Some 8.0% fewer new tractors were sold globally last year. The total market was around 2.2 million units.
According to FederUnacoma (the Italian manufacturers’ association), India remains the largest market at 915,000 units, while the Chinese tractor market declined by -28% last year to around 380,000 units. The North American market was also down (-8.0%) to 250,000 units.
It was a mixed bag in Europe where registrations fell by 5.0% to 158,000 tractors. The numbers in France grew by 2.0% to 36,400 units and the German tractor market remained stable at 28,900 units. However, the Italian market declined by 13% to 17,600 units, and the Spanish market saw an even steeper 18% decline to 7,700 units. FederUnacoma reckons that these slower markets are a consequence of insufficient agricultural profitability, partly due to unfavourable weather conditions which negatively impacted certain crops.
Beyond the four major markets of India, China, North America and Europe, there individual countries recorded both good and bad results. For example, the Turkish market grew by 16% to nearly 78,000 tractors while the Canadian market slumped by -10% to 28,000 units. The Russian total of around 36,000 units was in line with the previous year and registrations in Japan remained unchanged at 34,000 units.
The numbers were down, but FederUnacoma reckons that the value of the 2.2 million tractors sold last year rose by 2.0% to US$57 billion. The farm equipment market also increased by 2.0% last year to US$73 billion, and the component market increase by 5.0% to US$34 billion. All told, the global tractor and farm equipment market increased by 3.0% in 2023 to US$164 billion.
According to FederUnacoma, the increase was primarily due to higher price lists, driven mainly by inflation and the increased cost of raw materials.
Indian tractor market exceeds 900,000 units – Profi
France leads European tractor market – Profi
For more up-to-date farming news click here and subscribe now to profi and save 47%.
