Eastern Asia: Market for Agricultural And Forestry Tractors 2025

Market Size for Agricultural And Forestry Tractors in Eastern Asia

In 2021, the East Asian agricultural and forestry tractor market decreased by -15.2% to $X, falling for the third year in a row after five years of growth. Overall, consumption, however, enjoyed strong growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Agricultural And Forestry Tractors in Eastern Asia

In value terms, agricultural and forestry tractor production contracted slightly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.7% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by 41% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Agricultural And Forestry Tractors

Exports in Eastern Asia

In 2021, exports of agricultural and forestry tractors in Eastern Asia surged to X units, rising by 36% on the previous year's figure. In general, exports showed strong growth. The pace of growth appeared the most rapid in 2017 when exports increased by 47% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, agricultural and forestry tractor exports skyrocketed to $X in 2021. Total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +34.2% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Japan (X units) and South Korea (X units) represented the largest exporters of agricultural and forestry tractors in Eastern Asia, together creating 77% of total exports. It was distantly followed by China (X units), generating a 23% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by South Korea (with a CAGR of +21.6%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest agricultural and forestry tractor supplier in Eastern Asia, comprising 56% of total exports. The second position in the ranking was held by South Korea ($X), with a 26% share of total exports.

In Japan, agricultural and forestry tractor exports increased at an average annual rate of +3.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Korea (+9.2% per year) and China (+6.0% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, picking up by 3.1% against the previous year. Overall, the export price, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2015 when the export price increased by 26%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-0.9%), while the other leaders experienced a decline in the export price figures.

Imports of Agricultural And Forestry Tractors

Imports in Eastern Asia

In 2021, approx. X units of agricultural and forestry tractors were imported in Eastern Asia; with an increase of 36% on the previous year's figure. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 45% against the previous year. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, agricultural and forestry tractor imports surged to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 46%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

South Korea (X units) and Japan (X units) represented roughly 79% of total imports in 2021. China (X units) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (8.1%).

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +6.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest agricultural and forestry tractor importing markets in Eastern Asia were South Korea ($X), Japan ($X) and China ($X), with a combined 94% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +8.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, falling by -4.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2018 when the import price increased by 17%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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