Industry Segment Domestic Industry Volume FY 2021-22 14,67,039 14,89,219 1,13,265 30,69,523 2,40,577 11,804 2,28,773 34,822 51,835 1,42,116 4,75,989 19,957 1,71,461 2,51,944 32,627 7,16,566 1,73,356 76,174 10,580 1,275 2,61,385 41,12,672 89,84,186 4,73,150 1,35,70,008 124 1,76,17,606 40,47,598 FY 2022-23 -4.9% 40.4% 4.1% 13.2% 49.7% 61.2% 49.2% 24.5% 38.6% 61.5% 16.7% 65.1% 22.4% 11.6% 8.7% 26.0% 28.0% -9.4% NA NA 19.1% -8.2% -10.3% -23.3% -10.3% -1133.3% -13.6% -15.2% FY 2021-22 19.1% 34.5% 22.7% 26.7% 49.2% 225.4% 40.1% 1.4% 31.5% 52.8% 26.8% 122.1% 12.6% 31.6% 5.8% 34.3% 108.3% 28.0% 151.9% 172.9% 87.0% 26.2% 13.9% -6.7% 16.9% 484.7% 20.4% 32.0% FY 2022-23 -11.4% 25.8% 7.3% 8.4% 4.0% 38.3% -0.2% 6.7% -8.0% 1.2% -1.5% 16.8% -8.6% -3.8% 37.9% 0.6% 50.9% 14.3% 17.4% 12.1% 41.5% 12.5% 13.9% 9.1% 13.3% 0.0% 12.5% 10.1% FY 2023-24 YoY Growth Passenger Cars Utility Vehicles MPV (Vans) Passenger Vehicles MHCV MHCV Passenger MHCV Goods ICV Goods (7.5 to 12T) MCV Goods (12 to 18.5T) HCV Goods >18.5T LCV LCV Passenger LCV Goods < 2T GVW LCV Goods 2-3.5T GVW LCV Goods > 3.5T GVW Total CV 3W Passenger 3W Goods 3W-e-Rickshaw 3W-e-Cart 3W Scooters Motorcycles Mopeds 2W Quadricycle Total Domestic Total Domestic (Excl. 2W) 15,48,943 25,20,691 1,49,112 42,18,746 3,73,194 53,136 3,20,058 37,667 62,705 2,19,686 5,94,684 51,750 1,76,310 3,19,040 47,584 9,67,878 5,45,038 1,11,519 31,290 3,902 6,91,749 58,39,325 1,16,53,237 4,81,803 1,79,74,365 725 2,38,53,463 58,79,098 17,47,376 20,03,718 1,39,020 38,90,114 3,59,003 38,410 3,20,593 35,298 68,187 2,17,108 6,03,465 44,315 1,92,982 3,31,655 34,513 9,62,468 3,61,094 97,540 26,654 3,480 4,88,768 51,90,702 1,02,30,502 4,41,567 1,58,62,771 725 2,12,04,846 53,42,075 FY 2023-24 The long-term growth outlook for the Indian tractor industry remains positive. Over the period FY 2008-09 to FY 2023-24, the domestic tractor industry grew at a CAGR of 7.3%. The key growth drivers were increasing affordability, growing demand for farm mechanization, emergence of newer technologies in the farming sector and continued Government's focus on improving the state of agriculture in India. Indian tractor industry with an annual sale of 8.76 lakh unit in FY24, saw a decline of around 7.4% compared to FY 2022-23. Exports out of India dropped by 21.5% YoY and can be partly attributed to macroeconomic challenges in global environment. TRACTOR INDUSTRY TRACTOR INDUSTRY IN FY 2023-24 MAHINDRA & MAHINDRA LTD. Integrated Annual Report 2023-24 150 In FY 2023-24, the Indian tractor industry was impacted by erratic monsoon distribution both spatially and temporally. Farm output in both kharif and rabi season was affected by one of the strongest El Nino seen in the last 20 years. Prolonged dry weather also led to excess irrigation usage, thereby escalating farm input cost. This put pressure on the profit margin of farmers. Limited period of restrictions on export of food items like certain kinds of rice and onions to arrest domestic inflation, further hit farm incomes. Overall agriculture GVA showed muted growth at 1.4% in FY 2023-24 compared to 4.7% growth seen in previous year. Further, Government spending on rural and agriculture also remained muted. In FY 2023-24, employment generated under MGNREGA for households fell short of demand by 34 million. Your Company's market share in the domestic tractor industry stood at 41.6% in FY 2023-24.
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