14 November 2024, New Delhi: In October 2024, tractor sales in India saw a total of 64,433 units sold, marking an increase from the 62,507 units sold in the same month the previous year, October 2023 according to the data from Federation of Automobile Dealers Associations (FADA). This rise in sales comes despite the challenges faced by the agricultural sector, with the boost potentially linked to the Diwali festive season in early October, a period often associated with increased spending and investments by farmers.
Key Highlights and Market Leaders
Mahindra & Mahindra Limited (Tractor Division) continues to lead the Indian tractor market with the highest sales figures in October 2024, selling 14,792 units and capturing a market share of 22.96%. This marks a slight increase from its 22.68% market share in October 2023 when it sold 14,178 units. Mahindra’s growth in both volume and market share reinforces its position as the top player in India’s tractor industry.
Mahindra & Mahindra Limited (Swaraj Division) secured the second position with 11,227 units sold, representing a 17.42% market share. However, this is a slight dip in market share from the 17.70% recorded in October 2023, although the division did see a slight increase in sales volume from 11,065 units.
TAFE Limited (Tractors and Farm Equipment Limited) followed closely, achieving a market share of 13.61% with 8,767 units sold. This figure is consistent with its October 2023 market share of 13.89% and sales of 8,684 units, indicating steady performance in the competitive market.
International Tractors Limited, known for its popular brand “Sonalika,” recorded sales of 7,983 units with a market share of 12.39%. This is a slight increase from its October 2023 performance, where it held a 12.34% market share with 7,713 units sold. This marginal growth suggests that International Tractors is maintaining its strong position among the top players.
Escorts Kubota Limited (Agri Machinery Group), known for its “Powertrac” and “Farmtrac” brands, experienced a drop in both market share and sales volume. In October 2024, Escorts sold 6,043 units, capturing 9.38% of the market, down from 6,267 units and a 10.03% market share in October 2023. This decline might indicate increased competition or market shifts affecting its position.
John Deere India Pvt Ltd (Tractor Division) witnessed significant growth, with sales rising from 4,558 units in October 2023 to 5,884 units in October 2024. Its market share also improved notably, from 7.29% to 9.13%. John Deere’s increase in both volume and market share highlights its growing acceptance and demand among Indian farmers.
Mid- and Lower-Tier Performers
Eicher Tractors saw a decline in both sales and market share, with October 2024 sales at 3,691 units and a market share of 5.73%, compared to 4,268 units and a 6.83% share in October 2023. This decrease could reflect challenges in competing with larger players or shifts in consumer preferences.
CNH Industrial (India) Pvt Ltd, the manufacturer of New Holland tractors, experienced a slight improvement in market share, rising from 3.97% in October 2023 to 4.03% in October 2024. Its sales volume also increased marginally from 2,481 units to 2,596 units, indicating steady performance in a challenging market.
Kubota Agricultural Machinery India Pvt. Ltd. achieved a slight increase in both market share and sales, with October 2024 sales at 1,161 units and a 1.80% market share, up from 1,092 units and a 1.75% share in October 2023. Kubota’s incremental growth suggests a slow but consistent expansion in India’s tractor market.
The Others category, which includes various smaller tractor manufacturers, sold a combined 2,289 units in October 2024, capturing a 3.55% market share, slightly up from 2,201 units and a 3.52% market share in October 2023. This slight increase may reflect a growing interest in niche brands or regional preferences.
Market Overview
The overall tractor market in India displayed resilience with a 3% year-on-year increase in sales volume for October 2024. Market leaders like Mahindra & Mahindra (both divisions), TAFE, and International Tractors have maintained their strong positions, while John Deere emerged as one of the top gainers in terms of both sales and market share. In contrast, companies like Escorts Kubota and Eicher Tractors saw a reduction in their market shares, indicating increased competition and evolving market dynamics.
The data reflects the robust demand for tractors in India, spurred by factors such as the festive season, favorable agricultural conditions, and the ongoing mechanization of Indian agriculture. While larger brands continue to dominate, the slight growth in the “Others” category suggests room for emerging players and regional brands to make their mark. Overall, October 2024 highlights both the opportunities and challenges in India’s tractor market as companies strive to cater to the diverse needs of Indian farmers.
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