Domestic Tractor Sales Witness a Decline of 7.07% in FY24: Industry Reports 8,74,504 Tractors Sold

FY24 saw a 7.07% decrease in domestic tractor sales in India, totaling 8,74,504 units, attributed to economic slowdown and pandemic disruptions.

By Robin Kumar Attri

Feb 05, 2025 13:32 pm IST

9.88 k

Domestic Tractor Sales Witness a Decline of 7.07% in FY24: Industry Reports 8,74,504 Tractors Sold

Key Highlights

Domestic tractor sales in India dropped by 7.07% in FY24, totaling 874,504 units.
Major players like Mahindra & Mahindra, TAFE Group, and Sonalika Tractor witnessed declines in sales.
Some exceptions included Captain Tractor, which experienced a 6.91% growth, and New Holland Tractor, which saw a slight increase in market share.
Economic slowdown and pandemic disruptions were key factors contributing to the overall decline in the agricultural machinery sector.

The fiscal year 2023-24 (FY24) has seen a notable decline in domestic tractor sales in India, with a significant 7.07% decrease compared to the previous year. The industry, which plays a crucial role in agriculture and agricultural activities across the nation, faced challenges resulting in a total of 874,504 units sold in FY24, down from 940,985 units in FY23.

Also Read: Domestic Tractor Sales Declined by 22.67% in March 2024: 63,755 Units Sold

Domestic Tractor Industry FY’24 (April 23 - March 24)

Manufacturer	FY’24	FY’23	%Change	MS FY’24	MS FY’23	%Change
M&M Group	3,64,526	3,89,531	-6.42%	41.68%	41.40%	0.29%
Tafe Group	1,57,503	1,69,843	-7.27%	18.01%	18.05%	-0.04%
Sonalika	1,15,369	1,16,000	-0.54%	13.19%	12.33%	0.86%
Escorts	90,239	95,266	-5.28%	10.32%	10.12%	0.19%
John Deere	71,408	82,658	-13.61%	8.17%	8.78%	-0.62%
New Holland	34,697	35,367	-1.89%	3.97%	3.76%	0.21%
Kubota	18,538	25,710	-27.90%	2.12%	2.73%	-0.61%
Indo Farm	5,307	6,445	-17.66%	0.61%	0.68%	-0.08%
Preet	5,488	6,390	-14.12%	0.63%	0.68%	-0.05%
VST	3,708	5,422	-31.61%	0.42%	0.58%	-0.15%
Captain	4,548	4,254	6.91%	052%	0.45%	0.07%
ACE	2,475	3,074	-19.49%	0.28%	0.33%	-0.04%
SDF	698	1,025	-31.90%	0.08%	0.11%	-0.03%
Total	8,74,504	9,40,985	-7.07%	100%	100%

* Force Motors Discontinued the TMA Membership

Mahindra & Mahindra (Mahindra + Swaraj)

Mahindra & Mahindra, a prominent player in the Indian tractor market, reported a decline of 6.42% in domestic tractor sales for FY24. The company sold 364,526 units in FY24 compared to 389,531 units in FY23. Despite the decrease in sales volume, Mahindra Tractor managed to add 0.29% to its market share.

TAFE Group

TAFE Group, another significant player, experienced a 7.27% decline in sales, with 157,503 units sold in FY24 compared to 169,843 units in FY23. The group's market share also saw a marginal decline of 0.04%.

Sonalika Tractor

Sonalika Tractor reported a minor decrease of 0.54% in its domestic tractor sales, selling 115,369 units in FY24 compared to 116,000 units in FY23. However, the company managed to maintain its market share, showing a slight increase of 0.86%.

Escorts Group

Escorts Group witnessed a 5.28% decrease in yearly tractor sales, with 90,239 units sold in FY24 compared to 95,266 units in FY23. Interestingly, the company managed to gain 0.19% in market share.

John Deere Tractors

John Deere Tractors registered a substantial decline of 13.61% in domestic tractor sales, selling 71,408 units in FY24 compared to 82,658 units in FY23. The company's market share also decreased by 0.62%.

New Holland Tractor

New Holland Tractor recorded a 1.89% decline in domestic tractor sales, with 34,697 units sold in FY24 compared to 35,367 units in FY23. Despite the decrease in sales, the company's market share saw a slight increase of 0.21%.

Kubota Tractor

Kubota Tractor faced a significant decline of 27.90% in domestic sales, selling 18,538 units in FY24 compared to 25,710 units in FY23. The company's market share also decreased by 0.61%.

Also Read: Kubota India Introduces K3R Brand as Quality & Affordable Spare Parts