42,824 new tractors were registered in North America from January to March this year. This number is down 13% on the same three months in 2022.
Data compiled by the Association of Equipment Manufacturers (AEM) confirms that all power categories were affected, including the important compact tractor market: down 17% in the three-month period to 26,131 units. The 40 to 100hp bracket was 8.0% lower at 10,892 units and registrations of 100hp+ tractors declined by 4.2% in the first three months to 4,976 units (5,192 in Q1 2023).
There was some good news, though, because following a poor January (-17% to 1,515 units), registrations of 100hp+ tractors increased for the second month in a row in March, up 3.2% to 1,909 units (1,850 in March, 2023), following a 2.3% increase in February.
“Seeing the continued growth in 100+ horsepower tractor sales is a welcome sight as 2024 progresses, despite the softness in other tractor sizes,” said AEM senior vice president Curt Blades. “As we start the planting season, we remain optimistic for the future of the ag equipment market.”
The AEM data reveals that the North American combine market fell by a fifth from January to March this year to 1,203 units (1,511 Q1, 2023).
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