Around 78,343 tractors were sold in the Indian market for January 2021 and the Tractor Industry registered a YoY growth of 46%!
The Tractor Industry has been the exceptional performer 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 back of positive macro-economic factors and strong rural cash flows.
The OEMwise Tractor Sales for January 2021 is as shown below –
The Tractor Industry registered an increase in sales to 78,343 units in Jan’21 from 53,387 units in Jan’20. The YoY Growth Analysis and the Market Share statistics is as highlighted above.
Mahindra & Mahindra’s Farm Equipment Sector (FES) recorded Domestic sales of 33,562 units in January 2021, as against 22,329 units during January 2020. It was also able to increase its Market Share to 43.06% in Jan’21 from 41.82% in Jan’20.
TAFE grew an impressive 51.1% YoY and was the second best tractor manufacturer for the month. It was able to increase its Market Share to 15.87% in Jan’21 v/s 15.33% in Jan’20.
International Tractors Limited (Sonalika) saw a YoY growth of 46% and registered its highest ever overall January sales! (source)
New Holland recorded one of the highest YoY growth in Jan’21. It also increased its Market Share from 2.92% in Jan’20 to 4.17% in Jan’21.
Tractors Domestic Dispatches Market Share for Jan’21 –