Farm equipment forecasts improve

Manufacturing News, Source : TheManufacturer.com
Published : 26 Aug 2003 14:38

The Association of Equipment Manufacturers (AEM) this week predicted modest gains in total sales of farm tractors in the U.S. and Canada for 2003 followed by stronger growth in 2004.

The group's semiannual “State of the Ag Industry Outlook” polls agricultural equipment manufacturers for their predictions of overall business growth for a variety of machines. These companies account for a majority of agricultural equipment sold in the United States and Canada.

Total U.S. sales of farm wheel tractors are expected to improve by yearend 2003 and into 2004 – a 2.7% increase in 2003 and a 3.1% gain in 2004. Canadian sales in 2003 are expected to be flat with a 0.4% gain but then rebound in 2004 with a 4.4% increase.

U.S. sales growth in 2003 is predicted to be strongest for two-wheel-drive tractors. U.S. sales in 2004 are forecast to show gains of 10% for four-wheel-drive tractors, with more modest increases in the 2% - 4% range for two-wheel-drive tractors.

For Canada, manufacturers are most optimistic about four-wheel-drive tractor unit growth in 2003 with a 9.7% gain predicted; however, sales in 2004 are expected to level off with a 1.4% decline.

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