How global tractor brands stack up against Indian majors

India’s tractor market growth in CY25 masked a mixed performance among premium and global manufacturers, with selective gains for some multinational players offset by market share losses for others, even as domestic leaders tightened their grip on volumes and distribution according to latest FADA release.

Among global brands, John Deere India strengthened its position, lifting market share to 7.68% in CY25 from 7.50% a year earlier, with volumes rising to 76,563 units. CNH Industrial India also posted incremental gains, with market share improving to 4.35% from 4.02%, supported by volumes of 43,356 units, reflecting steady traction in mechanisation-heavy and higher-income farming regions.

Global players’ performance

The performance of global players, however, stood in sharp contrast to that of domestic leaders, who continued to consolidate share. Mahindra & Mahindra’s tractor business strengthened its leadership with volumes of 2.38 lakh units and a market share of 23.88%, while its Swaraj division added another 1.87 lakh units, taking its share to 18.72%. Together, Mahindra-controlled brands accounted for over 42.6% of India’s tractor market in CY25.

Other Indian players also showed resilience. International Tractors Limited sold 1.27 lakh units, though its market share slipped marginally to 12.72%, while TAFE posted volumes of 1.12 lakh units, with share easing to 11.23%. Not all players shared the same momentum. Eicher Tractors saw its market share decline to 6.20% from 6.65%, despite selling 61,768 units, indicating rising competitive pressure from both domestic and global rivals.

What do industry executives say?

Industry executives say the divergence reflects a market where scale, financing strength and rural penetration matter as much as technology. While premiumisation and higher-horsepower tractors are gaining traction in select pockets, domestic manufacturers with deeper dealer networks and aggressive pricing continue to dominate mass demand.

According to V G Ramakrishnan, managing director, Avanteum Advisors, Indian brands enjoy deep-rooted advantages. “Indian tractor brands are deeply entrenched in the farming community after decades of awareness and influence. These tractors are designed for ease of maintenance, with farmers often able to repair them independently. Availability of spare parts is critical, and Indian brands have a clear edge, supported by a strong local parts ecosystem,” he said.

Ramakrishnan added that financing plays a decisive role in tractor purchases. “For companies like Mahindra, group entities such as Mahindra Finance and Mahindra Agri, along with a wide range of implements across soil preparation, harvesting and post-harvest operations, create a strong ecosystem play. Fragmentation of land holdings also limits the ability of international brands to fully leverage their strength in higher-horsepower machines,” he said.

As the industry heads into CY26, analysts expect global brands to sharpen their focus on localisation and cost control, while domestic players are likely to defend market share through faster product refresh cycles, bundled financing and ecosystem-led offerings, keeping competitive intensity elevated.

Key Takeaways

•             Top 2 domestic brands control 42.6% of the market

•             Largest global brand: John Deere India (7.68% share)

•             Fastest-growing global player: CNH Industrial India