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Mahindra leads, Eicher grows (7% market share), Tafe (10.84%), signifying an overall positive trend in February 2024's tractor OEM sector.
By Robin Kumar Attri
The tractor market in February 2024 experienced notable shifts, defining the competitive dynamics of the industry. Leading player Mahindra & Mahindra Limited sustained its importance, and the sector saw remarkable performances from various OEMs, indicating a dynamic and evolving landscape.
Within this landscape, Eicher Tractors and Tafe Limited stood out as remarkable performers. Eicher Tractors demonstrated substantial growth, securing a 7% market share, showcasing a commendable increase from 5.70% in February 2023. Tafe Limited also exhibited impressive progress, expanding its market share from 9.57% to 10.84%. These notable advancements by key players contributed significantly to the positive trajectory and competitiveness of the tractor OEM sector in February 2024.
A closer look at the market share distribution among tractor OEMs reveals interesting insights into the competitive landscape:
Table Indicating the Tractor Whole Sales with Feb’24 and Feb’23 With market shares
Source: FADA Research
Mahindra & Mahindra Limited (Tractor) recorded the segment market share of 22.83% in February 2024 based on the number of units they sold which was equal with 17,490 units in Feb’24. In Feb’23, however, the market share decreased slightly by 0.98 percentage points, going from 23.02% in Feb’23, which was accompanied by a 15,889 units sales to 14,843 units for the company registered in March 2023.
Mahindra & Mahindra Limited's Swaraj Division having also contributed to the farm equipment market, it held 18.40% market share in February 2024 with the sale of 14,100 units while the same unit for the previous year (February 2023) was 12,478 Despite the marginal drop in the market share, it was
International Tractor Ltd. got a higher market stake of 12.84% in February 2024, selling 9,841 units as compared to 12.49% market share in February 2023, which was showed with 8,619 units sold.
Tafe Limited, with a 10.84% market share and the 8,307 units' sales in Feb'24 was upward from the 9.57% market share along with 6,608 units in the previous year, the company evidently in the tractor OEM market which is undoubtedly competitive.
The Agri Machinery sector of Escorts Limited intervened the market with a more or less stable share of 9.72% of the market by sold 7,449 units in the month of February, 2024, however, a 10.64% share had been recorded in February 2023 with 7,344 units being the units sold in the same period.
The volume of sales of John Deere India Pvt. Ltd. (Tractor Division) was 5,906 units in Feb’24, that shares 7.71% market which is 0.92% lower than the numbers of last year with similar market share (8.63%) and one more unit sales of 5,958.
Eicher Tractors performed much better, obtaining 7% market share in February 2024 with 5366 units, whereas in February 2023 they had a 5.70% market share with 3932 units.
Similarly, CNH Industrial (India) Pvt. Ltd. grew to a 3.94% market share of 3,016 units in Feb’24, from the 3.85% market share of 2,656 units in February 2023.
Kubota Agricultural Machinery India Pvt. Ltd., Captain Tractors Pvt. Ltd., V.S.T. Tillers Tractors Limited, and Gromax Agri Equipment Ltd. also participated in the market, each holding different percentages of the market - 2.26%, 0.65%, 0.45%, and 0.40% respectively in February 2 The 2.96% market share of others with 2269 units in February 2024 was a decline from their 3.80% market share with 2620 units in the previous year.
Overall, the tractor OEM industry experienced a growth, with a market size reaching 76,626 units in February 2024 compared to 69,034 units in February 2023.
Also Read: Domestic Tractor Sales Report February 2024: Sales Drop By 16.59%, 51774 Units Sold
The tractor OEM landscape in February 2024 reflected dynamic market shifts. Mahindra & Mahindra Limited maintained its lead, while Eicher Tractors and Tafe Limited showcased notable growth. Overall, the industry saw a positive trend, with total units reaching 76,626, indicating a robust performance compared to February 2023 which was 69,034.
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