Sonalika Achieves Record-Breaking Annual Market Share of 15.3% in FY’24

Share Product Published - 12 Apr 2024 by Tractor Junction

Sonalika Achieves Record-Breaking Annual Market Share of 15.3% in FY’24

Sonalika Tractors, the leading tractor export brand in India, is thrilled to have reached the end of its extensive FY'24 journey by creating a new remarkable milestone, showcasing its dedication to innovation, and utilising its farmer-centric approach. The company is happy to report that in FY'24, it achieved its highest-ever annual market share of 15.3% (est.) and became the only tractor brand to grow in the domestic market. Sonalika's outstanding performance has even allowed them to surpass industry standards in performance.

Sonalika Tractors: Setting New Benchmarks in FY'24

An impressive 34.4% export market share (est.) among Indian tractor exporting companies was recorded during FY'24, marking the latest peak at Sonalika. The company's position as India's top tractor exporter is strengthened by this, which includes an astounding 6.2% percentile point (est.) change in market share and a sizable lead over the next brand. Throughout the year, Sonalika continued to use its unconventional approach to overcome the challenging circumstances of FY'24.

According to media release from the company, Sonalika also unveiled the largest tractor range, comprising 10 new models in the premium Tiger series with 40–75 horsepower; the Sikander DLX DI 60 Torque Plus, which has the largest engine in its class and the first price of its kind nationwide; and a 5-year tractor warranty that covers the entire tractor range.

By announcing an investment plan worth Rs.1300 crore to establish two new plants in Hoshiarpur, which will solidify Sonalika's status as the owner of the biggest tractor plant in the world.

Mr. Raman Mittal, Joint Managing Director, International Tractors Limited, said, “We are thrilled to have wrapped up our FY’24 journey with an all-time high overall annual market share of 15.3% (est.). We are elated to have become the only tractor brand to grow in India – the largest tractor market in the world and also beaten industry performance. Whereas in exports, we have further reinforced our position as India’s No.1 export brand with 34.4% market share.”

In addition to its remarkable market share achievements, Sonalika Tractors has continuously upheld its commitment to innovation and customer satisfaction. Throughout FY'24, the company introduced several groundbreaking initiatives aimed at enhancing farmer productivity and efficiency. From implementing advanced technological solutions to expanding its service network across remote rural areas, Sonalika remains dedicated to empowering farmers and driving positive change in the agricultural sector.

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