ASEAN: Tractor Market 2024

Tractor Market Size in ASEAN

The ASEAN tractor market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Tractor Production in ASEAN

In value terms, tractor production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 10% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Tractor Exports

Exports in ASEAN

After two years of growth, overseas shipments of tractors decreased by -22.1% to X units in 2022. Over the period under review, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 178%. Over the period under review, the exports hit record highs at X units in 2021, and then declined rapidly in the following year.

In value terms, tractor exports dropped modestly to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +33.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

In 2022, Thailand (X units) represented the largest exporter of tractors, committing 74% of total exports. It was distantly followed by Indonesia (X units), committing a 20% share of total exports. The following exporters - Vietnam (X units) and Singapore (X units) - each accounted for a 4.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tractor exports from Thailand stood at +24.4%. At the same time, Indonesia (+54.8%), Vietnam (+2.0%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +54.8% from 2012-2022. From 2012 to 2022, the share of Indonesia and Thailand increased by +18 and +13 percentage points, respectively.

In value terms, the largest tractor supplying countries in ASEAN were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined 89% share of total exports.

Indonesia, with a CAGR of +50.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, picking up by 28% against the previous year. Overall, the export price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when the export price increased by 48% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-1.9%), while the other leaders experienced a decline in the export price figures.

Tractor Imports

Imports in ASEAN

In 2022, purchases abroad of tractors decreased by -12% to X units, falling for the third year in a row after two years of growth. Overall, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 77%. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports dropped rapidly to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 63%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

Cambodia (X units), Thailand (X units), Vietnam (X units), the Philippines (X units), Myanmar (X units), Malaysia (X units), Lao People's Democratic Republic (X units) and Indonesia (X units) represented roughly 99% of total imports in 2022.

From 2012 to 2022, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +29.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constitutes the largest market for imported tractors in ASEAN, comprising 36% of total imports. The second position in the ranking was taken by Thailand ($X), with a 14% share of total imports. It was followed by Malaysia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam amounted to +12.1%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-3.8% per year) and Malaysia (-2.9% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, shrinking by -20.2% against the previous year. In general, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by 64%. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform