Domestic Tractor Sales Setting Record High With 9.45 Lakh Tractors Sold in FY23; UP 12.2% YoY

Domestic tractor sales in India recorded a historic peak in FY’23 by 945319 units. The sales grew by 12.24% compared to the previous year where sales were 842266 units. However, industry experts predict that sales growth could slow to a low single-digit percentage in the coming financial year.

Domestic Tractor Industry Statistics - Brandwise 

Mahindra & Mahindra (Mahindra + Swaraj) registered a 15.57% gain in domestic tractor sales in FY’23. The company sold 389531 units in FY '23 and 337052 units in FY’22. Along with this, the Mahindra Tractor added 1.19% of market share. 

According to Hemant Sikka, “The availability of financing and a satisfactory farm income have encouraged farmers to purchase tractors, which they view as valuable assets. As per industry executives, domestic tractor sales have increased by a significant year on year, starting from September of the previous year, even before the commencement of the festive season.

TAFE Group sales for FY '23 were recorded at 169850 units, compared to 151481 units in FY’22. TAFE Group domestic sales data for FY’23 shows a steep rise of 12.13%.

TAFE's President of Sales and Marketing, Bharatendu Kapoor, predicts that, “The strong sales momentum seen in the first quarter of FY24 will continue, but growth may slow after July.”

Sonalika Tractor sold 116000 units during FY '23, the sales were 101060 units in FY’22, which shows a clear hike of 14.78% in its domestic tractor sales. Nevertheless, the company maintained its market share by 0.27% this year.  

Escorts Group registered a 9.29% growth in its yearly tractor sales with a fall of 0.27% market share. The company sales were 95266 units in FY’23, and the sales were 87168 units in FY’22. 

John Deere Tractors registered a 4.22% growth in domestic tractor sales. However, John Deere FY '23 tractor sales were down by 82658 units, and in FY’22, tractor sales were 79308 units. And John Deere Tractors registered a 0.67% degrowth in market share. 

According to Shailendra Jagtap, who serves as the managing director of John Deere, “Although the growth rate may slow down to a single digit in the current year, the demand for tractors is expected to remain strong.” 

He also mentioned that, “Unpredictable weather patterns, such as unseasonal rains and hailstorms resulting from climate change, could harm farm output. However, he remains optimistic about the tractor industry as a strong rural economy and availability of finances are expected to sustain the momentum.”

New Holland Tractor also recorded a 10.34% hike in domestic tractor sales, from 35367 units in FY’23 to 32053 units in FY’22. But, its market share declined by 0.06%.

Kubota Tractor domestic sales increased by 21.83%.  As in FY’23, the tractor sales were 25711 units and in FY’22 sales were 21104 tractors. Kubota Tractor also gained 0.21% of market share in FY’23. 

Indo Farm Tractor sales decreased in FY’23. The brand recorded 6445 units in FY’23, and in FY’22, it was 6930 units which is an evident 7% decrease in domestic tractor sales. Indo Farm Tractor lost 0.14% of its market share.

Preet Tractor recorded domestic tractor sales of 6390 units in FY’23, against 7152 units sold during FY’22, registering a decline of 10.65%. Preet Tractor lost market share by 0.17% in FY’23.

VST Tractor recorded 18.26% of drop off tractor sales domestically in FY’23. VST Tractor company sold 5422 units of the Tractor in FY '23, and in FY’22, they sold 6633 units of tractors. 

Force Tractor also registered a 4.21% degrowth in domestic tractor sales, from 4326 units in FY '23 to 4516 units in FY’22. However, its market share marginally decreased 0.08%%.

Captain Tractor recorded domestic tractor sales of 4254 units in FY’23, against 3716 units in FY’22, registering a growth of 14.48%. 

ACE Tractor market share Increased by 26.71% in FY’23. The company sold 3074 units in FY’23, which is 2426 units in the previous year.

SDF Tractor market share decreased by 38.51% in FY’23. The company sold 1025 units in FY’23, which is 1667 units in the previous year.

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