Domestic Tractor January 2024 Sales Report Witnesses Decline in Sales: Detailed Information

At the start of 2024, tractor sales in India dropped, marking a decline of 14.94% compared to the same period last year. The latest report reveals that 55,589 tractors were sold across the country in January 2024, down from 65,353 units sold in January 2023. This decrease in sales reflects the slowdown in agricultural activities and retail momentum. However, experts remain optimistic, foreseeing a potential rise in demand in the upcoming season, by expected good crop output and government initiatives to boost the rural economy.

Industry Overview:

The agricultural machinery sector, particularly tractor sales, serves as a crucial indicator of rural economic activity. However, January 2024 witnessed a slowdown in retail momentum due to the tapering of agricultural activities.

Domestic Tractor Industry Jan 2024

Also Read: Sonalika Tractors Roars with 2.3% Gain Ahead with Record-Breaking Market Share and Sales in January 2024

Brand Performance:

Mahindra Tractor:

Despite being India's leading tractor manufacturer, Mahindra Tractor experienced a decrease of 16.85%, selling 22,972 units in January 2024. The brand also saw a marginal 0.95% loss in market share.

TAFE:

TAFE's domestic tractor sales stood at 9,453 units, marking a decline of 16.90% compared to January 2023.

Sonalika International:

With 7,158 tractors sold, the brand witnessed a 5.58% decrease in sales but managed a slight increase of 1.28% in market share.

Escorts:

Selling 5,817 tractors, Escorts reported a 6.70% decrease in sales but saw a market share increase of 0.92%.

John Deere:

The brand sold 5,454 tractors, reflecting an 18.84% decline in sales and a decrease in market share by 0.47%.

New Holland:

Sales dropped by 7.55%, with 2,105 tractors sold, although there was a positive growth of 0.30% in market share.

Kubota:

The brand experienced a substantial decline of 40.14%, selling 965 units, and saw its market share decrease by 0.73%.

Preet:

With a decrease of 5.85%, Preet sold 402 tractors but managed a minor increase of 0.07% in market share.

Indo Farm:

The company sold 392 tractors, marking a 14.78% decrease in sales while maintaining its market share.

Captain Tractor:

Witnessing a significant increase of 38.08%, Captain Tractor sold 359 units and experienced a modest rise in market share by 0.25%.

VST:

Sales plummeted by 43.12%, with 248 tractors sold, resulting in a decrease in market share by 0.22%.

ACE Tractor:

Sales declined by 18.95%, with 231 units sold, and a slight decrease in market share by 0.02%.

SDF:

The brand sold 33 units, experiencing a 44.07% decline in sales and a decrease in market share by 0.03%.

Outlook:

Despite the current downturn, industry experts anticipate a substantial surge in tractor demand in the upcoming season. Factors such as the expected good output of Rabi crops, government support to boost the rural economy, and favorable weather conditions are expected to drive positive sentiments in the coming months.

The overall domestic tractor sales report for January 2024 underscores the challenges faced by the sector but also hints at potential opportunities for growth and recovery in the near future.

Also Read: VST Tillers & Tractors January 2024 Sales Report: Tractor Sales Decline While Power Tiller Shows Significant Growth