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In FY'24, Mahindra & Mahindra Limited led Indian tractor sales, reflecting industry resilience and growth amidst diverse OEM performances.
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.
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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.
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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.
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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.