February 2024 Domestic Tractor Sales Report: Know The Brand-Wise Performance in Detail

In February 2024, the Indian agricultural machinery sector faced a significant downturn as domestic tractor sales plummeted by 16.59%.

In a reflection of ongoing challenges in the agricultural sector, domestic tractor sales in India witnessed a notable decline in February 2024. The latest data reveals a 16.59% drop, with 51,774 tractors sold compared to 62,075 units in the same period last year. While this decline paints a challenging picture, industry insiders remain optimistic about the upcoming agricultural season.

Domestic Tractor Industry Feb 2024

Manufacturer	Feb’24	Feb’23	% Growth
M&M Group	20121	24619	-18.27
Tafe Group	8455	11233	-24.73
Sonalika	6911	6994	-1.19
Escorts	6041	7245	-16.62
John Deere	5037	5761	-12.57
New Holland	2559	2556	0.12
Kubota	1228	1753	-29.95
Preet	389	540	-27.96
Indo Farm	355	472	-24.79
Captain	220	290	-24.14
ACE	171	225	-24.00
VST	237	331	-28.40
SDF	50	56	-10.71
Total	51774	62075	-16.59

Manufacturer	MS Feb’24	MS Feb’23	MS YoY
M&M Group	38.86	39.66	-0.80
Tafe Group	16.33	18.10	-1.77
Sonalika	13.35	11.27	2.08
Escorts	11.67	11.67	0.00
John Deere	9.73	9.28	0.45
New Holland	4.94	4.12	0.83
Kubota	2.37	2.82	-0.45
Preet	0.75	0.87	-0.12
Indo Farm	0.69	0.76	-0.07
Captain	0.42	0.47	-0.08
ACE	0.33	0.36	-0.03
VST	0.46	0.53	-0.04
SDF	0.10	0.09	0.01
Total	100.00	100.00

Also Read: Sonalika Tractors Hits New Sales Record in February 2024, Achieves 16.1% Market Share Milestone

Brand Performance Overview:

Mahindra Tractor:

India's leading tractor manufacturer, Mahindra, experienced a sales downturn, with 20,121 tractors sold in February 2024, marking an 18.27% decrease compared to the previous year. Despite this, the company's President, Hemant Sikka, remains hopeful, citing government support and promising crop outlooks.

TAFE:

TAFE reported a sales figure of 8,455 tractors in February 2024, indicating a 24.73% decline from the previous year. The company's market share also witnessed a drop of 1.77%, reflecting the broader industry trend.

Sonalika International:

Sonalika sold 6,911 tractors, slightly down from 6,994 units sold in February 2023. However, the brand managed to increase its market share by 2.08%, showcasing resilience amidst market challenges.

Escorts:

Despite selling 6,041 tractors, Escorts experienced a 16.62% decrease in sales compared to February 2023. However, the company maintained its market share with no significant change.

John Deere:

John Deere sold 5,037 tractors, marking a 12.57% decline from the previous year. Nevertheless, the brand's market share saw a slight increase, indicating a positive trajectory amidst challenging market conditions.

New Holland:

New Holland reported a minor increase in sales, with 2,559 tractors sold compared to 2,556 units in February 2023. The brand's market share also witnessed growth, highlighting steady performance amidst market fluctuations.

Kubota:

Kubota faced a substantial decline in sales, with only 1,228 units sold, reflecting a 29.95% decrease compared to the previous year. The brand's market share also saw a decline, underscoring the challenges faced by the company in the domestic market.

Also Read: Escorts Kubota Tractor Sales Witness Challenges Within the Domestic Market in February 2024

Preet:

Preet reported a significant decrease of 27.96% in sales, with 389 tractors sold in February 2024. The company also experienced a slight decline in market share, indicative of the broader industry trend.

Indo Farm:

Indo Farm witnessed a 24.79% decrease in sales, with 355 tractors sold in February 2024. The company's market share experienced a minor decline, reflecting the challenges in the domestic tractor market.

VST:

VST reported a 28.40% decrease in sales, with 237 tractors sold in February 2024. The brand's market share also fell, underscoring the impact of market dynamics on sales performance.

Captain Tractor:

Despite a 24.14% increase in sales compared to the previous year, Captain Tractor experienced a modest drop in market share, highlighting the competitive landscape of the industry.

ACE:

ACE reported a 24.00% decline in sales, with 171 tractors sold in February 2024. The brand's market share also witnessed a slight decrease, reflecting broader market challenges.

SDF:

SDF observed a 10.71% decline in sales, selling 50 units in February 2024. However, the brand's market share saw a slight increase, showcasing resilience amidst market fluctuations.

The overall decline in domestic tractor sales underscores the challenges faced by the agricultural sector. However, with promising crop outlooks and continued government support, industry experts remain hopeful for a turnaround in the upcoming agricultural season. As manufacturers adapt to market dynamics and explore avenues for growth, the resilience of the agricultural machinery sector remains a testament to its importance in driving agricultural productivity and rural development.

Also Read: Mahindra Tractor Sales Report February 2024: Export Market Increased by 32%