Tractor Sales In India Increased By 6.5% Year On Year In November, Owing To Improved Rural Sentiment
Tractor sales in India increased by 6.5% year on year in November, owing to positive sentiment in the rural market following the festival season. Adequate reservoir water levels and higher minimum support prices for rabi crops also contributed to the increase.
According to Tractor and Mechanization Association data, domestic tractor sales in November were 67,940 units, up from 63,783 units in the same period last year.
Tractor sales in India increased by 6.5% year on year in November, owing to positive sentiment in the rural market following the festival season. Adequate reservoir water levels and higher minimum support prices for rabi crops also contributed to the increase. Domestic tractor sales, on the other hand, fell by about 45 percent in November. Because of the festival season, tractor sales reached an all-time high in October.
|
Domestic Tractor Industry Nov. 2022 |
||||||
|
Manufacturer |
Nov’22 |
Nov’21 |
% Growth |
MS Nov’ 22 |
MS Nov’ 21 |
MS YoY |
|
29180 |
26094 |
11.83 |
42.95 |
40.91 |
2.04 |
|
|
11314 |
10707 |
5.67 |
16.65 |
16.79 |
-0.13 |
|
|
7870 |
8684 |
-9.37 |
11.58 |
13.61 |
-2.03 |
|
|
7359 |
6517 |
12.92 |
10.83 |
10.22 |
0.61 |
|
|
5255 |
5243 |
0.23 |
7.73 |
8.22 |
-0.49 |
|
|
2332 |
2656 |
-12.20 |
3.43 |
4.16 |
-0.73 |
|
|
2157 |
1502 |
43.61 |
3.17 |
2.35 |
0.82 |
|
|
516 |
540 |
-4.44 |
0.76 |
0.85 |
-0.09 |
|
|
439 |
432 |
1.62 |
0.65 |
0.68 |
-0.03 |
|
|
435 |
525 |
-17.14 |
0.64 |
0.82 |
-0.18 |
|
|
404 |
217 |
86.18 |
0.59 |
0.34 |
0.25 |
|
|
286 |
306 |
-6.54 |
0.42 |
0.48 |
-0.06 |
|
|
280 |
201 |
39.30 |
0.41 |
0.32 |
0.10 |
|
|
SDF |
114 |
159 |
-28.30 |
0,17 |
0.25 |
-0.08 |
|
Total |
67941 |
63783 |
6.52 |
100.00 |
100.00 |
|
Total tractor sales, including exports, were 77,824 units in November, 4.4 percent higher than the previous year. Despite this, exports continued to fall in November, falling 8.4 percent year on year to 9,884 units. Exports fell 27.1 percent year on year to 8,888 units in October, a 17-month low.
Mahindra & Mahindra Ltd, through its Mahindra and Swaraj brands, is the country's largest tractor manufacturer, with a market share of around 40%. International Tractors Ltd, which owns the Sonalika brand, and Escort Kubota Ltd have a market share of 11-13 %.
It appears that November 2022 was a good month for most tractor brands. We anticipate a spike in sales during the upcoming holiday season.
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