A new report shows that the sale of small tractors is on the rise.
According to the Association of Equipment Manufacturers (AEM), an industry trade organization, sales of tractors under 40 horsepower rose 23.3 percent in October when compared to the same month of 2014.
That category helped bolster overall sales of two wheel drive farm tractors, which was up 5.8 percent year over year. By comparison, sales of four wheel drive tractors fell in October, dipping by 22.9 percent.
Those numbers are consistent with sales in the first 10 months of 2015 when compared to the same time period of 2014. Year to date, sales of tractors below 40 horse power are up 8.1 percent while tractors in the 40 to 100 horse power range are relatively flat.
AEM senior vice president Charlie O'Brien said that the numbers are a welcome sight after a recent slump.
"The good news is that sales of smaller farm tractors jumped considerably compared to September, and the numbers are back in line with what we saw earlier this year," O'Brien said in a statement. He continued, saying that the results for larger tractors, while disappointing, should be better in the future.
"Agriculture is cyclical, and we're in a cycle right now that's come down from a pretty high level, which makes it even more challenging. We anticipate a flattening of the rate of decline of the large tractor sales, and the long-term projection for the industry is certainly very positive."
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