Given low levels of farm mechanization and the government’s focus on doubling farm incomes, how do you view growth for the company’s tractor business in the years ahead?
India is the largest tractor market globally and hence one of the most important markets for all major OEMs with tractors in their farm equipment portfolio. India also has low rates of farm mechanization. This unique combination makes the growth potential of the tractor market in India very compelling. Tractor sales and production have recovered since June 2020 after sharp declines in April and May and OEMs expect to gradually reach 100 per cent capacity utilisation.
Forecast of a normal monsoon, bumper crop harvest and good price realisation suggest that the tractor sector will recover. Tractor makers expect volumes to further increase by 5-10 per cent from September to March. Over the last several years, we have maintained our market leadership in this segment despite various macroeconomic challenges and we seek to continue this positive momentum.
What are the key growth levers/drivers for Goodyear India?
Goodyear’s strategy seeks to sustain profitable growth. Over the last few years, we have gained market share by growing distribution and expanding our retail footprint. The key growth levers/drivers include:
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