Volumes to taper across tractor space; Escorts not untouched! The domestic tractor industry has been at the forefront of farm mechanization in India. The tractor industry posted record sales volume of 7.9 lakh units in FY19 (up ~10% YoY). This is following robust 22.1% YoY growth in FY18 (7.1 lakh units) and 18% YoY growth in FY17 (5.8 lakh units). Thus, on a higher base amidst muted farm income we expect tractor industry to consolidate and revert to its long term CAGR of ~7%. Escorts has outpaced industry growth during this time, growing at ~23% CAGR over...