India’s Tractor industry continues to perform remarkably well despite slowdown in most of the other auto sectors of the country. The tractor segment has turn out to be an exceptional performer in the COVID-19 era and the sales has gone up exponentially for straight months. India’s Tractor Industry registered an increase and Y-o-Y sales of massive 41.8 percent by selling 60,717 units in December 2020 as against 42,806 units sold in December 2019.
The spike in sales is attributed to factors like better monsoon season, easy finance availability, increased MSPs and market rates realization. The increasing sales highlights that the rural agricultural sector wasn’t impacted that much by the COVID-19 pandemic, in comparison to urban areas.
Mahindra and Mahindra along with Swaraj Tractors came out the market leader with 21,173 tractors sold in December as against 17,213 units sold in 2019, registering a growth of 23 percent Y-o-Y. However, the market share dropped from 40.21 percent in 2019 to 34.8 percent in 2020, revealing the growth of other tractor makers.
Next was TAFE, who registered a massive 59.6 percent growth in December 2020 by selling 11,095 units against 6,952 units in 2019. The market share of TAFE increased from 16.2 percent in Dec’19 to 18.2 percent in Dec’20. International Tractors Limited (Sonalika) came third with another impressive YoY growth of 72 percent and a market share increase of 2.5 percent from 11.5 percent in Dec’19 to 14 percent in Dec’20. Sonalika sold 8,538 units last month.
The fourth and fifth spots were secured by John Deere and Escorts respectively. Notably, Escorts recorded highest YoY growth in Dec’20 by selling 7,230 units, 90 percent more than 3,806 units sold in Dec 19 and was just 85 units short of 4th ranked John Deere. Escorts also had the highest market share increase in Dec’20 of 3.02 percent and now commands 11.91 percent of overall sales.
The rest of the companies had a huge sales difference as compared to the top 5 tractor makers.
Data Source
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