years. The market trend was expressed in numerical value by using financial date in annual reports of John Deere,
CNH Global and AGCO which are major players in the market. AEM data was compared with the financial data to
resolve the difference of trends between categories of tractors by horsepower. To find out the reason of change in
the market tendency several materials from USDA, BEA, FAO, World Bank and IMF were referenced. In conclusion,
1) Agricultural machinery market is affected by world economy change. International grain price and farm household
income seem to be the most effective and direct factor to the change of agricultural machinery market. 2) Economic
crisis generally affects agricultural machinery market tendency but degree of affect is different by reason of crisis. 3)
It seems that IT bubble did not affect so much but financial crisis in 2008 and 2009 affects much by limits of
financing. 4) Sales drops of tractor under 100 horsepower contributes more than over 100 horsepower tractor to the
market shrink in 2009. 5) The sudden contraction of market in 2009 is considered as the result of duplication with
economic crisis and grain production increase in 2009.
6-김상헌_1.pdf
