A Closer Look at Tractor Sales in India 2023 and Gearing Up for a Thriving 2024!

23 Jan, 2024

The Indian tractor industry is huge and has a great influence on the global agricultural domain. Both the domestic and international markets are empowered by multiple India-based tractor manufacturers.

As 2023 ended, we thought of analyzing how good this year was in terms of tractor sales in India.

Continue reading the blog to know about the total tractor sales in India in 2023 and see a comparison of 2022 and 2023 sales. But Before that let's also explore India’s Total Tractor sales including exports and India’s Total Tractor Exports in 2023 and also compare it with 2022 Sales.

Total tractor sales including export in 2023 are good with a slight drop as compared to 2022 sales

According to TMA, India sold a total of 10,11,697 tractor units in domestic and export markets in 2023. As compared to 2022, this performance has slightly dropped because India managed to record a total tractor sale (including export) of 10,43,911 units in 2022.

Here is the monthly breakdown of total tractor sales in India, including exports, for 2023 and 2022.

Source:- TMA India

India is the world's leading tractor market and leading players of this industry are Mahindra, Swaraj, Sonalika, John Deere, Escorts, Massey Ferguson, New Holland, Eicher, and more. All these manufacturers offer a wide range of mini tractors and heavy-duty tractors with modern specifications.  

India is itself an agriculture-dominated country with 60% of its population involved in this industry. Hence, it has a huge domestic demand for tractors. In addition, India also exports a large number of tractors globally.

India’s Export tractor sales of 2023 drop marginally

If we talk about India's export tractor sales in 2023, we have an impressive number to share. India exported a total of 96,223 tractor units across the globe. Indian tractors are technologically advanced and are equipped with modern farming technologies. This is why various countries import tractors from India.  

As compared to 2022, export sales of 2023 are slightly reduced because India exported 1,31,850 units in 2022.

Here is the monthly breakdown of India's export tractor sales, for 2023 and 2022.

Source:- TMA India

Tractor sales in India in 2023 gave a ray of hope

As mentioned above, India itself is a very vast tractor market. The year 2023 was great in terms of tractor sales in India. The total tractor sales in india in 2023 is 9,15,474 units. Against the 9,12,061 tractor sales in India in 2022.

Here is the monthly breakdown of total sales in India, for 2023 and 2022.

Source:- TMA India

What Impacted Tractor Sales?

The key industry stakeholders anticipated that deficient monsoon promoted caution buying in the Indian farmers. Despite that, the domestic tractor sales in India experienced slowed growth in 2023, as compared to 2022.

As far as export markets are concerned, the political unrest in Iran, Ukraine, Israel, and Russia impacted the demand for many resources, including tractors, in these countries. Hence, the export market also displayed an overall drop in the sales figure.

However, the Indian tractor industry has set its eyes on the coming year, 2024. The Skymet Weather has already predicted a normal monsoon in India during 2024. The growing mechanization of the Indian agricultural sector and extended support of the government to the farmers have set a positive tone for 2024. BlueWeave Consulting has already predicted that the Indian tractor industry will reach up to USD 2,676.82 million by 2030 at an impressive CAGR of 5%.