Escorts Targets 10% Market Share in European Market
Introduces new products to bring in a paradigm shift in European farming.
New Delhi, November 11, 2013: Escorts Limited, India’s leading tractor manufacturer, today announced its plans to create a new 80 HP in European tractor market. At AGRITECHNICA 2013, Escorts will launch its new range of products aptly designed and competitively priced that will redefine the European Tractor Market.
With its global brand Farmtrac, it brings in a stunning mix of Indian engineering excellence and world class designs. These products are aimed at driving a revolution in the under-served small HP farm market through world class, competitively price products. This range of products will be accompanied by further strengthening of its higher HP range of European Farmtrac series to grab 10 % share of the European market.
With its Going Global Strategy Escorts will focus on several new markets in the European region, Latin America and South Africa and bring them best of technology at an affordable price. The Company will further expand its current presence in ASEAN countries, Africa and pockets of Europe. The European markets in focus are Germany, UK, France, Turkey, Italy and Spain.
Escorts’ Farmtrac Europeline product range caters to the high HP segment, i.e. upto 110 HP. The USP of the product range is that it comes with world class components at a price structure at a competitive price. The series is specially designed and manufactured in Escorts’ Poland state of the art facility. These products also leverages Escorts’ experience in agriculture mechanization to produce tractors with value-proposition of fuel efficiency, warranty and cost-effectiveness.
The large farms in Europe not only require higher HP tractors but mid-size utility tractors also for doing various chores around the farm. These tractors need to be entry level low HP machines that are light weighted, high on comfort and with a reasonable price structure. With not many players catering to these requirements, Farmtrac aims to leverage this segment by their new Farmtrac Heritage product line which is classic, simple yet highly efficient. The same Heritage series would be a great choice for small farms where in the use of a very large, sophisticated tractor cannot be justified. This sub 80 HP segment has a total market of roughly 70,000 tractors and Farmtrac looks to acquire 10% of the market share by 2020.
Speaking on the occasion, Mr. Nikhil Nanda, Managing Director, Escorts Ltd. said, “Farmtrac has been well recognised as an international brand and we are proud to take India’s technological excellence to the world. Our expertise has always been aimed at empowering the farmer, be it India or globally. We want to improve farm lifestyles by making hard work easier, increasing yields, and helping the farmers prosper. Just like we have introduced the best of world to Indian farmer, we are now taking our quality engineering to international consumer. After leading the Indian Tractor Market for nearly six decades, we now aim to redefine the European tractor market and emerge as a market leader.”
Speaking on the occasion, Mr. S. Sridhar, Chief Executive Officer, Escorts Agri machinery, said, “Driving growth through innovation is the cornerstone of the company’s strategy. This is evident from some amazing products we have launched in the last 12-18 months which have received a very favourable customer response. After creating a satisfactory customer base at home, we now aim to bring the best of Indian technology to the European markets. Moreover, the European agriculture machinery market is in a buoyant phase. The two product line are very distinct from each other and comes at a price structure which will change the dynamics of European tractor market.”
About Escorts Limited & Farmtrac Europe
The ESCORTS GROUP is among India's leading engineering conglomerates operating in high growth sectors of Agri Machinery, Material Handling & Construction Equipment, Railway Equipment and Auto Components. The Group has earned the trust of over five million customers by way of product and process innovations over six decades of its existence. Escorts endeavors to transform lives in rural and urban India by leading the revolution in agriculture mechanization, modernization of automotive & railway technology and transformation of Indian construction.
The Farmtrac Poland plant is a 100% subsidiary of Escorts with installed manufacturing capacity of 3000 tractors per annum. The products are both designed and developed in this state of the art unit catering to the demand of 15 countries of European Union. Meeting all European standards, its current offering includes 20 different types and varieties of tractor. With reputation for durability, Farmtrac tractors offer an unbeatable value of its product which is demonstrated by the use of the best components in the world assembled by highly-skilled engineers.
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