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U.S. farm tractor and self-propelled combine sales both fell in 2024: tractor sales declined 13.2% from 2023, and combine sales fell 24.3%. AEM figures reported by Successful Farming also show that every month’s sales were below the 2019–2023 five-year average. The figures document a weak year; they do not establish that high interest rates alone caused the decline.
How much did U.S. tractor and combine sales fall in 2024?
According to Association of Equipment Manufacturers (AEM) figures reported by Successful Farming on January 13, 2025, U.S. farm tractor sales totaled 217,200 in 2024, down from 250,218 in 2023. Self-propelled combine sales totaled 5,564, compared with 7,349 the year before.
| Equipment | 2024 sales | 2023 sales | Change |
|---|---|---|---|
| Farm tractors | 217,200 | 250,218 | Down 13.2% |
| Self-propelled combines | 5,564 | 7,349 | Down 24.3% |
These are unit sales for the United States, not price changes or a measure of sales in other countries. The report’s comparison with 2023 is year over year; separately, it says each month in 2024 was below the five-year average for 2019–2023. That benchmark indicates sustained weakness relative to recent years, but it does not mean every equipment category declined by the same amount.
How did tractor sales vary by size and drivetrain?
The annual decline differed across tractor classes. The smallest decrease among the reported categories was for four-wheel-drive tractors; two-wheel-drive tractors over 100 horsepower had the largest.
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| Tractor category | 2024 sales | 2023 sales | Year-over-year change |
|---|---|---|---|
| 2WD, under 40 hp | 134,911 | 156,805 | Down 14% |
| 2WD, 40–100 hp | 55,067 | 61,143 | Down 9.9% |
| 2WD, over 100 hp | 22,864 | 27,708 | Down 17.5% |
| 4WD | 4,358 | 4,562 | Down 4.5% |
The report also gives a December snapshot: 16,970 tractors sold, 11.3% fewer than the 19,132 sold in December 2023. December sales were 9,243 for 2WD tractors under 40 hp (down 7.5% year over year), 5,276 for 2WD tractors from 40–100 hp (down 9%), 2,093 for 2WD tractors over 100 hp (down 26.6%), and 358 for 4WD tractors (down 27.5%). Those monthly figures should not be confused with the full-year totals above.
What did AEM say about market conditions?
Curt Blades, AEM senior vice president, said: “December’s sales of Ag tractors and combines follow patterns we saw throughout 2024 which reflect softness in the market.”
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He added: “While the year has been marked by high interest rates and uncertainty throughout the overall ag economy, AEM is looking forward to the potential in 2025, and will continue to advocate for policies focused on positively impacting the industry.”
Blades described high interest rates and broader agricultural uncertainty as conditions of the year. The sales figures and comments do not isolate the effect of interest rates or establish a specific cause for the declines.
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What the sales report can—and cannot—tell you
The figures offer a clear snapshot of U.S. new farm-equipment sales: both major equipment types sold fewer units than in 2023, and monthly sales stayed below their 2019–2023 average. They do not, by themselves, show how much equipment prices changed, what financing farmers faced, how dealer inventories changed nationwide, or what happened to farm income. Nor do unit totals explain why an individual farmer chose to delay or make a purchase.
The numbers here are AEM figures as reported by Successful Farming in Cecilia Gray’s January 13, 2025 article, “Low Machinery Sales Close Out a Year of ‘High Interest Rates and Uncertainty’”.
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