15 April 2023, New Delhi: The financial year 2022-23 has been good for the Indian tractor manufacturers. Out of 14 major tractor manufacturing brands in India, 7 tractor manufacturing brands have recorded double-digit growth over the last year. The industry grew by 8% in the financial year 2022-23 and expects to cross the 10 lakh mark by 2025 if the growth trends continue in a similar way.
Overview
In the financial year 2022-23, a total of 8,27,403 tractors were sold across the country whereas, in the year 2021-22, a total of 7,66,545 tractors were sold across the country.
Mahindra & Mahindra (Tractor) Limited took a market share of 21.36% with a total of 1,76,736 tractors. It was followed by Mahindra’s Swaraj Division with 1,28,698 tractors occupying a market share of 15.55%. International Tractors Limited accounted for the third highest tractor sale in India with 97,743 tractors occupying a market share of 11.1% followed by TAFE Limited and Escorts Limited (Agri Machinery Group).
The industry is hoping for an average of 8% growth in the financial year 2023-24 with supporting weather conditions and favorable government policies. The Indian Meteorological Department (IMD) has forecasted a normal monsoon contradicting the forecast of global researchers predicting ‘El Niño’.
Tractor sale in India during financial year 2022-23
