Asia: 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 Asia

The Asian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles rose significantly to $X in 2022, with an increase of 15% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

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

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 15% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

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

Exports in Asia

Exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell to X units in 2022, dropping by -12.6% against the previous year. Overall, exports recorded a pronounced reduction. The pace of growth was the most pronounced in 2021 when exports increased by 38%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded remarkably to $X in 2022. Total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +48.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

In 2022, China (X units) and India (X units) represented the major exporters of tyres for agriculture, forestry, construction, industry and other off the road vehicles in Asia, together making up 61% of total exports. Thailand (X units) took the next position in the ranking, followed by Taiwan (Chinese) (X units) and Sri Lanka (X units). All these countries together took near 26% share of total exports. The following exporters - Turkey (X units) and Japan (X units) - each recorded a 7.3% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +9.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural, construction and industrial machinery tyre supplying countries in Asia were Japan ($X), China ($X) and India ($X), together comprising 82% of total exports. Thailand, Turkey, Sri Lanka and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 11%.

In terms of the main exporting countries, Thailand, with a CAGR of +9.4%, 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

The export price in Asia stood at $X per unit in 2022, increasing by 24% against the previous year. Overall, the export price continues to indicate a strong expansion. The growth pace was the most rapid in 2018 when the export price increased by 31% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.4%), 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 Asia

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles in Asia expanded remarkably to X units, picking up by 9.2% against the year before. Over the period under review, imports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 23% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded significantly to $X in 2022. In general, imports, however, saw a slight contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 19%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia represented the main importing country with an import of about X units, which reached 30% of total imports. The Philippines (X units) took a 9.8% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (6.3%), India (5.8%), Japan (5.1%) and China (4.6%). The United Arab Emirates (X units), Thailand (X units), Kazakhstan (X units), South Korea (X units), Nepal (X units), Iraq (X units) and Singapore (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to agricultural, construction and industrial machinery tyre imports into Indonesia stood at -3.3%. At the same time, Nepal (+29.2%), India (+10.6%), China (+10.4%) and the Philippines (+7.6%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Asia, with a CAGR of +29.2% from 2012-2022. Kazakhstan and Turkey experienced a relatively flat trend pattern. By contrast, South Korea (-1.6%), Iraq (-4.1%), Singapore (-4.5%), Japan (-5.3%), the United Arab Emirates (-6.0%) and Thailand (-7.7%) illustrated a downward trend over the same period. The Philippines (+6.2 p.p.), India (+4.2 p.p.), China (+3.3 p.p.) and Nepal (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Japan, the United Arab Emirates, Indonesia and Thailand saw its share reduced by -1.6%, -1.7%, -2% and -2.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest agricultural, construction and industrial machinery tyre importing markets in Asia were Indonesia ($X), China ($X) and Kazakhstan ($X), with a combined 42% share of total imports. India, Japan, Turkey, the United Arab Emirates, South Korea, the Philippines, Singapore, Thailand, Iraq and Nepal lagged somewhat behind, together accounting for a further 35%.

Nepal, with a CAGR of +17.6%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, reducing by -3.6% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 33%. Over the period under review, import prices hit record highs at $X per unit in 2021, and then contracted modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kazakhstan ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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