U.S. Sales of 4-wheel-drive tractors increased 24 percent in April compared to 2023, according to the new data from the Association of Equipment Manufacturers.
Additionally, 4-wheel-drive tractor sales are up 1.9 percent in the U.S. year-to-date.
Unit sales of 100+ Horsepower tractors increased in the U.S. April sales rose 7.2 percent year-over-year, following March’s jump of 3.2 percent. February sales were also up 2.7 percent compared to last year. Combine sales increased in April, growing 6.7 percent compared to 2023.
“The modest growth in agriculture 4-wheel-drive tractor sales in April 2024 is an indicator of resilience in the overall ag industry,” said AEM Senior Vice President Curt Blades. “The smaller horsepower market continues to be a challenge, but we remain optimistic for the long-term strength of the ag equipment market.”
Canadian sales of Combines also skyrocketed 73.5 percent in April compared to 2023 and are up 17.7 percent year-to-date. 4-Wheel-Drive tractors grew 7.2 percent year-over-year and 9.2 percent year-to-date.
Despite this, manufacturers such as Deere and CNH Industrial have reported that they expect slower sales to hit their bottom line this year.
Unsold machinery has reportedly prompted Gruett to halt orders from companies such as SNH, AGCO, and Polaris, hoping to balance supply and demand.
The Purdue University/CME Group Ag Economy Barometer reported that farmer sentiment dropped 15 points in April, while the Current Conditions Index fell 14 points. Even the Farm Financial Performance Index fell to 76 in April.
As a response to yearly profit outlooks, CNH Industrial recently laid off over 200 workers at its location in Racine, Wisconsin, and announced plans to further reduce its workforce, leaving as few as 150 to 170 workers there by 2026.
»Related: CNH Industrial’s Wisconsin layoffs stir controversy amid cuts