South-Eastern Asia: Tractor Market 2024

Tractor Market Size in South-Eastern Asia

In 2022, the Southeast Asian tractor market increased by 5.3% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Tractor Production in South-Eastern Asia

In value terms, tractor production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when the production volume increased by 10% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports in South-Eastern Asia

After two years of growth, overseas shipments of tractors decreased by -22.1% to X units in 2022. Over the period under review, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 178% against the previous year. The volume of export peaked at X units in 2021, and then reduced notably in the following year.

In value terms, tractor exports fell to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +33.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 34% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

Thailand was the key exporting country with an export of about X units, which accounted for 74% of total exports. It was distantly followed by Indonesia (X units), achieving a 20% share of total exports. The following exporters - Vietnam (X units) and Singapore (X units) - each reached a 4.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tractor exports from Thailand stood at +24.4%. At the same time, Indonesia (+54.8%), Vietnam (+2.0%) and Singapore (+1.5%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +54.8% from 2012-2022. From 2012 to 2022, the share of Indonesia and Thailand increased by +18 and +13 percentage points, respectively.

In value terms, Thailand ($X), Indonesia ($X) and Vietnam ($X) were the countries with the highest levels of exports in 2022, together comprising 89% of total exports.

Indonesia, with a CAGR of +50.5%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, increasing by 28% against the previous year. In general, the export price, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2019 when the export price increased by 48%. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (-1.9%), while the other leaders experienced a decline in the export price figures.

Tractor Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of tractors decreased by -12% to X units, falling for the third consecutive year after two years of growth. Over the period under review, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 77% against the previous year. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, tractor imports reduced dramatically to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 63%. As a result, imports reached the peak of $X, and then dropped remarkably in the following year.

Imports by Country

The countries with the highest levels of tractor imports in 2022 were Cambodia (X units), Thailand (X units), Vietnam (X units), the Philippines (X units), Myanmar (X units), Malaysia (X units), Lao People's Democratic Republic (X units) and Indonesia (X units), together recording 99% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Lao People's Democratic Republic (with a CAGR of +29.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) constitutes the largest market for imported tractors in South-Eastern Asia, comprising 36% of total imports. The second position in the ranking was held by Thailand ($X), with a 14% share of total imports. It was followed by Malaysia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Vietnam totaled +12.1%. In the other countries, the average annual rates were as follows: Thailand (-3.8% per year) and Malaysia (-2.9% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2022, reducing by -20.2% against the previous year. Overall, the import price saw a deep downturn. The most prominent rate of growth was recorded in 2021 an increase of 64% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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