Asia: Tractor Market 2024

Tractor Market Size in Asia

The Asian tractor market was finally on the rise to reach $X in 2022, after three years of decline. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Asia

In value terms, tractor production reduced to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 11% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports in Asia

In 2022, shipments abroad of tractors decreased by -10.7% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 67%. As a result, the exports reached the peak of X units, and then declined in the following year.

In value terms, tractor exports contracted slightly to $X in 2022. Total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.2% 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 +51.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 54% against the previous year. As a result, the exports attained the peak of $X, and then dropped modestly in the following year.

Exports by Country

China (X units), Japan (X units) and India (X units) represented roughly 70% of total exports in 2022. South Korea (X units) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (9.3%) and Turkey (6.8%). 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, Japan ($X), China ($X) and India ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 70% share of total exports. These countries were followed by Turkey, South Korea, Thailand and Indonesia, which together accounted for a further 27%.

Among the main exporting countries, Indonesia, with a CAGR of +50.5%, recorded the highest rates of growth with regard to 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 amounted to $X per unit, with an increase of 9.9% against the previous year. Overall, the export price, however, continues to indicate a perceptible curtailment. 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 failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.4%), while the other leaders experienced more modest paces of growth.

Tractor Imports

Imports in Asia

In 2022, approx. X units of tractors were imported in Asia; shrinking by -3.2% on the previous year's figure. The total import volume increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 34% against the previous year. 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 reduced to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 57% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Bangladesh (X units), followed by Turkey (X units), Cambodia (X units), the United Arab Emirates (X units), Pakistan (X units), Thailand (X units), Vietnam (X units) and India (X units) were the largest importers of tractors, together committing 56% of total imports. Saudi Arabia (X units), the Philippines (X units), Uzbekistan (X units), Myanmar (X units) and Kazakhstan (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of +45.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported tractors in Asia, comprising 17% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 7.4% share of total imports. It was followed by Kazakhstan, with a 5.9% share.

In Turkey, tractor imports increased at an average annual rate of +1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+12.1% per year) and Kazakhstan (+1.1% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, falling by -11.5% against the previous year. Over the period under review, the import price saw a noticeable shrinkage. The growth pace was the most rapid in 2021 an increase of 28% against the previous year. 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 Kazakhstan ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+10.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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