The last few years have seen several ag equipment manufacturers make moves in the Indian market, particularly Kubota with its acquisition of a 44.8% stake in Indian tractor manufacturer Escorts. Representing the largest tractor market in the world (when counting 2-wheel tractors), it is no surprise foreign tractor manufacturers would want larger slices of that pie. 

A Jan. 18 report from Express Mobility said New Holland is aiming for 8% market share within the country by FY2025. According to that same report, CNH Industrial has invested over $650 million in its Indian plants over the last 10-15 years and generated around $1 billion in 2023 revenue in India

CNH Industrial is already growing its operations within India, with a Jan. 17 report from NDTV Profit saying CNH Industrial's plant in the northern city of Noida, India, would begin producing Tier 4 and 5 engines in the fall of this year. The plant reportedly cost $25-30 million to build. The new plant has the capacity to manufacture annually about 10,000 engines up to 75 horsepower and can be scaled up to 40,000, the company's Director of Operations Sumantra Mukherjee told NDTV Profit.

For 2024, CNH Industrial is planning to invest $50 million in its Indian ag equipment business and launch a 105 horsepower tractor in May, according to Jan. 28 report from The Hindu Business Line. 

However, CNH Industrial — specifically the New Holland brand — has a ways to go before it unseats the top 5 in the Indian tractor industry. 

According to data gathered by Statista, Mahindra sold over 389,000 tractors in India's last fiscal year vs. New Holland selling 35,400 (note: the Indian government's financial year begins April 1). Among the majors, John Deere also beat out New Holland 2023 unit sales at 82,700. New Holland was ahead of Kubota, however, at 25,700 units.

Tractor sales in India have risen for the last 4 years straight, including a 12.6% year-over-year in 2021 to 903,724 units. Total sales in calendar year 2023 were up less than 1% year-over-year to 915,474.

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