Around 75,645 tractors were sold in the Indian market for February 2021 and the Tractor Industry registered a YoY growth of over 31%!
The Tractor Industry has been continuing its exceptional performance in FY2021 and the sales have shot up much ahead of expectations. The supply-side situation is normalizing too and is no longer expected to be a bottleneck to meet demand. The spike in sales is attributed to better monsoon season, easy finance availability, increased MSPs, and market rates realization. The agricultural sector wasn’t impacted that much by the pandemic, in comparison to urban areas. The market continues to be strong on the back of positive macro-economic factors and strong rural cash flows.
The OEMwise Tractor Dispatch Figures for February 2021 is as shown below –
The Tractor Industry registered an increase in sales to 75,645 units in Feb’21 from 57,710 units in Feb’20. The YoY Growth Analysis and the Market Share statistics is as highlighted above.
Mahindra & Mahindra’s Farm Equipment Sector (FES) recorded Domestic Wholesale dispatches of 27,170 units in February 2021, as against 21,877 units during February 2020. It anyhow recorded the highest Market Share drop in Feb'21 v/s Feb'20. Its Market Share fell to 35.92% in Feb’21 from 37.91% in Feb’20.
TAFE grew an impressive 62.9% YoY and was the second-best tractor manufacturer for the month. It was able to increase its Market Share to 18.13% in Feb’21 v/s 14.59% in Feb’20.
International Tractors Limited (Sonalika) saw a YoY growth of 21% and helped it clock the fastest ever 1 lakh domestic tractor sales in the FY21. (source)
New Holland recorded one of the highest YoY growth in Feb’21. It also increased its Market Share from 3.51% in Feb’20 to 3.88% in Feb’21.
Tractors Domestic Dispatches Market Share for Feb’21 –