EU: Tractor Market 2024

Tractor Market Size in the EU

The EU tractor market dropped to $X in 2022, which is down by -6.2% against the previous year. The total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +18.1% against 2020 indices. As a result, consumption reached the peak level of $X, and then fell in the following year.

Tractor Production in the EU

In value terms, tractor production fell to $X in 2022 estimated in export price. Overall, production saw a slight descent. The pace of growth was the most pronounced in 2018 when the production volume increased by 18%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Tractor Exports

Exports in the EU

Tractor exports dropped modestly to X units in 2022, with a decrease of -4.4% compared with 2021. Total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% 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 +42.0% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 49%. As a result, the exports reached the peak of X units, and then contracted slightly in the following year.

In value terms, tractor exports declined to $X in 2022. The total export value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 38%. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

The biggest shipments were from Belgium (X units), the Netherlands (X units), France (X units), Germany (X units) and Italy (X units), together reaching 70% of total export. Poland (X units) ranks next in terms of the total exports with a 6.6% share, followed by Spain (4.9%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Spain (with a CAGR of +14.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest tractor supplying countries in the European Union were Germany ($X), France ($X) and the Netherlands ($X), with a combined 56% share of total exports. These countries were followed by Italy, Belgium, Poland and Spain, which together accounted for a further 26%.

Spain, with a CAGR of +9.4%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per unit, shrinking by -2.1% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 20% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+9.7%), while the other leaders experienced more modest paces of growth.

Tractor Imports

Imports in the EU

In 2022, supplies from abroad of tractors decreased by -8.4% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 77%. As a result, imports reached the peak of X units, and then shrank in the following year.

In value terms, tractor imports contracted to $X in 2022. The total import value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 43%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Belgium (X units), distantly followed by France (X units), Poland (X units), Spain (X units) and Italy (X units) were the major importers of tractors, together committing 58% of total imports. Germany (X units), Ireland (X units), the Czech Republic (X units), Greece (X units), Romania (X units), the Netherlands (X units), Lithuania (X units) and Denmark (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +22.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Poland ($X) and Italy ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 47% share of total imports. These countries were followed by Germany, the Czech Republic, Lithuania, Belgium, Romania, Spain, the Netherlands, Denmark, Ireland and Greece, which together accounted for a further 34%.

Greece, with a CAGR of +14.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per unit, with an increase of 2.8% against the previous year. In general, the import price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2016 when the import price increased by 7.9%. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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 Italy ($X per unit), while Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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