India is the largest tractor market in the world and hence one of the most important markets for all the leading Indian and global companies having Tractor in its farm equipment portfolio. However, when one compares the prevailing density of tractors in India to some of the leading economies, one would find that its way below the world average. Hence, the headroom for growth is immense and given that agriculture has huge weight in the overall economy, economic growth will not be possible without growth in agriculture.
Demand for tractor is highly dependent on good monsoon and government support on maintaining MSPs at an attractive levels for the farmers. The tractor industry in India grew at a CAGR of 12% from yearly volume levels 1983 units in 1963-64 to over ~600,000 units in 2015-16. Industry saw two strong waves of growth of 10% CAGR in 1973-2000 (27 years) and 2003-2014 (11 years). Trend analysis indicates that the industry typically witnesses 3-4 years of good higher teen CAGR growth followed by a lull period of 2 years. Also, the resurgence in demand were as strong as the drop in volume during lull period. After witnessing a peak volume of over 700000 units in 2013-14, Industry has plummeted to levels of sub 600000 units in 2015-16. Thanks to good monsoon in 2016-17 and favorable monsoon condition expected in next 2 years, tractor industry is expected to witness 15-18% growth over the next 2 years.
Research Approach & Methodology
Tractor Market Landscape
Key demand pockets
Market classification by capacity ratings
Trends in Tractor Sales in India
Year wise production, sales & exports
Month wise production, sales & exports
- 5Avg Daily Vews
- 1 Day
- 1 Week
- 1 Month
- 2 Months
- 6 Months
- 1 Year