Rising sales expose deeper changes in how India’s farm machinery market is evolving

According to sources from industry and insights from tractorjunction.com, India’s tractor retail industry has opened 2026 on a buoyant note, with January sales climbing 22.61 per cent year-on-year to 1,13,210 units, compared with 92,337 units in the corresponding month of 2025, industry figures show. The robust performance points to a gradual revival in rural purchasing power, smoother dealer-level movement, and a return of confidence among farm equipment buyers as the new year commenced.

Beneath the impressive topline growth, however, the granular data tells a more complex story—one in which entrenched leadership is being quietly tested and competitive pressures are mounting across the spectrum.

Leadership Intact, Yet Under Pressure

Mahindra & Mahindra continued to command the largest share of the market, retailing 25,995 tractors in January 2026, up from 22,072 units a year earlier, translating into 17.77 per cent growth. Even so, its market share narrowed by 0.94 percentage points to 22.96 per cent, down from 23.90 per cent last January, underscoring the faster pace at which rival brands are expanding in a rising market.

Swaraj and Sonalika Consolidate Gains

Swaraj emerged as one of the standout performers, delivering 21,911 units, compared with 17,338 units a year ago. Its 26.38 per cent growth lifted market share to 19.35 per cent, an improvement of 0.58 percentage points, reaffirming its entrenched presence in key agrarian belts.

Sonalika held on to the third position with 15,376 units, up from 12,299 units in January 2025. The brand posted 25.02 per cent growth, nudging its market share up by 0.26 percentage points to 13.58 per cent, reflecting sustained acceptance among a widening base of buyers.

Escorts Signals Competitive Momentum

Massey Ferguson recorded retail sales of 13,460 units, rising from 10,841 units, which equates to 24.16 per cent growth and a marginal uptick in market share to 11.89 per cent.

Escorts delivered one of the most striking performances among the major manufacturers. Sales surged to 12,311 units, up from 9,136 units, marking 34.75 per cent growth. This translated into a sharp 0.98 percentage point increase in market share to 10.87 per cent, highlighting strengthening competitiveness across multiple horsepower categories.

Divergence in the Mid-Tier Segment

John Deere reported 7,895 units sold, an increase from 6,488 units, representing 21.69 per cent growth. Despite higher volumes, its market share edged lower by 0.05 percentage points to 6.97 per cent, indicating growth marginally below the industry average.

Eicher posted a stronger trajectory, retailing 7,814 units versus 5,957 units last year. Its 31.17 per cent expansion pushed market share up by 0.45 percentage points to 6.90 per cent.

New Holland also gained ground, selling 5,336 units, up from 3,975 units, recording 34.24 per cent growth and lifting market share by 0.41 percentage points to 4.71 per cent.

Smaller Brands Reflect Market Volatility

Among smaller players, the “Others” category accounted for 796 units, marginally higher than 773 units last year, though its market share slipped by 0.13 percentage points to 0.70 per cent.

Trakstar posted the fastest percentage growth, with volumes rising to 697 units from 397 units, a 75.57 per cent increase, lifting its market share by 0.19 percentage points to 0.62 per cent.

VST recorded 399 units, up from 327 units, translating into 22.02 per cent growth, while maintaining a stable market share of 0.35 per cent.

Captain witnessed a contraction, with sales declining to 341 units from 489 units, a 30.27 per cent drop, accompanied by a 0.23 percentage point erosion in market share to 0.30 per cent.

Indo Farm registered 290 units, up from 234 units, reflecting 23.93 per cent growth, with market share holding steady at 0.26 per cent.

Kubota experienced one of the sharpest reversals, as sales fell to 184 units from 1,628 units a year earlier—an 88.70 per cent decline—resulting in a substantial 1.60 percentage point contraction in market share to 0.16 per cent.

Preet reported 155 units, down from 173 units, a 10.40 per cent decline, while ACE sold 152 units, compared with 169 units, reflecting a 10.06 per cent fall. Both brands ceded 0.05 percentage points of market share.

SDF, operating off a modest base, posted notable gains, retailing 98 units against 41 units last year—an increase of 139.02 per cent—and inching market share up by 0.04 percentage points to 0.09 per cent.

Outlook: Momentum with Meaningful Shifts

January’s performance confirms that tractor demand is regaining momentum, yet it also signals a deeper structural evolution within the market. While industry-wide volumes are expanding at a healthy clip, scale alone is no longer sufficient to preserve leadership. Faster-moving competitors are steadily encroaching on incumbent territory, particularly within value-focused and mid-horsepower segments.

As rural conditions continue to stabilise, the months ahead are likely to see competition intensify around financing innovations, regional outreach, and product differentiation—making market share dynamics, rather than headline growth alone, the defining narrative for the tractor industry in 2026.