Eastern Asia: Tractor Market 2024

Tractor Market Size in Eastern Asia

After three years of decline, the East Asian tractor market increased by 4.9% to $X in 2022. The market value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the market value increased by 7.8%. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Tractor Production in Eastern Asia

In value terms, tractor production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 11% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Tractor Exports

Exports in Eastern Asia

For the third year in a row, Eastern Asia recorded growth in shipments abroad of tractors, which increased by 4.9% to X units in 2022. Overall, exports recorded strong growth. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, tractor exports fell to $X in 2022. Total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +45.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 54% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

China (X units) and Japan (X units) represented roughly 83% of total exports in 2022. It was distantly followed by South Korea (X units), creating a 17% share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +20.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor supplying countries in Eastern Asia were Japan ($X), China ($X) and South Korea ($X), with a combined 99.9% share of total exports.

South Korea, with a CAGR of +8.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, shrinking by -9.5% against the previous year. Over the period under review, the export price saw a noticeable slump. The pace of growth was the most pronounced in 2015 when the export price increased by 22% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while South Korea ($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 (+1.6%), while the other leaders experienced a decline in the export price figures.

Tractor Imports

Imports in Eastern Asia

In 2022, approx. X units of tractors were imported in Eastern Asia; with a decrease of -26.1% against the year before. Over the period under review, imports recorded a noticeable contraction. The growth pace was the most rapid in 2021 with an increase of 32%. Over the period under review, imports attained the maximum at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, tractor imports reduced remarkably to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 26%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units), Japan (X units) and South Korea (X units) was the major importer of tractors in Eastern Asia, making up 94% of total import. Democratic People's Republic of Korea (X units) and Hong Kong SAR (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Democratic People's Republic of Korea (with a CAGR of +3.5%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 98% share of total imports.

In terms of the main importing countries, China, with a CAGR of +4.7%, recorded 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

The import price in Eastern Asia stood at $X per unit in 2022, with an increase of 6.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2017 an increase of 20% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Democratic People's Republic of Korea ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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