Saudi Arabia: Tractor Market 2024

Tractor Market Size in Saudi Arabia

The Saudi tractor market soared to $X in 2022, jumping by 26% against the previous year. The market value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Tractor Production in Saudi Arabia

In value terms, tractor production stood at $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports from Saudi Arabia

In 2022, after two years of growth, there was significant decline in overseas shipments of tractors, when their volume decreased by -98.1% to X units. In general, exports continue to indicate a sharp reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 1,710% against the previous year. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, tractor exports contracted notably to $X in 2022. Overall, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 178%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), Egypt (X units) and the United Arab Emirates (X units) were the main destinations of tractor exports from Saudi Arabia, together comprising 37% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, the largest markets for tractor exported from Saudi Arabia were Oman ($X), the United Arab Emirates ($X) and Sudan ($X), together accounting for 38% of total exports. Bahrain, the UK, Egypt and the Netherlands lagged somewhat behind, together accounting for a further 12%.

The UK, with a CAGR of +37.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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, increasing by 2,611% against the previous year. Overall, the export price showed a significant increase. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to the Netherlands ($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 Bahrain (+50.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Saudi Arabia

Tractor imports into Saudi Arabia soared to X units in 2022, surging by 139% on the previous year. Overall, imports posted resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 607%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, tractor imports soared to $X in 2022. In general, imports enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 530%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest tractor supplier to Saudi Arabia, accounting for a 39% share of total imports. Moreover, tractor imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. The third position in this ranking was taken by Sweden (X units), with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.3% per year) and Sweden (-15.2% per year).

In value terms, Germany ($X) constituted the largest supplier of tractors to Saudi Arabia, comprising 35% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 4% share of total imports. It was followed by Thailand, with a 2.5% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+20.1% per year) and Thailand (+102.6% per year).

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, declining by -3.7% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.7% 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 +36.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the average import price increased by 92% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 Netherlands ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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