Serbia: 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 Serbia

The Serbian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped slightly to $X in 2022, with a decrease of -1.6% against the previous year. Overall, consumption saw a drastic downturn. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

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

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell to $X in 2022 estimated in export price. In general, production saw a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 29%. Production of peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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

Exports from Serbia

In 2022, after three years of growth, there was decline in shipments abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume decreased by -0.8% to X units. In general, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of 49%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2021, and then reduced slightly in the following year.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X in 2022. Over the period under review, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.8% against 2017 indices. The growth pace was the most rapid in 2021 with an increase of 20%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Germany (X units), France (X units) and the Czech Republic (X units) were the main destinations of exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Serbia, with a combined 33% share of total exports. Poland, Croatia, Bosnia and Herzegovina, Italy, Brazil, Austria, the United States, Slovenia, the UK and Montenegro lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +69.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for agricultural, construction and industrial machinery tyre exported from Serbia were Germany ($X), France ($X) and Brazil ($X), with a combined 42% share of total exports.

Brazil, with a CAGR of +62.0%, saw the highest growth rate of the value of exports, among 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

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 5.1% against the previous year. Overall, the export price, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 when the average export price increased by 27%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Montenegro ($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 the UK (-2.3%), while the prices for the other major destinations experienced a decline.

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

Imports into Serbia

Imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into Serbia expanded markedly to X units in 2022, surging by 14% against the year before. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 262% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to $X in 2022. In general, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 43% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to Serbia, with a 63% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Turkey (X units), threefold. India (X units) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +45.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+45.1% per year) and India (+56.1% per year).

In value terms, China ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Serbia, comprising 54% of total imports. The second position in the ranking was taken by Turkey ($X), with a 15% share of total imports. It was followed by India, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +31.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+29.3% per year) and India (+47.5% per year).

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, approximately mirroring the previous year. In general, the import price, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2016 when the average import price increased by 141% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 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 Czech Republic ($X per unit), while the price for Slovenia ($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 (-5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform