U.S. sales of tractors and combines drops in Nov. 2024

According to new data from the Association of Equipment Manufacturers, U.S. sales of Ag tractors and combines fell in November 2024 compared to the year before.

“November’s sales of Ag tractors and combines follow the same pattern of the last few months softness in the market,” said AEM Senior Vice President Curt Blades. “This slowdown in sales can be traced back to high interest rates and uncertainty in the overall ag economy.”

Canadian sales of Ag tractors dropped 18.8 percent while combines fell 39.4 percent in November 2024 compared to the year before.

Sales of 2WD farm tractors have decreased across all horsepower ranges:

• Tractors under 40 HP fell by 14.5 percent, with 125,567 units sold in 2024 compared to 146,816 in 2023.
• Mid-range tractors (40 to 100 HP) saw a 10 percent decline, with sales dropping from 55,346 units to 49,796.
• Larger 100+ HP tractors experienced the steepest drop at 16.4 percent, with sales of 20,774 units in 2024 versus 24,859 in 2023.
• The overall category of 2WD farm tractors declined by 13.6 percent, totaling 196,137 units sold in 2024.

Sales of 4WD farm tractors, often used for large-scale farming operations, showed a smaller decline of 1.6 percent, with 4,001 units sold compared to 4,068 in 2023. However, monthly sales in November alone dropped by 40.8 percent, highlighting recent volatility.

The self-propelled combine category has faced even sharper declines. Year-to-date sales fell by 24.1 percent, with only 5,120 units sold in 2024 compared to 6,746 in 2023. November sales were down 46.7 percent from the same month last year, indicating a significant contraction in demand.

Beginning inventories for November 2024 show an increase compared to sales figures, with:

• 74,106 units of <40 HP tractors,
• 33,659 units of 40-100 HP tractors,
• 10,377 units of 100+ HP tractors,
• 731 units of 4WD farm tractors, and
• 1,070 self-propelled combines.
  Market Implications

The Ag Tractor and Combine reports can be found on the AEM Market Share Statistics page. The U.S. report can be downloaded from this page, while the Canadian report is available for download here.