Equipment Sales Continue Downward Trend in October

Tractor and combine sales continued the year’s downward trend in October, according to numbers from the Association of Equipment Manufacturers (AEM).

“October’s sales of ag tractors and combines follow a September that also showed a slowdown in sales,” says Curt Blades, senior vice president at AEM. “These declines point to the overall softness in the ag economy following a robust five years of positive industry results.”

October continued the downward trend in overall tractor and combine sales, with every month in 2024 falling below the five-year average (2019-2023). 

Tractor sales

Total farm tractor sales for October 2024 were 21,354, down 14.2% compared to 24,902 sold in October 2023. Year to date, AEM reports 189,094 total farm tractors were sold as of October this year, down 13.3% from 218,215 this time last year. Total farm tractor inventory began at 126,108 in October.

Tractor sales are broken down by horsepower range as follows:

Sales for 2WD sub-40-hp tractors in October 2024 were down 8.4% from 2023, with 12,185 sales this year, and 13,303 last year. Year to date, AEM reports 118,486 tractors have been sold in this category, down 14.7% from 138,956 at the same time last year. 2WD sub-40-hp tractor inventory began at 76,889 in October.

Sales for 2WD 40- to 100-hp tractors in October were down 12.8%, with 5,868 sales this year, and 6,731 last year. Year to date, AEM reports 46,780 tractors have been sold in this category, down 9.8% from 51,863 at the same time last year. 2WD 40- to 100-hp tractor inventory began at 36,120 in October. 

Sales for 2WD 100-plus-hp tractors in October were down 37.8%, with 2,578 sales this year, compared to 4,142 last year. Year to date, AEM reports 19,993 tractors have been sold in this category, down 15.3% from 23,610 at the same time last year. 2WD 100-plus-hp tractor inventory began at 12,043 in October.

Sales for 4WD tractors were down 0.4% in October, with 723 sales this year, and 726 last year. Year to date, AEM reports 3,835 tractors have been sold in this category, up 1.3% from 3,786 at the same time last year. 4WD tractor inventory began at 1,056 in October. 

Combine sales

Sales for self-propelled combines were down 34.6% in October with 516 sales this year compared to 789 last year. Year to date, AEM reports 4,977 combines have been sold as of October, down 23.1% from 6,474 at the same time last year. Self-propelled combine inventory began at 1,370 in October.