U.S. Construction Machinery New Orders were down 3.8% in 2020 compared to 2019. However, a rise in U.S. Real GDP is signaling recovering and increase for new orders in 2021. U.S. Farm Machinery and Equipment Shipments were also down from 2019 levels, but rising commodity prices will lead to increased demand.
Europe Agricultural and Forestry Machinery Production was down 4.3% in 2020 compared to the previous year. A double-digit rise in quarterly Production suggests the first half of 2021 will improve market conditions.
NOTE: All data for charts supplied by ITR Economics