Friday 13 August 2021

Tractors demand and sold figure increased in last months

 Indian Tractor Industry has made a tremendous start with the growth of 31% in the first quarter of the financial year 2021-22. Tractor industry is expected to perform well in Q2 as well due to the rural economy recovering with the support of monsoon. It will be mentioned that the first quarter of both the previous and current financial years (2020-21 and 2021-22) were affected by the lockdown due to the corona epidemic. According to Tractor Manufacturers Association, 72,340 and 63,313 tractors were sold in April and May 2021 respectively and 12456 and 64,860 tractors were sold in the same period last year respectively. In the second wave of the epidemic, tractor sales were also affected during the month of May due to the impact of rural areas, but due to pent up demand by the top leadership of tractor manufacturers, the possibility of increasing tractor sales in the month of June proved to be correct and June In 2021, 1,20,437 tractors were sold. Whereas in June 2020, 98,648 tractors were sold. These figures also include tractors exported.

According to TMA, 63,137 tractors were sold in the domestic tractor market, less 7508 tractors exported in July 2020. Tractor market experts estimate for July 2021 that there may be a jump of 3 to 6% in tractor sales in this month. The figures of the Transport Department of the Central Government also show the same. According to the data, 81,672 tractors have been registered in July 2021, which is about 6% more than the corresponding period of last year. This includes registered tractors for both agricultural and commercial purposes. The growth rate of tractors registered only for agricultural work is about 11%. This growth rate of tractor sales can also be in double digits because the figures of states like Andhra Pradesh, Madhya Pradesh, Telangana are not included in the departmental figures.

Whatever be the story of the figures, but the return of monsoon has rained hopes on the tractor market. Due to good production of Kharif crops, increased support price, upcoming festive season and better Rabi season, tractor sellers expect the market to remain bullish.

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