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January Tractor Registrations Down 19% YoY in Germany, Down 3% in the UK

VDMA reported German tractor registrations down 19% YoY in January. German 100HP+ tractor registrations were down 20% YoY in January, and <100HP registrations were down 18% YoY. Meanwhile, in the UK, the Agricultural Engineers Association (AEA) reported 50HP+ tractor registrations down 3% YoY in January. AGCO expects Western Europe tractor industry unit retail sales down 0-5% in 2025. CNH expects EMEA industry volumes of tractors down 0-5% and combines up 0-5% in 2025. DE expects EU ag equipment industry volumes down 5-10% in its FY25.

The authors wish to thank Eshan Desai, of the J.P. Morgan Global Research Center, for contributions to this report.

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