Even though Coronavirus continues to wreak havoc faster across the nation, the government has decided to give relaxation on many levels despite the lockdown. Due to the relaxation, many operations have resumed, which is bringing the economic activities back on track. In such situation, the agriculture sector can expect some major upheaval from the tractor segment as the segment is flourishing even amid the lockdown.
Increase in Sales of tractors
The tractor segment faced a huge loss in the months of February and March, while in the month of May, it made good profits. According to statistics, the sale of tractors in the domestic market has made a huge splash. One of the biggest tractor manufacturers Escorts Limited has beaten all its rivals with a sale of 6454 units in May 2020 in the domestic market. Other companies have also earned better profits during May.
Demand for Spare Parts Rises
The demand for spare parts has also increased with the relaxation given by government during the fifth phase of the lockdown in India. According to sources, agency operators and spare parts vendors have registered better profits in the month of May as compared to the month of March and April.
Experts Anticipate Better Sales of Automobile Post Lockdown
If automobile experts are to be believed, the sales of vehicles can catch up with speed post lockdown. The biggest reason behind it could be rising awareness towards health. As people will avoid public transport to follow social distancing norms due to fear of coronavirus, people will be willing to buy their own vehicles. Therefore, the automobile sector is anticipated to have greater growth in the coming months.
