India is the largest tractor market in the world. It recorded the highest growth rate of 8% in terms of CAGR 9 (2022-2027). In 2016, 50% of the world's tractors were manufactured in India.
Let’s have a look at a few data and statistics that make India the largest tractor market in the world.
During 2020, the share of agriculture in India’s GDP touched the mark of 19.9%, which is an all-time high in the past 17 years.
Despite the nationwide lockdown and slowed economy, India managed to sell 2,29,441 units in Q1 FY22. This sales figure was 38.92% more than the domestic tractor sales in Q1 FY21. During Q1 FY21, the total sales reported were 1,65,156 tractor units.
During Y 2020-2021, India was the biggest tractor market in the world as it sold 899K units.
India’s tractor industry is growing by leaps and bounds and we get to see new technologies and advancements in this domain. Recently, many leading tractor manufacturers like Mahindra, VST, and Swaraj launched updated and new tractor models that are available for global and local audiences. With this move, we’re sure that India’s position in the global tractor market is going to be stronger than ever.
09-Sep-2023 | Answer by: manish sharma