Malaysia: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Malaysia

The Malaysian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles fell notably to $X in 2022, waning by -45.6% against the previous year. In general, consumption saw a deep setback. As a result, consumption attained the peak level of $X, and then fell significantly in the following year.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Malaysia

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced setback. The growth pace was the most rapid in 2019 with an increase of 90% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production of growth remained at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Malaysia

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from Malaysia shrank to X units, dropping by -13.2% against 2021 figures. Overall, exports saw a noticeable decline. The pace of growth appeared the most rapid in 2021 with an increase of 45%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles surged to $X in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 52% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Germany (X units) and Oman (X units) were the main destinations of exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Malaysia, with a combined 38% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +104.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Malaysia, comprising 21% of total exports. The second position in the ranking was held by the United States ($X), with a 9.9% share of total exports. It was followed by Poland, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany amounted to +5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+29.0% per year) and Poland (+20.7% per year).

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, with an increase of 35% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 an increase of 36%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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 Germany ($X per unit), while the average price for exports to Oman ($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 Brazil (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Malaysia

After two years of growth, overseas purchases of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -88.3% to X units in 2022. Overall, imports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when imports increased by 99% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced remarkably to $X in 2022. In general, imports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 99%. As a result, imports attained the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Thailand (X units), China (X units) and Vietnam (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Malaysia, with a combined 82% share of total imports. Japan, India, Indonesia, South Korea and Sri Lanka lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of -3.2%), while purchases for the other leaders experienced a decline.

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to Malaysia were China ($X), Thailand ($X) and Vietnam ($X), with a combined 76% share of total imports. India, Japan, Indonesia, South Korea and Sri Lanka lagged somewhat behind, together accounting for a further 19%.

In terms of the main suppliers, India, with a CAGR of +8.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, jumping by 63% against the previous year. Over the period under review, the import price enjoyed buoyant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 India ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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