GCC: Tractor Market 2024

Tractor Market Size in GCC

In 2022, the GCC tractor market increased by 5.1% to $X, rising for the fifth consecutive year after three years of decline. The total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +39.9% against 2017 indices. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in GCC

In value terms, tractor production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 27%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports in GCC

In 2022, after two years of growth, there was significant decline in overseas shipments of tractors, when their volume decreased by -20.4% to X units. Overall, exports, however, continue to indicate slight growth. The pace of growth appeared the most rapid in 2020 with an increase of 156% against the previous year. The volume of export peaked at X units in 2021, and then declined dramatically in the following year.

In value terms, tractor exports amounted to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 89%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of tractors, namely Oman, the United Arab Emirates and Kuwait, represented more than two-thirds of total export. Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the United Arab Emirates (with a CAGR of +10.8%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest tractor supplying countries in GCC were the United Arab Emirates ($X), Oman ($X) and Kuwait ($X), together comprising 94% of total exports.

Oman, with a CAGR of +15.9%, 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 GCC amounted to $X per unit, growing by 32% against the previous year. Overall, the export price saw strong growth. The growth pace was the most rapid in 2019 when the export price increased by 98%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the export prices failed to regain momentum.

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 Bahrain ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+16.9%), while the other leaders experienced more modest paces of growth.

Tractor Imports

Imports in GCC

In 2022, purchases abroad of tractors increased by 49% to X units, rising for the fifth year in a row after three years of decline. Over the period under review, imports saw a buoyant increase. The pace of growth was the most pronounced in 2013 when imports increased by 62%. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports stood at $X in 2022. In general, imports posted tangible growth. The most prominent rate of growth was recorded in 2014 when imports increased by 66% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of tractors in GCC, with the volume of imports recording X units, which was approx. 54% of total imports in 2022. Saudi Arabia (X units) ranks second in terms of the total imports with a 34% share, followed by Oman (6.4%). Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +9.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Oman ($X), with a combined 91% share of total imports.

In terms of the main importing countries, Saudi Arabia, with a CAGR of +11.7%, 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 GCC stood at $X per unit in 2022, with a decrease of -28.2% against the previous year. In general, the import price recorded a pronounced setback. The most prominent rate of growth was recorded in 2014 an increase of 28% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Oman ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform