Mechanization and Technology

Sonalika Records All-Time High Annual Overall Market Share With Record Growth

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10 April 2024, New Delhi: Sonalika Tractors has clocked the highest-ever overall annual market share of 15.3% (est.) as well as become the only tractor brand to grow in the domestic market in FY’24.

The newest peak at Sonalika also includes 34.4% export market share (est.) clocked during FY’24 among the tractor exporting companies from India. This includes a staggering 6.2% percentile point (est.) change in market share and bolsters the company’s position as India’s No.1 tractor exporter with a significant gap with the next brand. Throughout the year, Sonalika kept navigating through the demanding conditions of FY’24 and kept leveraging its out-of-the-box approach.

The company launched 5 new tractors, including the SV series electric tractor, designed for international markets at 1st of its kind ‘ITL Global Partners Summit (GPS 200)’ in India. It also launched the biggest tractor range of 10 new models under the premium Tiger series in 40-75 HP. Further, in the biggest engine category, the company launched the Sikander DLX DI 60 Torque Plus with one price across the country. It has also introduced a 5-year tractor warranty across its tractor range.

Furthermore, the company announced a Rs. 1300 crore investment plan to set up two new plants in Hoshiarpur, which will further strengthen Sonalika’s position of owning the world’s largest tractor plant

Mr. Raman Mittal, Joint Managing Director, International Tractors Limited, said, “We are thrilled to have wrapped up our FY’24 journey with an all-time high overall annual market share of 15.3% (est.). We are elated to have become the only tractor brand to grow in India – the largest tractor market in the world and also beaten industry performance. Whereas in exports, we have further reinforced our position as India’s No.1 export brand with 34.4% market share.”

Also Read: ADAMA Launches New Multi-Crop, Broad Spectrum Fungicide Maxentis®

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