U.S. Ag Machinery Sales Continued to Fall in May

U.S. sales of tractors in all classes dropped 11.9% in May 2025 compared to May 2024, according to numbers from the Association of Equipment Manufacturers (AEM).

“This continued slump of U.S. tractor and combine sales reflects broader challenges in the ag economy,” said Curt Blades, senior vice president of AEM. “High interest rates, global trade uncertainty, and increased input prices are causing farmers to delay major equipment purchases. At the same time, we’re encouraged by the strong performance in the Canadian market and remain hopeful that overall conditions will improve as the planting season progresses.”

U.S. sales declined in all market segments, while Canada sales saw growth in combine, 40–100-, and 100-plus-hp market segments. 

Tractor Sales

Total farm tractor sales for May 2025 were 21,192, down 11.9% compared to 24,056 sold in May 2024. Year-to-date, AEM reports 80,332 total farm tractors were sold this year, down 12.8% from 92,074 in 2024. Total farm tractor inventory began at 112,303 in May.

Tractor sales are broken down by horsepower range as follows:

Sales for 2WD sub-40 hp tractors in May 2025 were down 10.9% from 2024, with 14,898 sales this year, and 16,717 last year. Year-to-date, AEM reports 53,379 tractors sold in this category, down 11.2% from 60,091 at the same time last year. 2WD sub-40-hp tractor inventory began at 71,766 in May.

Sales for 2WD 40–100-hp tractors in May were down 6.4%, with 4,696 sales in 2025, and 5,015 in 2024. Year-to-date, AEM reports 18,768 tractors sold in this category, down 9.4% from 20,721 at the same time last year. 2WD 40–100-hp tractor inventory began at 30,815 in May. 

Sales for 2WD 100-plus-hp tractors in May were down 30.1%, with 1,422 sales this year, compared to 2,034 last year. Year to date, AEM reports 7,181 tractors sold in this category, down 25.6% from 9,647 last year. 2WD 100-plus-hp tractor inventory began at 9,012 in May.

Sales for 4WD tractors were down 39.3% in May, with 176 sales this year, and 290 last year. Year-to-date, AEM reports 1,004 tractors sold in this category, down 37.8% from 1,615 last year. Four-wheel drive tractor inventory began at 710 in May. 

Combine sales

Sales for self-propelled combines were down 20.9% in May with 317 sales this year compared to 401 last year. Year-to-date, AEM reports 1,253 combines were sold this year, down 43.3% from 2,210 last year. Self-propelled combine inventory began at 1,065 in May.