Dealers Pessimistic About 2024 New Equipment Sales

With the 2024 Farm Equipment Dealer Business Outlook & Trends survey complete and the results being tallied, we’re beginning to see some of what dealers are anticipating for the coming year.

Looking specifically at expectations for equipment sales, preliminary results suggest dealers continue to forecast declines in new equipment revenues. A third of respondents expect 2024 new equipment sales to decline 2-7% vs. 31% that foresee some degree of growth. Nearly half of respondents — 48% — are preparing for declines in new equipment sales in 2024. This is in line with their 2023 forecast, when the same percentage predicted a decline. About 21% expect sales will be flat year over year.

Feelings about used equipment sales were less pessimistic, with 36% of respondents saying they expect them to remain flat, with another 31% saying they could grow by 2-7%. Dealers foreseeing declines in used equipment sales made up the smallest percentage of respondents at a total of about 27%.

Source: Farm-Equipment.com