INDIAN TRACTOR INDUSTRY AT A GLANCE IN 2022 - 2023
The annual tractor production in India crossed 1 million units for the second consecutive year in 2022, but reported a 6 per cent drop, compared with 2021. Domestic sales reported a marginal increase. Exports maintained growth at 6 per cent and clocked its highest-ever number in 2022.
The India Agricultural Tractor Market size is expected to grow from USD 2.24 billion in 2023 to USD 2.96 billion by 2028, at a CAGR of 5.80% during the forecast period (2023-2028). In financial year 2023, tractor sales in India about 945 thousand units. It was a increase over 12.2 percent from the previous fiscal .
Including exports, tractor sales zipped past the one million mark in the year ended March 31, 2023 buoyed by an increase in the minimum support prices (MSP) that boosted farm income, coupled with another year of above-normal monsoon.
Mahindra and Mahindra Tractors and Mahindra & Mahindra Swaraj division are the top two tractor manufacturers in India with total 1,45,885 and 1,04,625 tractors sold in India in 2022.
They are followed by International Tractors Limited (77,334) and TAFE (73,628) at number 3 and 4th respectively..
Then comes Escorts Limited which sold 66,518 tractors in the year 2022. These are the top 5 tractor manufactures in India as per financial year 2022. The Indian tractor industry smashed a couple of records in FY23 - producing over a million units for the first time ever and also achieving their highest ever domestic sales.
FY23 saw 12% growth in domestic tractor volumes, with 945,311 units compared to 842,266 in FY22, according to Tractor & Mechanization Association (TMA).
