As the height of the pandemic fades, COVID-induced problems for the big farm equipment brands are starting to ease.
Their sales numbers have seen a post-pandemic jump.
One small negative for manufacturers is the sales of utility and compact utility tractors. They have declined sharply from an artificial high, which was attributed to acreage owners stuck at home during the pandemic and spending their cash on home improvement projects, including small tractors.
“During COVID, a lot of folks bought small ag, because they were kind of trapped in their home and saw projects out their window,” AGCO chief executive officer Eric Hansotia said during an interview broadcast on Yahoo Finance. “So they pulled in demand to work on those projects. We saw a lot of demand (for small tractors) over the last few years. That’s cooled off a little bit.”
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