Escorts today said the tractors market would grow at 10 per cent in the current fiscal even as the market has remained flat for the past few months. "Though,there has been a flat market for the last few months due to delayed monsoon,we expect it to improve and the overall growth of the tractors market would be 10 per cent," Escorts Agri Machinery Group Head (Marketing) Shenu Agarwal said. He said the monthly sales are likely to double in 4-5 months due to improved monsoon. While launching new models in 60-65 HP Farmtrac tractor,Agarwal said with scarcity of farm labour,there was steady growth in the premium tractor segment. "The premium segment which begins from 50 HP accounts for 12 per cent of the some 5.3 lakh units market. But,the share will grow to 23-24 per cent in five years in volume terms and atleast 30 per cent in value," he said. Agri machinery divison which contributes 70 per cent to the revenues of Escorts,is expecting to increase share in premium tractor segment to 20 per cent from 15 per cent in a few years to claim number one position,Agarwal said. The tractor industry saw marked improvement in period 2010 to early 2012 following which sales both domestic and exports dipped by 3.4 per cent in the fourth quarter of financial year 2012,ICRA had said.
