Daedong Achieves 8.7% Market Share in North American Tractor Market Last Year

Aiming for 10% Market Share in North America This Year

Daedong announced on the 13th that it achieved an 8.7% market share in the North American tractor market for tractors under 100 horsepower last year. This 8.7% market share in North America represents a 0.5 percentage point increase compared to 2023.

The company explained that this achievement is even more meaningful given that the overall North American tractor market size decreased by 13% compared to 2023. This is also the highest record Daedong has achieved since establishing its North American subsidiary in 1993.

Daedong North America Tractor

The growth in market share in the North American agricultural machinery market is attributed to strengthened strategic sales promotions and expanded sales financing. Daedong actively implemented sales programs such as special sales for long-term inventory and seasonal promotions. Through these efforts, the market share exceeded 9% in August last year and reached a yearly high of 11.59% in November. Additionally, by extending interest-free installment periods and lowering interest rates through expanded financial service programs, Daedong reduced the purchasing burden of tractors for North American consumers. Furthermore, to secure the mid-sized tractor market, Daedong newly launched the RX40 tractor in the 60-70 horsepower range, broadening consumer options.

Daedong plans to achieve a 10% market share in North America this year. To this end, it will expand its North American operations, which were previously focused on the eastern region, nationwide by opening a new warehouse in Tumwater, Washington, and actively targeting the western region. The western warehouse, scheduled to open in April, covers an area of 29,421 square meters, capable of storing 3,200 tractors and assembling 2,000 implements annually. This new warehouse is expected to serve as a strategic base for Daedong’s expansion in the western North American market.

Various new businesses will also be developed. This year, telematics (TMS) devices will be installed on all tractor models sold in North America. Daedong launched the 'Kioti Connect' app, which links with the TMS device, in North America last November and plans to introduce differentiated services this year. Additionally, by developing new local implement partners, Daedong will complete a diverse lineup tailored to customer needs and provide comprehensive solutions for tractors and implements.

Park Junsik, head of Daedong’s North American subsidiary, said, "This year, we aim to strengthen sales channels and focus on differentiated services to meet the diverse needs of North American customers. We pushed for a business rebuilding in North America last year, and based on this, we will achieve over 10% market share to further solidify our position as a top-tier brand in the North American market."