Large-Tractor Sales Score April Upswing

Four-wheel-drive tractor sales took a nice upswing in April 2024, rising 24.1% over April 2023 and climbing well above March's poor performance when large tractor sales were a negative 8.7% compared to March 2023.

The actual number of four-wheel-drive tractors sold in April was 495, compared to 399 during April in 2023.

These numbers, reported monthly, are calculated by the Association of Equipment Manufacturers (AEM).

Sales of these largest tractors for the first four months of 2024 compared to 2023 are now in positive territory. Four-wheel-drive tractor sales are up 1.9% January through April compared to the same four months in 2023.

Combine sales rose 6.7% in April 2024, compared to the same month last year. For all of 2024 to date, however, combine sales are down 13% compared to the first four months of 2023. It is important to note, though, that combine sales, in terms of month-over-month percentages, were extremely high in early 2023. For example, sales of combines in April 2023 were up 165% over sales in April 2022.

Also turning in a positive performance in April were tractors with 100-plus horsepower. This tractor category racked up a 7.2% increase in sales over April 2023. For this year to date, sales of 100-plus horsepower are barely negative, down 0.5% compared to sales recorded during the first four months of 2023.

The drag on total tractor sales are those units below 100 horsepower. Sales of tractors 40 horsepower and below were down 5.4% in April 2024 compared to the same month a year earlier and down 12.9% from January to April 2024 compared to the same months in 2023. Sales of 40- to 100-horsepower tractors were down 3.7% in April compared to April 2023 and down 6.9% from January to April 2024 compared to the same four months in 2023.

"The modest growth in agriculture four-wheel-drive tractor sales in April 2024 is an indicator of resilience in the overall ag industry," AEM senior vice president Curt Blades said in AEM's release. "The smaller-horsepower market continues to be a challenge, but we remain optimistic about the long-term strength of the ag equipment market."

Canadian sales of combines skyrocketed 73.5% in April compared to 2023 and are up 17.7% year to date. Four-wheel-drive tractors grew 7.2% year-over-year and 9.2% year to date.

AEM is the North America-based international trade group representing off-road equipment manufacturers and suppliers with more than 1,000 companies and more than 200 product lines in the agriculture and construction-related industry sectors worldwide.

Dan Miller can be reached at dan.miller@dtn.com

Follow him on social platform X @DMillerPF

(c) Copyright 2024 DTN, LLC. All rights reserved.