Domestic Tractor Sales Plunge by 10.9% in April 2023, 79,481 Units Sold

In April 2023, domestic tractor sales in India decreased by 10.9% with a total of 79,481 units sold, compared to the same month in the previous year. Despite this decline, financial experts are positive about the prospects for growth in the new financial year.

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Mahindra, one of the leading tractor manufacturers, saw a decline of 10.17% in sales in April 2023 compared to April 2022, with 35,398 tractors sold.

TAFE Group, the second-largest tractor maker, reported a decline in sales of 13.78% with 14,500 tractors sold, while Sonalika sold 9,814 tractors, down 3.94% from the previous year.

Escorts Tractors sold 7,252 units, a decrease from 7,676 units last year. John Deere experienced a significant decline in sales with only 5,492 tractors sold, down 21.45% from the previous year.

New Holland sold 2,823 units, a decline of 12.4%. Kubota saw a decline of 10.29% with 2,014 units sold. Indo Farm Tractor's sales declined by 14.29%, with only 480 units sold in April 2023 compared to 560 units last year, causing its market share to decrease by almost 0.02%.

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Preet Tractor also experienced a 12.05% drop in sales, with 467 units sold in April 2023 compared to 531 units last year. VST Tillers and Tractors Ltd. reported a 29.08% decline in sales, with only 300 units sold in April 2023 compared to 423 units last year.

There was no growth reported in the sales of Force Tractors compared to the previous year, indicating a stagnant performance. Captain Tractor witnessed a slight decline in sales by approximately 5.76%, as 327 units were sold in April 2023 as opposed to 347 units sold last year. Despite this, the company's market share showed a marginal increase of 0.02%.

Overall, all major tractor companies experienced a sales decline, and the cumulative sales depreciated by almost 10.90%. Despite this unfavorable situation, financial experts remain optimistic and predict that the new financial year will bring forth ample growth opportunities in the tractor market.

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