A new sales report from the Agrievolution Alliance outlines business activity in major world regions and expectations for growth.
In a snapshot, the number of new tractors sold globally is estimated at 2.1 million units for 2014, with high regional variation. Stronger trends are seen for emerging markets in 2015, and weaker demand in the developed markets of North America and western Europe.
U.S., Canada, worldwide highlights:
- While 2014 saw an end to the pronounced upswing in the North American tractor market, sales volume in the U.S. and Canada approached the very high levels seen at the beginning of the 2000s, with 2015 sales expected towards previous average levels.
- The Brazilian market returned to its levels of 2010-2012. Initial 2015 trends show another decline, but it is expected to be limited.
- In Japan, the Asia region’s most developed country for agricultural machinery, tractor sales declined 15 percent for 2014. And in China, sales declined overall in 2014 and may continue a slowdown in 2015.
- The unit numbers for tractors in India are the highest for any single country. However, after a strong first half in 2014, sales declined, especially in the last quarter.
- Turkey is another high-volume market for tractors, with 2014 sales almost reaching the very high level of 2011. However, the market has shown high volatility over the years.
- In Europe, manufacturers always find very different circumstances country-to-country, with overall growth balancing out. But with 2014 regional sales growth declining by 8 percent, “the trend was quite clear,” noted the report.
The Global Tractor Market Report, with country sales breakdowns and historical data, is available online at the organization’s website in the global economic reports section. FG
—From Agrievolution Alliance news release
