Australia: Tractor Market 2024

Tractor Market Size in Australia

The Australian tractor market rose notably to $X in 2022, surging by 5.3% against the previous year. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +101.6% against 2014 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in years to come.

Tractor Production in Australia

In value terms, tractor production rose modestly to $X in 2022 estimated in export price. In general, production, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 34% against the previous year. Tractor production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Australia

After two years of growth, overseas shipments of tractors decreased by -7% to X units in 2022. Over the period under review, exports recorded a noticeable curtailment. The growth pace was the most rapid in 2015 with an increase of 68% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tractor exports fell to $X in 2022. In general, exports showed a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 36% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

New Zealand (X units) was the main destination for tractor exports from Australia, with a 31% share of total exports. Moreover, tractor exports to New Zealand exceeded the volume sent to the second major destination, Papua New Guinea (X units), fivefold. Canada (X units) ranked third in terms of total exports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand totaled -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (-3.3% per year) and Canada (+23.5% per year).

In value terms, New Zealand ($X) remains the key foreign market for tractors exports from Australia, comprising 42% of total exports. The second position in the ranking was taken by Papua New Guinea ($X), with a 2.5% share of total exports. It was followed by Canada, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value to New Zealand stood at +1.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Papua New Guinea (-23.2% per year) and Canada (+4.5% per year).

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, therefore, remained relatively stable against the previous year. Overall, the export price showed a slight slump. The most prominent rate of growth was recorded in 2018 an increase of 95% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Australia

In 2022, the amount of tractors imported into Australia surged to X units, increasing by 15% on the previous year. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% 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 +76.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 39%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, tractor imports rose significantly to $X in 2022. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 46%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Japan (X units), the United States (X units) and South Korea (X units) were the main suppliers of tractor imports to Australia, together comprising 23% of total imports. These countries were followed by Germany, India, China, Italy, France, the UK, Turkey, the Netherlands, Thailand and Austria, which together accounted for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +79.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of tractors to Australia, comprising 18% of total imports. The second position in the ranking was held by Germany ($X), with an 8.7% share of total imports. It was followed by Japan, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.2% per year) and Japan (+6.1% per year).

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, waning by -7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 15%. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+22.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :