Tractor Retail Market Witnessed 8% YoY Growth This January

According to a FADA report, tractor retail sales increased by 7.95% year on year in January'23. The report from the Federation of Automobile Dealers Association was released early this morning. The tractor retail sales report also forecasted some details about China's factories restarting, which will increase global supplies of tractor parts and semiconductors.

Furthermore, the economic survey 2022-23, which was presented earlier this year in parliament, discussed the consistent positive increase in rural labor wages. Giving a detour to rural inflation will now ensure a positive farm mechanization rate in the discussed areas. Furthermore, lowering the surcharge at the highest IT slab will help with the electrification of tractors and other agricultural equipment. Leading to more efficient and modern farming machines in the future.

When it comes to individual YOY percentage growth and market acquisition, Mahindra & Mahindra's tractor division, as usual, leads the pack. In more detail, M&M's tractor division held a 23.21% market share on January 23. Furthermore, the division's tractor retail sales increased by 30.74% year on year.

M&M's Swaraj division had a 17% market share in January of this year. Furthermore, the YoY growth in tractor retail sales was found to be 33.5%. When the tractor retail sales report for January 23 is taken into account, M&M's Swaraj division ranks second.

In terms of market share, Sonalika of International Tractors Limited was third (12.2%) in January'23. In terms of YoY growth this January, the FADA tractor retail sales report shows a 2% decrease from the previous year.

When the Indian market share is taken into account in January'23, Tafe Limited occupies the fourth position (approx. 11%). Furthermore, according to FADA's tractor retail sales report, the tractor manufacturer saw a 26.3% increase over the previous year.

Escorts Limited (Agri Machinery division) took fifth place in terms of market share in January'23, selling 7,670 tractors. It accounted for approximately 10.5% of the total market share in India. To elaborate, the group's YoY tractor retail sales increased by 40.5% when compared to the previous year.

In the race to sell tractors, John Deere India Pvt Ltd (tractor division) was sixth (by market share). In January 2023, the brand sold approximately 5812 tractors. Furthermore, John Deere's India division saw a 19.17% YoY increase in tractor retail sales compared to the previous January.

Furthermore, Eicher tractors ranked seventh this January, selling 4900 tractors. In the previous month of this year, the tractor brand claimed 6.7% of the tractor retail market share. In terms of percentage YoY growth in tractor retail sales, the brand increased by 2.27% over the previous year.

Furthermore, CNH Industrial (India) Pvt. Ltd. ranked eighth in the country, selling 2861 tractors with a market share of 3.91%. Furthermore, the previous month saw a 28.12% YoY increase in tractor retail sales.

Kubota Agricultural Machinery India Pvt. Ltd. took ninth place by selling 2318 tractors and gaining a 3.17% market share. According to FADA, the tractor brand reported a YoY increase in tractor retail sales of 61.19% over the previous year.

VST Tiller Tractor Limited sold 568 tractors in January, accounting for 0.78% of the market. According to FADA's retail tractor sales report, the brand saw a 37.19% increase in tractor retail sales this January compared to the previous year. As of now, it holds the tenth-largest market share.

Furthermore, Force Motors Limited sold 445 tractors and held 0.61% of the market. It was subsequently ranked eleventh in the Indian retail sales report. In comparison to the previous year, tractor sales for the brand increased by 4.21%.

In conclusion, the total number of tractor retail sales in January'23 was 73,156, which was significantly higher than the 67,764 tractor sales the previous year.

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