Record Tractor sales in july 2020; Sales jump 37.24% year on year
The whole Covid-19 pandemic has affected almost every industry worldwide like never before. But despite it, the tractor manufacturing industry has witnessed a staggering growth in the July of FY2020 as compared to that of July 2019.
Though there are certain companies that mark little downfall in their market share a large proportion of companies have experienced decent growth.
Here, we are telling you the good and bad aspects of the market share of distinct tractor manufacturing companies as per the well-known FADA estimates. (Federation of Automobile Dealers Associations.)
First and foremost, India's front runner among the top tractor companies, Mahindra and Mahindra encountered a market share of 24.42% with 18,607 units as compared to the records of the same month of the fiscal year 2019 in which the company has a market share of 24.13% with 13,399 units.
Although the share didn't see a rise of massive proportions, it's noteworthy to see the astonishing growth in its market share for its Swaraj division. Here, the share of the company hiked by 1.15% from the last financial year.
At the same time, TAFE Limited with its acclimatize attitude managed to make increment in its market share by holding 12.57% in the total market share with 9,579 units which was merely 6500 in July 2019.
While International Tractors Limited has experienced a downfall in its market share but managed to grab the fourth position in the list with 8,989 units capturing 11.80% of market share which was 12.85% in the last year.
Another renowned name in the list the Escorts limited has successfully escorted its growth rate by marking 11.52% market share while it was just 10.78% in 2019 with 5,988 units.
However, it is to be noted that a brand like Eicher has not sustained the growth rate as it has observed a downturn in its market share.
Although there is an increment in its units, the percentage of growth has decreased this year. Eicher marks 6.52% of market share this year.
How the overseas brands fared?
To start with, John Deere does not come with good news. While the sales kept afloat in general there was a sudden dip in that. As a result, its market share has come down to a noble 6.63%
If we talk about the overseas brands CNH industrial and Kubota agricultural machinery limited, the former registered the market share percentage of 3.46 which is less than the previous year of 3.70%.
However, there was an increment of 583 units in July-FY 2019.
The records of Kubota in July 2020 is pleasing as there was an upsurge in its percentage as well as unit share in the market. It has a market share of 1.59% with 1211 units in the July month of FY 2020.
Talking about the niche and smaller players
In the case of some relatively small players, Captain Tractors Pvt. Limited and Force Motors Limited have tasted success with increment in their shares. Captain Tractors came to 1.06% from 0.69% while the latter experienced the small growth from 0.48% to 0.56%.
On the other hand, VST Tillers Tractor goes down to 1.21% from 1.26% with 920 units and the Info Farm Equipment Limited has a market share of 0.19% with 148 units which were 0.29% in the previous year.
In sum, the pandemic, in myriad ways, has brought the best of both worlds for the brands. Some have outshone while others are yet to catch up. The cherry on the cake here is a hope of a good market after the Kharif season as the cultivation area is significantly increased this year.
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