Changing demographics in the country will also play a significant role as increasing numbers of rural population migrate to urban areas, putting pressure on equipment to replace a smaller agricultural labor force.
Tractor production in the European Union, which accounts for more than one-third of the total industry sales, increased by 10% to 255,400 units in 2008.
The steep rise in worldwide commodity prices that started in late 2007 and kicked into overdrive by mid-year ’08 also fueled a dramatic growth the sales of farm machinery.
While manufacturers are hopeful of another solid year in 2009, the continuing deterioration of overseas economies will likely stunt profit growth the equipment makers saw last year.
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In this episode of On The Record, we examine Deere’s Population of 20-Store Dealers On the Rise. In the Technology Corner, we take a look at Carbon Robotics Developing New “Thinning” Function for LaserWeeder. Also in this episode: AGCO & Kubota Sign Right to Repair MOUs, Deere Reports Rising Large Ag Price Realization - Lower Production Costs and Dealers’ Most Pressing Concerns.