Eastern Asia: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Eastern Asia

The East Asian market for forage harvesters and other harvesting machines was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption, however, recorded a pronounced reduction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in Eastern Asia

In value terms, production of forage harvesters and other harvesting machines stood at $X in 2021 estimated in export price. In general, production, however, continues to indicate a mild descent. The growth pace was the most rapid in 2016 when the production volume increased by 14%. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in Eastern Asia

Exports of forage harvesters and other harvesting machines declined sharply to X units in 2021, which is down by -73.5% on 2020. Over the period under review, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 201% against the previous year. Over the period under review, the exports of attained the maximum at X units in 2020, and then shrank rapidly in the following year.

In value terms, exports of forage harvesters and other harvesting machines contracted significantly to $X in 2021. Overall, exports, however, showed noticeable growth. The most prominent rate of growth was recorded in 2017 when exports increased by 165%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

China dominates machines structure, recording X units, which was approx. 90% of total exports in 2021. It was distantly followed by Japan (X units), generating a 6.8% share of total exports. Taiwan (Chinese) (X units) held a little share of total exports.

China was also the fastest-growing in terms of the forage harvesters and other harvesting machines exports, with a CAGR of +14.4% from 2012 to 2021. Japan (-4.9%) and Taiwan (Chinese) (-5.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +43 percentage points.

In value terms, China ($X) remains the largest forage harvesters and other harvesting machines supplier in Eastern Asia, comprising 82% of total exports. The second position in the ranking was held by Japan ($X), with a 15% share of total exports.

In China, exports of forage harvesters and other harvesting machines expanded at an average annual rate of +13.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-3.9% per year) and Taiwan (Chinese) (-5.3% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, increasing by 24% against the previous year. In general, the export price, however, saw a slight decline. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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 Japan (+1.1%), while the other leaders experienced mixed trends in the export price figures.

Imports of Forage Harvesters and Other Harvesting Machines

Imports in Eastern Asia

In 2021, purchases abroad of forage harvesters and other harvesting machines decreased by -29.9% to X units, falling for the second consecutive year after three years of growth. Over the period under review, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2017 when imports increased by 80%. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, imports of forage harvesters and other harvesting machines contracted notably to $X in 2021. Overall, imports showed a noticeable reduction. The growth pace was the most rapid in 2017 with an increase of 76%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

China prevails in machines structure, reaching X units, which was approx. 90% of total imports in 2021. It was distantly followed by Japan (X units), generating an 8.7% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to forage harvesters and other harvesting machines imports into China stood at -6.4%. At the same time, Japan (+5.8%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +5.8% from 2012-2021. Japan (+5.7 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -5.7% from 2012 to 2021, respectively.

In value terms, China ($X) constitutes the largest market for imported forage harvesters and other harvesting machines in Eastern Asia, comprising 86% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at -5.4%.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, waning by -26.3% against the previous year. Import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when the import price increased by 31% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2020, and then contracted dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+1.5%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :