New tractor registrations have got off to a sluggish start in 2024, with the first quarter back by almost 14% compared to the same period last year.

The market was especially slow in January and February, when registrations were 26% and 2% down year-on-year respectively.

“The total for the opening two months of the year was the lowest since 2001, but these are traditionally quiet months for the tractor market,” said AEA economist Stephen Howarth.

See also: November UK tractor registrations down by a third

There was, however, some recovery in March – traditionally the peak month for new business.

While the monthly figure of 1,939 registrations of tractors over 50hp was 13% lower than in March 2023 – when sales were exceptionally high off the back of good farming profits in 2022 – the latest figure is still 4% higher than the five-year average.

“The market is returning to something like normality,” said Mr Howarth. 

“We always knew that this quarter would be down on last year, as then the market was especially strong as it was catching up from the longer lead times following Covid, and demand was strong as well.

“”But the past 12 months have seen farm incomes squeezed – particularly for cereals and dairy.

“The latest figures suggest that, while demand is clearly not as strong as it was in the previous couple of years, there are still plenty of buyers out there for tractors.”

Figures on agricultural tractor registrations by region and by power band are due to be published next week.