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Roughly $40 billion of tractors and related equipment are purchased in the United States on an annual basis. While overall sales have decreased during some years in the previous decade and during Covid, the industry has generally been performing well in the post-Covid period. Roughly 250,000 tractors are sold in the U.S. each year and the overall numbers have been growing at a rate that is somewhat more rapid than overall U.S. GDP growth.
The primary industries of relevance to tractors and to the ExtendaLoader are agriculture, first and foremost, followed by construction. Mr. Williams himself estimates that, while 85% of demand for his ExtendaLoader is likely to emanate from participants in the agriculture industry, the remaining 15% will be drawn from construction, the other industry that relies not only upon tractors but, more specifically, front-end loaders. Of course, in a steadily expanding economy, the need for both agricultural products and housing generally increases over time, despite occasional temporary demand lags. |
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AGRICULTURE
Presently, the lower costs for corn and soybeans have brought total farm receipts down by around 6% compared to 2023 levels. Nonetheless, at $485 billion, those receipts reveal a nearly half-trillion dollar domestic industry. Moreover, in the long-term, agriculture, like construction, can always be expected to expand in the wake of a growing U.S. and global population whose needs for both food and shelter will always need to be met. To illustrate, even at the height of the Covid crisis, agriculture proved to be among the most resilient U.S. industries, undergoing only a slight contraction as other industries were nearly wiped out by the pandemic. |
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CONSTRUCTION
Although it is considerably less important to the tractor industry than the U.S. agriculture industry highlighted above, the domestic construction industry also has some bearing on tractor sales. According to statistics published by the Associated General Contractors of America, a construction industry trade group, the domestic construction industry generates annual revenues in excess of $1.3 trillion. On a year to year basis, the industry now generates approximately $1.8 trillion in annual economic activity.
Serving two of America's largest industries by offering improved operation efficiency, the ExtendaLoader - and prospective licensees of the invention - are positioned well in the U.S. (and, more broadly, the global) market.
Although it is considerably less important to the tractor industry than the U.S. agriculture industry highlighted above, the domestic construction industry also has some bearing on tractor sales. According to statistics published by the Associated General Contractors of America, a construction industry trade group, the domestic construction industry generates annual revenues in excess of $1.3 trillion. On a year to year basis, the industry now generates approximately $1.8 trillion in annual economic activity.
Serving two of America's largest industries by offering improved operation efficiency, the ExtendaLoader - and prospective licensees of the invention - are positioned well in the U.S. (and, more broadly, the global) market.