Backed by strong factors like the government's strong focus on agriculture sector and improving farm mechanization, the tractor manufacturers in the country are planning to launch a host of new products in the market with a view to boost their sales and consolidate market share.

Pawan Goenka, president - automotive and farm equipment sectors, Mahindra & Mahindra said that the company will launch new products in the 40-60 HP range as it will target small and marginal farmers for its new products.

Notably, M&M holds the pole position in the Indian tractors market and has close over 40% market share in the Indian Tractors space.

The company has recently taken its Yuvraj to five more states. A recently released report by the Edelweiss Securities Ltd cited the fact that the growth in the tractors space will continue in times to come.

In fact, Chennai-based Tractors and Farm Equipment, second largest tractor marker in India, said that the company is targeting products over 105 HP and it will be exporting the products to overseas markets as well to boost its sales.