Around 85,098 tractors were sold in the Indian market for March 2021 and the Tractor Industry registered a YoY growth of over 141%! The Industry also recorded a growth of 12.5% in March 2021 v/s Feb 2021.
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 March 2021 is as shown below –
The Tractor Industry registered an increase in sales to 85,098 units in Mar’21 from 75,645 units in Feb’21. The sales also jumped over 2.4 times in Mar'21 v/s Mar'20. The YoY Growth Analysis and the Market Share statistics is as highlighted above.
Mahindra & Mahindra recorded Domestic Wholesale dispatches of 29,817 units in March 2021, as against 13,418 units during March 2020. It anyhow recorded the highest Market Share drop in Mar'21 v/s Mar'20. Its Market Share fell to 35.04% in Mar’21 from 38.1% in Mar’20.
TAFE grew an impressive 195.1% YoY and was the second-best tractor manufacturer for the month. It was able to increase its Market Share to 18.6% in Mar’21 v/s 15.23% in Mar’20. The Market Share increase was the highest in the industry!
Escorts has been fighting hard to retain its third position from Sonalika. The difference between the two OEMs was just 659 units in Mar'21. However; Escorts lost -1.06% Market Share in Mar'21 v/s Mar'20.
International Tractors Limited (Sonalika) saw YoY growth of 151.6% and helped recorded its highest-ever annual sales in FY21.
New Holland recorded one of the highest YoY growth in Mar’21. It also increased its Market Share from 2.39% in Mar’20 to 3.93% in Mar’21.
Tractors Market Share for March 2021 –