Asia-Pacific: Tractor Market 2024

Tractor Market Size in Asia-Pacific

In 2022, after two years of decline, there was significant growth in the Asia-Pacific tractor market, when its value increased by 6.4% to $X. The market value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Asia-Pacific

In value terms, tractor production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 8.2% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Tractor Exports

Exports in Asia-Pacific

After two years of growth, shipments abroad of tractors decreased by -11.6% to X units in 2022. Over the period under review, exports, however, saw prominent growth. The growth pace was the most rapid in 2021 when exports increased by 71% against the previous year. As a result, the exports attained the peak of X units, and then dropped in the following year.

In value terms, tractor exports fell modestly to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +55.0% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 56% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

In 2022, China (X units), Japan (X units) and India (X units) was the main exporter of tractors in Asia-Pacific, generating 75% of total export. It was distantly followed by South Korea (X units) and Thailand (X units), together creating a 21% share of total exports. Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +54.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest tractor supplying countries in Asia-Pacific were Japan ($X), China ($X) and India ($X), together accounting for 85% of total exports. South Korea, Thailand and Indonesia lagged somewhat behind, together comprising a further 13%.

Among the main exporting countries, Indonesia, with a CAGR of +50.5%, saw the highest growth rate of the value of exports, 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 Asia-Pacific amounted to $X per unit, increasing by 12% against the previous year. In general, the export price, however, recorded a noticeable shrinkage. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 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 Japan ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.6%), while the other leaders experienced mixed trends in the export price figures.

Tractor Imports

Imports in Asia-Pacific

In 2022, imports of tractors in Asia-Pacific reduced to X units, declining by -8.7% against the previous year. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.3% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 42% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, tractor imports reduced sharply to $X in 2022. The total import value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 52%. As a result, imports attained the peak of $X, and then dropped remarkably in the following year.

Imports by Country

Bangladesh (X units) and Australia (X units) represented the key importers of tractors in 2022, recording near 16% and 14% of total imports, respectively. It was distantly followed by Cambodia (X units), Pakistan (X units), Thailand (X units), Vietnam (X units), India (X units) and the Philippines (X units), together creating a 42% share of total imports. Myanmar (X units), Malaysia (X units), New Zealand (X units), Afghanistan (X units) and Lao People's Democratic Republic (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +29.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X) constitutes the largest market for imported tractors in Asia-Pacific, comprising 34% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.1% share of total imports. It was followed by New Zealand, with an 8.3% share.

In Australia, tractor imports expanded at an average annual rate of +6.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+12.1% per year) and New Zealand (+3.6% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, declining by -7.4% against the previous year. In general, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 24%. The level of import peaked 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 New Zealand ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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