The results of the ninth annual Precision Farming Dealer benchmark study — with contributions from dozens of farm equipment dealers, input retailers and independent precision companies — show that nearly three-fourths of dealers are forecasting revenue growth from precision to be up at least 2% in 2021, despite inventory challenges.
Comparing the responses gathered from 25 different states, provinces and overseas, 37.2% of dealers reported revenue growth of 8% or more in 2020, up from just over 19% who reported the same level of growth in 2019.
So, what are dealers expecting this year? Overall, 73% forecast revenue growth of at least 2% over 2020, with about 26% projecting growth of at least 8%.
This reverses an increasingly conservative revenue outlook going back the last 3 years. About 19% of dealers expect little or no change in 2021 revenue, while just 9.3% forecast revenue declines of at least 2% — down from 16% last year, which marked the highest total forecasting a decline in the history of the survey.