Kolkata, May 4 (IANS) Mahindra & Mahindra’s (M&M) Farm Equipment Sector remains bullish on the “emerging” four wheel drive segment, an official said here on Friday.
The tractor maker has close to 43 per cent market share in India while the industry size in the last year was about 7.09 lakh units, the company official said.
“Last year, the tractor industry size was 7.09 lakh units and pan India industry grew by around 22 per cent. On conservative estimates, people are suggesting the tractor industry growth in India will be in the range of 8-10 per cent in 2018-19 (FY18),” the company’s Farm Division’s Chief of Operations Shubhabrata Saha said.
The tractor maker sold over 3 lakh tractors in India in 2017-18.
According to him, farming in India is diverse in nature with a variety of crops being produced in different climatic zones while the nature of soil also differs across regions. The company has diverse products to cater to different farming needs.
“We have a wide portfolio of products ranging from 15 HP to 75 HP tractors which can be used for multiple applications. We have five models in four wheel drive segment and we see it as a big emerging market,” he said on the sidelines of the launch of the tractor range most suitable for paddy, potato and horticulture.
In India, the company sold 29,884 units of tractors in April 2018, up by 19 per cent from 25,208 units sold during a year-ago month.
Its total tractor sales including domestic and exports during April 2018 were at 30,925 units.
He said penetration of tractors was high in Punjab, Haryana, Maharashtra, parts of Telangana, Andhra Pradesh and Karnataka. The tractor market in West Bengal has been growing significantly and the company has about a 53 per cent market share in the state.