ASEAN: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in ASEAN

The ASEAN market for tyres for agriculture, forestry, construction, industry and other off the road vehicles contracted modestly to $X in 2022, falling by -3.6% against the previous year. Over the period under review, consumption, however, continues to indicate a pronounced descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in ASEAN

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced modestly to $X in 2022 estimated in export price. Over the period under review, production showed a mild contraction. The most prominent rate of growth was recorded in 2013 with an increase of 42%. As a result, production reached the peak level of $X. From 2014 to 2022, production of growth remained at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports in ASEAN

In 2022, after two years of growth, there was significant decline in shipments abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume decreased by -14.4% to X units. Total exports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +43.9% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 50%. As a result, the exports reached the peak of X units, and then shrank in the following year.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded rapidly to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +136.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 45%. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

Thailand was the largest exporting country with an export of around X units, which amounted to 74% of total exports. Vietnam (X units) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (7.5%).

Exports from Thailand increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Vietnam (+19.5%) and Indonesia (+8.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +19.5% from 2012-2022. From 2012 to 2022, the share of Vietnam and Indonesia increased by +13 and +2.2 percentage points, respectively.

In value terms, Thailand ($X), Vietnam ($X) and Indonesia ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 88% of total exports.

Vietnam, with a CAGR of +20.5%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the export price in ASEAN amounted to $X per unit, rising by 27% against the previous year. Overall, the export price, however, recorded a mild slump. The most prominent rate of growth was recorded in 2017 when the export price increased by 34% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports in ASEAN

Imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to X units in 2022, increasing by 30% compared with the previous year's figure. Over the period under review, imports, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of 42% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced to $X in 2022. In general, imports, however, recorded a deep reduction. The growth pace was the most rapid in 2017 with an increase of 35% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Indonesia represented the key importing country with an import of about X units, which amounted to 62% of total imports. It was distantly followed by the Philippines (X units) and Thailand (X units), together comprising a 27% share of total imports. Singapore (X units), Malaysia (X units) and Myanmar (X units) followed a long way behind the leaders.

Imports into Indonesia decreased at an average annual rate of -3.3% from 2012 to 2022. At the same time, the Philippines (+7.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +7.6% from 2012-2022. By contrast, Singapore (-4.5%), Thailand (-7.7%), Myanmar (-7.9%) and Malaysia (-14.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Philippines increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported tyres for agriculture, forestry, construction, industry and other off the road vehicles in ASEAN, comprising 72% of total imports. The second position in the ranking was held by the Philippines ($X), with a 6.8% share of total imports. It was followed by Singapore, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia amounted to -4.0%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (-0.2% per year) and Singapore (-17.4% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, which is down by -27.7% against the previous year. In general, the import price continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2018 an increase of 41%. Over the period under review, import prices hit record highs at $X per unit in 2020; however, from 2021 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 Singapore ($X per unit), while the Philippines ($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 (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform