Tractor Industry Sees H2 2024 Revival
INDIA REPORT

The Indian tractor industry, which faced a stagnant first half of the fiscal year, is pinning its hopes on a robust second-half performance. With favorable developments like healthy reservoir levels, improved minimum support prices (MSPs), and a positive outlook on the Rabi crop, manufacturers are optimistic about achieving double-digit growth by the year-end.
H1 Performance: A Mixed Bag
In the first half of the fiscal year, tractor sales remained flat, growing marginally to 472,000 units from 469,000 units in the same period last year. The industry’s decline in FY2024 to 876,000 units, following a record-breaking FY23 at 945,000 units, underscores the impact of a high base effect, weak precipitation, and uneven monsoons. A shift in the festive calendar, with Diwali and Dhanteras occurring later this year, also affected demand in the early months.