Daedong Industrial Achieves New Record in North American Tractor and Carrier Sales... '35% Increase Compared to Previous Year'

16,000 Units Sold, Doubled Growth in 4 Years

Daedong Industrial announced on the 24th that its retail sales and pre-orders for tractors and carriers in the North American market exceeded 10,000 units this year, setting a record for the highest sales ever. Photo by Daedong Industrial

[Asia Economy Reporter Heeyoon Kim] Agricultural machinery company Daedong Industrial announced on the 24th that retail sales and pre-orders of tractors and carriers in the North American market exceeded 10,000 units this year, setting a record for the highest sales ever.

According to Daedong Industrial, retail sales of tractors and carriers this year reached 16,000 units, and dealer pre-orders for next year recorded 10,000 units. Daedong Industrial's North American branch analyzed five factors contributing to the sales growth in North America this year: ▲North America-customized product lineup ▲robust supply system ▲localized emotional marketing ▲strengthening of the Kioti brand power ▲timely product supply from headquarters.

The impact of increased time spent at home by North American consumers due to COVID-19 also contributed, as the market for tractors under 50 horsepower, Daedong's main model used for farming and facility management such as farms and residences, grew by 18% compared to the previous year.

Daedong Industrial achieved retail sales of 16,000 tractors and carriers this year, marking a twofold growth compared to 7,600 units sold in 2016. This is also about a 35% increase compared to last year's sales of 11,900 units. Market share also increased. For tractors under 100 horsepower, the share rose about 1 percentage point from 4.4% last year to 5.4% this year. For tractors under 20 to 30 horsepower, the market share increased from 12.8% last year to at least 15% this year, according to Daedong Industrial.

Daedong Industrial established its North American local subsidiary Daedong USA in 1993 and has about 480 dealers in the United States and Canada, focusing on selling tractors under 100 horsepower. Currently, it has 61 tractor models and has built a foundation to achieve annual sales of over 10,000 units.

Chairman Junsik Kim of Daedong Industrial said, "We are focusing on building distribution networks by conducting touring roadshows in Germany, a key market in Europe, and accelerating dealer network expansion, not only in North America." He added, "We are transferring the successful experience and know-how from Daedong USA to Europe, so we expect good results there as well."

This content was produced with the assistance of AI translation services.