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2. Long-term buoyancy in the world’s largest tractor market

With more than 720,000 units sold last year and a population in excess of 7 million machines, the Indian tractor industry is the largest in the world in volume terms. It is many times bigger than the North American (270,500 units), Chinese (178,380 units), European (133,032) and Japanese (35,700 units) markets.

As well as being the largest market in the world in terms of sales, it is also the largest tractor producer in the world, with more than 770,000 machines manufactured in 2019 (down from almost 900,000 in 2019). Active manufacturers in India include globally renowned multinational suppliers of foreign origin, Indian companies with a global presence including in developed economies such as Europe and the US, and other local manufacturers.

These figures also make India one of the largest tractor exporters in the world in volume terms.

Although the current Covid-19 pandemic and national lockdown in India will undoubtedly impact on the market this year, the longer-term prospects for tractor production and sales are good. Off-Highway Research forecasts that the market will regain the peak demand levels seen in 2018 over the next 3-4 years.

Off-highway Research’s new equipment analysis on the agricultural tractor industry in India is now available to download for subscribers to the Indian Service, who can login here. It can also be bought by non-subscribers – click here for more details.

It is believed to be the most detailed and in-depth report ever published on the subject, with analysis covering market size, market shares, production, foreign trade, market structure, distribution networks, equipment population, machines available and a five-year forecast.

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