"Agriculture is cyclical, and we’re in a cycle right now that’s come down from a pretty high level, which makes it even more challenging," said Charlie O'Brien, senior vice president, AEM.
Milwaukee, Wis. (PRWEB) November 11, 2015
U.S. retail sales of small farm tractors under 40HP increased 23.3 percent in October 2015 compared to the same period last year, according to the Association of Equipment Manufacturers (AEM), the leading trade organization for off-road equipment manufacturers and suppliers. Year-over-year, total retail sales of two-wheel drive farm tractors, including under 40HP, were up 5.8 percent, while four-wheel drive tractors sales decreased by 22.9 percent, which is less than the 48 percent decrease reported in September.
Year-to-date sales of the smaller, less than 40HP tractors increased 8.1 percent compared to 2014, while sales of 40 to 100HP farm tractors continued to remain flat. In a more long-term comparison, retail sales in units for agriculture tractors and combines once again reported an improvement over the 5-year average (2010-2014).
“The good news is that sales of smaller farm tractors jumped considerably compared to September, and the numbers are back in line with what we saw earlier this year,” said Charlie O’Brien, AEM senior vice president. “Our Ag sector board met last week at AEM’s annual conference and although uncertainty about the global market and regulations are real concerns, we shared an overall optimism about the long-term future of our industry. Agriculture is cyclical, and we’re in a cycle right now that’s come down from a pretty high level, which makes it even more challenging. We anticipate a flattening of the rate of decline of the large tractor sales, and the long-term projection for the industry is certainly very positive.”
About the Report
Data from AEM’s Agriculture Equipment Retail Sales Flash Report is provided monthly and is derived from AEM member companies through our proprietary statistical reporting programs. The analysis of the data is provided by AEM’s Market Intelligence department. Visit http://www.aem.org/agreports to view the reports, as well as reports from Russia and Canada.
About the Association of Equipment Manufacturers (AEM) - http://www.aem.org
AEM is the North American-based international trade group providing innovative business development resources to advance the off-road equipment manufacturing industry in the global marketplace. AEM membership comprises more than 850 companies and more than 200 product lines in the agriculture, construction, forestry, mining and utility sectors worldwide. AEM is headquartered in Milwaukee, Wisconsin, with offices in the world capitals of Washington, D.C.; Ottawa, Canada; and Beijing, China.