NewsDomestic Tractor Sales Rise in October 2024: 1,44,675 Units Sold with 22.37% Growth
Domestic tractor sales grew by 22.37% in October 2024, with 1,44,675 units sold. M&M Group led the market growth....
11-Nov-24 10:03 AM
Read Full NewsAd
Ad
Namo Drone Didi Scheme 2024: 80% Subsidy, ₹8 Lakh Aid, Drone Training, Benefits, and Application Process for Women SHGs
21-Nov-2024
Top 10 Apollo Tractor Tyres: Prices, Sizes and Features
19-Nov-2024
Top 8 Compact Tractors for Winter Farming in India
16-Nov-2024
Pradhan Mantri Fasal Bima Yojana (PMFBY): Comprehensive Guide to Crop Insurance, Benefits, Eligibility, and Application Process
12-Nov-2024
Farmtrac 45 Powermaxx vs. Mahindra 575 DI: Comprehensive Analysis of Performance, Features, and Value for Farmers
11-Nov-2024
Mini Tractors vs. Big Tractors: Differences, Pros, Cons, and Which One to Choose?
18-Oct-2024
View All Articles
As featured on:
Registered Office Address
Delente Technologies Pvt. Ltd.
M3M Cosmopolitan, 12th Cosmopolitan,
Golf Course Ext Rd, Sector 66, Gurugram, Haryana
pincode - 122002