Bangladesh: 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 Bangladesh

The Bangladeshi market for tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank to $X in 2022, dropping by -12.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 +39.7% against 2020 indices. Consumption of peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

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

Exports from Bangladesh

In 2021, overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by 0% to X units, falling for the fifth consecutive year after three years of decline. In general, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 33%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports of failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X in 2021. Over the period under review, exports faced a dramatic curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 76% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

Myanmar (X units) and Denmark (X units) were the main destinations of exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Bangladesh. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles in Myanmar exceeded the figures recorded by the second-largest exporter, Denmark, twofold.

From 2012 to 2021, the biggest increases were recorded for Myanmar (with a CAGR of 0.0%).

From 2012 to 2021, the average annual growth rate of value to Denmark was relatively modest.

Export Prices by Country

In 2021, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the export price continues to indicate a deep slump. The pace of growth was the most pronounced in 2013 an increase of 32%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per unit), while the average price for exports to Myanmar amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+12.6%).

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

Imports into Bangladesh

In 2022, purchases abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 0.1% to X units, rising for the second year in a row after four years of decline. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +2.6% 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 +98.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 98%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped rapidly to $X in 2022. In general, imports saw modest growth. The pace of growth was the most pronounced in 2013 when imports increased by 89%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X units) constituted the largest agricultural, construction and industrial machinery tyre supplier to Bangladesh, with a 80% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from India exceeded the figures recorded by the second-largest supplier, China (X units), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.4% per year) and Belarus (+1.3% per year).

In value terms, India ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Bangladesh, comprising 59% of total imports. The second position in the ranking was held by China ($X), with a 25% share of total imports.

From 2012 to 2022, the average annual growth rate of value from India totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.0% per year) and Belarus (+8.6% per year).

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, which is down by -20.8% against the previous year. In general, the import price saw a slight setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by 46%. Over the period under review, average import prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Belarus ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+7.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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