Indian Tractor Industry hits record high of 9.44 lakh domestic tractor sales in FY'23

06 Apr, 2023

Tractor sales in India have surpassed their all-time records of selling tractors and have registered a new high record of selling 9,44,000 units in 2022-23 (in the year ending March 31), which shows an increase of 12% from the previous year's sales. The major reason behind achieving this great sales target according to the industry is a rise in minimum support prices (MSP), which led to an increase in farm income, as well as another year of above-average monsoon. Plus, technological advancements in high HP tractor ranges are another factor considered in the increase in demand for tractors in the market.

Additionally, weather agencies in India forecast the probability of an El Nino event during July-September this year 2023, which could also lead to below-normal rainfall in the country. However, above-average reservoir levels could also have some relief, uncertainties could be there. This can be estimated from past experiences as El Nino previously result in a shortfall in monsoon during FY15 and FY16. This led to a decline in farm incomes and tractor sales from 135 and 10%. 

So, there were all the estimates given by our industry regarding future tractor sales.

Now, again moving on to the topic of this year's increase in tractor sales. There are several reasons behind the increase in tractor sales this year such as good rainfall, MSP improvements, the invention of high HP tractors by famous tract brands etc.

So, further, we will get insights into details of some of the tractor brands year to year sales figures to get you a clear picture of the number of sales with respected brands in the list responsible for attaining and breaking records of sales achieved never before.

First comes the Mahindra, Mahindra tractors have achieved the highest ever domestic sales of tractors by selling 3,89,531 in India, representing the farmer's/customers' trust in the brand.

Tafe (Massey Ferguson Tractors) comes second in the list by registering 1,69,750 units of tractor sales in the fiscal year 2022-2023. This figure denotes the popularity of Tafe tractors.

John Deere has also managed to rule the tractor market with signify the growth of 82,658 s of tractor sales in 2022-2023.

New Holland also attains a good sales rate of 35,367 units of tractor sales in 2022-2023. This also gives a competitive edge and at the same time offers farmers with needed solutions.

Sonalika Tractors has successfully sold 1,51,160 in the fiscal year 2022-23, which shows the brand's capability to manufacture tractors according to the needs of consumers. 

Next comes the escorts group, Escorts Kubota (Farmtrac tractor, Powertrac tractor and Digitrac tractor) has successfully registered domestic sales growth by selling 95,266 units in the fiscal year 2022-23. Escorts Kubota is rapidly growing their market share in the industry with their superior-quality tractors and is building the trust of the farmer community.

Kubota tractors has been successful in selling their tractors with a decent selling rate of 25, 711 units in FY 23. This also is a better figure compared to their previous year sales which were 21,104 units.

Indo farm tractors this year (Fiscal Year 23) have sold 6445 units, slightly lower than the previous year but a good sales rate compared to its competitors.

Next is Preet Tractors, they have managed to attain 6390 units in fiscal year 2022-2023. Which has also been a good sales year for them.

Vst Tillers Tractors Ltd have also acquired a lead in their sales this year by selling 38247 units in 2022-23 in the domestic market.

Force tractors also are not far behind from their competitors and have managed to sell  4623 units in the fiscal year 2022-2023.

Captain tractors are also on the list with better sales this fiscal year 2023 by successfully selling 4254 units of tractors in the Indian market.

ACE tractors have managed to acquire lead this year in 2023 by registering 3074 unit sales against the previous year which was 2426.

Same Deutz Fahr Tractors sold 1025 units in fiscal year 2022-23, which also led them to join the other tractor brands in the list.

Solis Yanmar Tractors have also managed to sell their tractors in the Indian market with a decent figure of more than 10,000 units of tractors in the fiscal year 2022-23. 

So, I hope this article has provided you with a good insight into the factors responsible for the increased tractor sales in India and some of the popular tractor brands with their yearly tractor sales figures in the domestic market.