Luxembourg: Tractor Market 2024

Tractor Market Size in Luxembourg

The Luxembourg tractor market reduced rapidly to $X in 2022, declining by -30.6% against the previous year. Overall, consumption saw a pronounced curtailment. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Tractor Production in Luxembourg

In value terms, tractor production skyrocketed to $X in 2022 estimated in export price. In general, production enjoyed buoyant growth. The growth pace was the most rapid in 2017 when the production volume increased by 2,415%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Tractor Exports

Exports from Luxembourg

In 2022, overseas shipments of tractors decreased by -37.7% to X units, falling for the second year in a row after three years of growth. Overall, exports, however, posted a perceptible expansion. The growth pace was the most rapid in 2020 with an increase of 108% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tractor exports contracted significantly to $X in 2022. Over the period under review, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 80% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Germany (X units), Belgium (X units) and France (X units) were the main destinations of tractor exports from Luxembourg, together comprising 37% of total exports. Romania, the Netherlands and Poland lagged somewhat behind, together accounting for a further 9.9%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +35.2%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), Belgium ($X) and Germany ($X) constituted the largest markets for tractor exported from Luxembourg worldwide, with a combined 37% share of total exports. Romania, the Netherlands and Poland lagged somewhat behind, together comprising a further 9%.

In terms of the main countries of destination, Romania, with a CAGR of +52.8%, 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

In 2022, the average tractor export price amounted to $X per unit, growing by 24% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 40%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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 Romania ($X per unit), while the average price for exports to Poland ($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 Romania (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Luxembourg

In 2022, imports of tractors into Luxembourg shrank rapidly to X units, with a decrease of -46% on the previous year. Over the period under review, imports saw a noticeable slump. The pace of growth was the most pronounced in 2016 with an increase of 32%. Over the period under review, imports reached the maximum at X units in 2021, and then declined notably in the following year.

In value terms, tractor imports dropped dramatically to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 36% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Germany (X units) constituted the largest tractor supplier to Luxembourg, accounting for a 31% share of total imports. Moreover, tractor imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X units), threefold. France (X units) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+0.5% per year) and France (-7.2% per year).

In value terms, Belgium ($X), Germany ($X) and France ($X) constituted the largest tractor suppliers to Luxembourg, with a combined 40% share of total imports. These countries were followed by the Netherlands and Switzerland, which together accounted for a further 5.6%.

Switzerland, with a CAGR of +71.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, jumping by 37% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price 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, tractor import price increased by +37.2% against 2020 indices. The pace of growth was the most pronounced in 2013 an increase of 53% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 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 Belgium ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+26.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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