Eastern Asia: 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 Eastern Asia

The East Asian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022, surging by 45% against the previous year. Overall, consumption showed a perceptible increase. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Eastern Asia

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in 2016 with an increase of 9.3% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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

Exports in Eastern Asia

Exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped to X units in 2022, which is down by -12.7% compared with the previous year. Overall, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 23%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded remarkably to $X in 2022. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 30% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X units) represented the major exporter of tyres for agriculture, forestry, construction, industry and other off the road vehicles, committing 70% of total exports. It was distantly followed by Taiwan (Chinese) (X units) and Japan (X units), together committing a 28% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to agricultural, construction and industrial machinery tyre exports from China stood at -11.3%. At the same time, Taiwan (Chinese) (+4.8%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +4.8% from 2012-2022. Japan experienced a relatively flat trend pattern. Taiwan (Chinese) (+15 p.p.) and Japan (+4.6 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -21.1% from 2012 to 2022, respectively.

In value terms, the largest agricultural, construction and industrial machinery tyre supplying countries in Eastern Asia were Japan ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 99% of total exports.

Among the main exporting countries, China, with a CAGR of +3.2%, recorded the highest growth rate of the value of exports, 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, with an increase of 27% against the previous year. Over the period under review, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when the export price increased by 41% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while Taiwan (Chinese) ($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 (+16.4%), while the other leaders experienced a decline in the export price figures.

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

Imports in Eastern Asia

For the third year in a row, Eastern Asia recorded decline in supplies from abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles, which decreased by -2.8% to X units in 2022. Overall, imports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 34%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles surged to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units) and China (X units) represented roughly 68% of total imports in 2022. South Korea (X units) ranks next in terms of the total imports with a 17% share, followed by Taiwan (Chinese) (12%).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +10.4%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest agricultural, construction and industrial machinery tyre importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), with a combined 95% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +3.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, rising by 24% against the previous year. Overall, the import price posted resilient growth. The most prominent rate of growth was recorded in 2021 when the import price increased by 64%. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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