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News Release: Farm Tractors Market Outlook - Positive Momentum To Continue in 2020!

Production has increased by 30 percent compared to the average of the last 5 years!

Despite business conditions have been more challenging for tractormakers in 2019, the expectations were positive at the beginning of 2020, but deteriorating market conditions compounded by coronavirus formed a V-shape in the first half of the FY. Although the tractor manufacturing output rises by 31 percent in the first half of the year compared to the previous year, the figures fall behind the average of the last 5 years and remained at the level of 41.5 percent. As per national manufacturing data, the Turkey tractor industry reported solid performance in the second half of the year. However, the industry came to a standstill in August, as some of the factories had a maintenance and repair period. With the increase after the maintenance period, the production growth went up by 82.5 percent in the January-October period at 37,699 units compared to the previous year. Except for the record growth in 2017, October ended up as the highest level in the last 5 years (6,207 units). Bearing the average of the last 5 years in mind that, the shrinkage in production decreased to 21 percent.

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Domestic demand is very dynamic in the national tractor market!

In the spring, the economic impact of coronavirus brought forth unimaginable shutdowns that pushed economic activities to unimaginable lows. After the initial shock, the market boomed during the May-June period. The demands reached the highest level, especially in the last few months depending on the effect of purchases postponed from last year, the fact that agricultural enterprises had a relatively good season depending on the region and the product, low agricultural interest rates,  reorientation to agriculture with the effect of the epidemic, and cancellation of the restrictions during the first peak of the epidemic. In addition to this upward trend in the tractor industry, almost no second-hand tractors are left in the market due to export, has further increased the interest and demand for new tractors. In the January-September period, domestic sales increased by 90.2 percent as against the previous year. 

However, considering the average of the last 5 years, the contraction of the market is 21.4 percent.  In other words, the shrinkage stems from insufficient supply of the demand in the domestic market. After the contraction in 2019, the industry is prudent for planning the production schedule at a minimum growth-scale, operating with minimum stock and hence arising from impacts of the epidemic, the supply could not meet the demand and cause an economic loss for the industry.

 

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