Global and U.S. Tractor Sales on the Rise; Expected to Reach $44.2 Billion by 2018
Agricultural equipment sales in the U.S. are on the rise
Agricultural equipment sales in the U.S. and across the globe are on the rise, and the global farm tractor market is expected to reach $44.2 billion by 2018. This number is being driven by the “increasing demand for agricultural produce due to rapid mechanization of agricultural practices, and the advent of sophisticated and technologically advanced tractors,” according to a GIA press release.
According to the Association of Equipment Manufacturer's (AEM) monthly "Flash Report," monthly tractor sales in the U.S. for February 2013 were up 14%, compared to the same month last year. For 2013, overall tractor sales have experienced a 17% increase compared to 2012.
From the GIA press release, “Tractors represent the largest segment of the global agricultural equipment market. Considered as the ‘workhorse’ of agriculture, tractors are the most versatile farming equipment. Design and technology of farm tractors has evolved over the years, as manufacturers continue to develop tractors which fulfill various requirements of farmers. As the global economy continues with mechanization of agricultural sector, it is expected to be opportunities galore for agriculture machinery such as tractors.”
The AEM report shows tractors are not the only pieces of agricultural equipment experiencing steady growth; self-prop combine sales spiked 72% in February 2013, compared to the same month last year, and are at 42% to date in 2013.
Tractor sales and farm equipment across the globe are experiencing increases due to the continued mechanization of agricultural processes, and are expected to rise through 2018, according to reports.