Latin America and the Caribbean: Crawler Tractor Market 2024

Crawler Tractor Market Size in Latin America and the Caribbean

In 2021, the Latin American crawler tractor market was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. Overall, consumption showed a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crawler Tractor Production in Latin America and the Caribbean

In value terms, crawler tractor production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production recorded a significant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 737% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Crawler Tractor Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of crawler tractors decreased by -99.9% to X units, falling for the second consecutive year after two years of growth. Overall, exports faced a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 88,695%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, crawler tractor exports dropped dramatically to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 191%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Brazil was the main exporting country with an export of about X units, which resulted at 45% of total exports. Ecuador (X units) held the second position in the ranking, distantly followed by Peru (X units), Chile (X units), Argentina (X units) and Honduras (X units). All these countries together held near 45% share of total exports. The following exporters - Panama (X units), Suriname (X units) and Trinidad and Tobago (X units) - each reached a 7.5% share of total exports.

Brazil was also the fastest-growing in terms of the crawler tractors exports, with a CAGR of +27.7% from 2012 to 2021. At the same time, Chile (+13.0%) and Ecuador (+9.9%) displayed positive paces of growth. Suriname experienced a relatively flat trend pattern. By contrast, Argentina (-8.3%), Peru (-10.6%), Trinidad and Tobago (-11.5%), Honduras (-12.9%) and Panama (-40.2%) illustrated a downward trend over the same period. While the share of Brazil (+43 p.p.), Ecuador (+15 p.p.), Chile (+6.7 p.p.), Argentina (+5 p.p.), Honduras (+5 p.p.), Suriname (+2.5 p.p.) and Peru (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Panama (-74.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X), Brazil ($X) and Chile ($X) were the countries with the highest levels of exports in 2021, with a combined 43% share of total exports. Honduras, Ecuador, Suriname, Panama, Argentina and Trinidad and Tobago lagged somewhat behind, together comprising a further 22%.

Among the main exporting countries, Suriname, with a CAGR of +52.9%, recorded the highest growth rate of 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

In 2021, the export price in Latin America and the Caribbean amounted to $X per unit, growing by 66,051% against the previous year. In general, the export price saw resilient growth. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per unit), while Argentina ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+107.1%), while the other leaders experienced more modest paces of growth.

Crawler Tractor Imports

Imports in Latin America and the Caribbean

In 2021, purchases abroad of crawler tractors was finally on the rise to reach X units after two years of decline. Overall, imports, however, showed a mild setback. The most prominent rate of growth was recorded in 2018 with an increase of 212%. As a result, imports reached the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, crawler tractor imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt shrinkage. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Honduras (X units), Uruguay (X units), Colombia (X units), Paraguay (X units), Argentina (X units), Guyana (X units), Cuba (X units), Peru (X units), Costa Rica (X units), El Salvador (X units), Guatemala (X units) and Chile (X units) represented the major importer of crawler tractors in Latin America and the Caribbean, creating 87% of total import.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Uruguay (with a CAGR of +44.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constitutes the largest market for imported crawler tractors in Latin America and the Caribbean, comprising 37% of total imports. The second position in the ranking was held by Peru ($X), with a 13% share of total imports. It was followed by Uruguay, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value in Argentina amounted to -6.1%. The remaining importing countries recorded the following average annual rates of imports growth: Peru (-8.3% per year) and Uruguay (+45.8% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 30% against the previous year. In general, the import price, however, saw a abrupt decline. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Argentina ($X per unit), while Paraguay ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guyana (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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