Hungary: Tractor Market 2024

Tractor Market Size in Hungary

The Hungarian tractor market expanded remarkably to $X in 2022, rising by 7.6% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in the immediate term.

Tractor Production in Hungary

In value terms, tractor production reached $X in 2022 estimated in export price. Over the period under review, production enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2020 with an increase of 33% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports from Hungary

After three years of growth, overseas shipments of tractors decreased by -17.9% to X units in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 63% against the previous year. The exports peaked at X units in 2021, and then fell significantly in the following year.

In value terms, tractor exports fell remarkably to $X in 2022. Overall, exports, however, posted a strong increase. The growth pace was the most rapid in 2020 when exports increased by 137%. The exports peaked at $X in 2021, and then declined significantly in the following year.

Exports by Country

Serbia (X units), Romania (X units) and Afghanistan (X units) were the main destinations of tractor exports from Hungary, with a combined 21% share of total exports. These countries were followed by Jordan, Slovakia, Poland, Turkey, Ukraine, the Netherlands, Austria, Egypt, Libya and Croatia, which together accounted for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +62.3%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Afghanistan ($X) and Poland ($X) appeared to be the largest markets for tractor exported from Hungary worldwide, together comprising 22% of total exports. Turkey, Slovakia, Serbia, the Netherlands, Ukraine, Austria, Croatia, Jordan, Egypt and Libya lagged somewhat behind, together accounting for a further 20%.

Among the main countries of destination, Turkey, with a CAGR of +68.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, falling by -29.7% against the previous year. Overall, the export price saw a mild descent. The most prominent rate of growth was recorded in 2020 when the average export price increased by 45%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then declined significantly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Libya ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Afghanistan (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Hungary

After two years of growth, purchases abroad of tractors decreased by -7.8% to X units in 2022. The total import volume increased at an average annual rate of +3.9% 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 2013 when imports increased by 24%. Over the period under review, imports attained the maximum at X units in 2021, and then fell in the following year.

In value terms, tractor imports declined to $X in 2022. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 28%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

Germany (X units), the Netherlands (X units) and Italy (X units) were the main suppliers of tractor imports to Hungary, with a combined 22% share of total imports. India, Poland, Romania, Slovakia, Belgium, Japan, Austria, Turkey, Slovenia and Belarus lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +63.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and Italy ($X) appeared to be the largest tractor suppliers to Hungary, with a combined 26% share of total imports. These countries were followed by Slovakia, Austria, Poland, Belgium, Turkey, Slovenia, India, Romania, Japan and Belarus, which together accounted for a further 18%.

In terms of the main suppliers, India, with a CAGR of +73.6%, saw 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

In 2022, the average tractor import price amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 19%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovakia ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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