India’s tractor wholesales are estimated to have declined 10–12% year-on-year in October 2026, despite a 17% increase in retail registrations during the festive season, according to a Jefferies report. The divergence highlights a gap between manufacturer dispatches to dealers and actual vehicle registrations by customers. The trend suggests that festive demand remained supportive at the retail level, while wholesale shipments faced pressure amid changing inventory and seasonal patterns.
