Compact tractors and 40-99 horsepower tractors sales exceeded expectations in May, while 100+ horsepower tractors, 4WD tractors and combine sales were below expectations.
All equipment retail sales exceeded monthly expectations or were nearly flat in the month of April. Higher horsepower tractors were the only exception, being 9.5% below the monthly forecast.
Sales for under 40 horsepower tractors, 40-99 horsepower tractors and combines were below year-to-date forecasts, while 100+ horsepower tractors and 4WD tractors exceeded forecasts.
The number of new jobs developed in this economy and the growth of wages has provided many with not only more disposable income but growing retirement accounts. The strength of the smaller horsepower tractor markets is a direct result of this powerful economic engine and should remain so in 2020.
Retail sales of ag equipment were below December's monthly forecast in all categories except for over 100 horsepower tractors, which exceeded the December forecast by 37 units.
It’s just about a wrap on the second decade of the 2000s and from my perspective things are looking a “little” better than they have in a while in some respects, but not so much in others. For the most part, the first half of the last decade is very different from the second half. But it’s simply a matter of ag cycles and plateaus, according to some.
Retail sales of ag equipment were below November's monthly forecast in all categories except for over 100 horsepower tractors, which exceeded the November forecast by 36 units.
Total tractor sales in October fell about 8%, with utility tractors (40-100 horsepower) showing the only growth at up 6%. Compact tractor (under 40 horsepower) sales fell 11% last month and high horsepower tractors (over 100 horsepower) fell 18%.
The global economy has experienced a significant slowdown in 2019, leaving those in the ag and construction sectors to wonder: What does this mean for 2020 and beyond?
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.