U.S. tractor sales continued to slow in May, showing significant declines in two major categories, according to the Association of Equipment Manufacturers (AEM) Flash report.
AEM says sales of tractors in the under-40HP segment (the largest segment by sales volume) were nearly 16 percent lower than the same period a year ago and are down nearly 17 percent year-over-year. AEM says sales in the 40 to under 100HP segment were off more than 16 percent compared to May 2021 and are down nearly 13 percent year-over-year. Sales in the 100+ HP segment did show some strength, up nearly 14 percent compared to May 2021, making year-to-date sales up more than 10 percent year-over-year, AEM adds.
Four-wheel-drive tractor sales were off 30 percent compared to May 2021 and are down nearly 13 percent year-over-year.
Sales are now running below the five-year average, according to the report.
Taken as a whole, AEM reports total farm tractor sales are running more than 14 percent below the sales volume compared to the same period a year ago.
For the full report: https://www.aem.org/AEM/media/docs/Statistics/US-Month-Ag-Report-5-2022.pdf.