Japan: Tractor Market 2024

Tractor Market Size in Japan

The Japanese tractor market skyrocketed to $X in 2022, rising by 50% against the previous year. Over the period under review, consumption, however, saw a slight decline. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Tractor Production in Japan

In value terms, tractor production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Tractor Exports

Exports from Japan

Tractor exports from Japan reached X units in 2022, growing by 5.3% compared with the previous year. Overall, exports showed a strong increase. The most prominent rate of growth was recorded in 2021 when exports increased by 44%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, tractor exports shrank modestly to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 34%. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

The United States (X units) was the main destination for tractor exports from Japan, with a 31% share of total exports. Moreover, tractor exports to the United States exceeded the volume sent to the second major destination, Canada (X units), tenfold. The third position in this ranking was held by Vietnam (X units), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+9.5% per year) and Vietnam (+4.5% per year).

In value terms, the United States ($X) remains the key foreign market for tractors exports from Japan, comprising 28% of total exports. The second position in the ranking was held by Canada ($X), with a 3% share of total exports. It was followed by Thailand, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+2.6% per year) and Thailand (-3.0% per year).

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, which is down by -6.2% against the previous year. In general, the export price saw a deep slump. The pace of growth appeared the most rapid in 2019 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Vietnam ($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 South Korea (+0.2%), while the prices for the other major destinations experienced a decline.

Tractor Imports

Imports into Japan

In 2022, imports of tractors into Japan dropped sharply to X units, shrinking by -20.9% on the year before. Overall, imports continue to indicate a slight curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 28% against the previous year. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports reduced notably to $X in 2022. In general, total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -32.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 32%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X units), France (X units) and Sweden (X units) were the main suppliers of tractor imports to Japan, with a combined 29% share of total imports. These countries were followed by China, Italy, the Netherlands, the UK, the United Arab Emirates, the United States and Indonesia, which together accounted for a further 18%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +97.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Sweden ($X) appeared to be the largest tractor suppliers to Japan, together accounting for 32% of total imports. These countries were followed by the UK, Italy, the Netherlands, China, the United Arab Emirates, the United States and Indonesia, which together accounted for a further 16%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +130.4%, saw the highest rates of growth with regard to 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, rising by 6.8% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tractor import price decreased by -13.8% against 2019 indices. The pace of growth was the most pronounced in 2016 an increase of 27% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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