While precision farming sales and service revenue was down on average from the previous year, most dealers are optimistic things will bounce back in 2025 according to the 12th annual Precision Farming Dealer Benchmark Study.
Nearly 33% of dealers surveyed estimated their sales and service revenue was down 2% or more from 2023, while 40% reported little or no change. 20% said their revenue was up 2-7% and about 7% reported an increase of 8% or more. For comparison’s sake, all dealers surveyed in last year’s study reported an increase in precision sales and service revenue from 2022.
About 27% of dealers estimated their total 2024 precision farming revenue to be $500K or less, while another 27% were between $1-$2 million. 20% made between $500K-$1 million, about 7% were between $2-$3 million, another 7% were between $4-$5 million and a little over 13% made more than $5 million.
Looking ahead to 2025, 60% of dealers surveyed forecast at least a 2-7% increase in revenue from precision farming sales, while almost 30% expect little or no change. About 7% forecast revenue to decline 2-7% while another 7% forecast a drop of 8% or more.
You can find the full report in the February issue of Farm Equipment and on precisionfarmingdealer.com.
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