By Jamie Martin
The Association of Equipment Manufacturers (AEM) has released its November 2024 data, revealing a notable decline in U.S. and Canadian sales of agricultural tractors and combines compared to the previous year. This trend continues the softness seen in recent months.
U.S. tractor sales fell by 14.5% in all classes during November, while combine sales have shown a 24% year-to-date decrease. In Canada, the numbers are even steeper, with tractor sales dropping 18.8% and combines plummeting by 39.4%.
“November’s sales of Ag tractors and combines follow the same pattern of the last few months—softness in the market,” said AEM Senior Vice President Curt Blades. He attributed this slowdown to high interest rates and economic uncertainty in the agriculture sector.
The reports highlight the ongoing challenges farmers face in managing costs amidst fluctuating economic conditions. For those interested in more detailed statistics, the U.S. Ag Tractor and Combine report is available on the AEM Market Share Statistics page.
"The overall softness in the ag economy throughout 2024, combined with high interest rates have led to the decline in sales of ag tractors and combines,” explains Curt Blades, AEM Senior Vice President.” This follows a robust five years of positive industry results.”
This decline underscores the pressures in the agricultural machinery market, influenced by financial and operational constraints faced by farmers.
As the market navigates these headwinds, it remains crucial to monitor trends and adapt strategies to support the agricultural community.
For detailed sales figures, visit the AEM Market Share Statistics page.
Photo Credit: gettyimages-fotokostic
Categories: National