Southern Asia: Tractor Market 2024

Tractor Market Size in Southern Asia

The South Asian tractor market soared to $X in 2022, surging by 17% against the previous year. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.9% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Southern Asia

In value terms, tractor production reduced slightly to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.0% against 2019 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 15%. The level of production peaked at $X in 2019; afterwards, it flattened through to 2022.

Tractor Exports

Exports in Southern Asia

In 2022, the amount of tractors exported in Southern Asia reduced sharply to X units, shrinking by -33% against 2021 figures. In general, exports, however, recorded a noticeable expansion. The pace of growth appeared the most rapid in 2021 with an increase of 156% against the previous year. As a result, the exports reached the peak of X units, and then contracted rapidly in the following year.

In value terms, tractor exports surged to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.6% 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 +107.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 77% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

In 2022, India (X units) was the major exporter of tractors in Southern Asia, mixing up 99% of total export.

India was also the fastest-growing in terms of the tractors exports, with a CAGR of +5.2% from 2012 to 2022. India (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest tractor supplier in Southern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +6.9%.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, increasing by 75% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. Over the period under review, the export prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +1.6% per year.

Tractor Imports

Imports in Southern Asia

In 2022, approx. X units of tractors were imported in Southern Asia; reducing by -10.5% against 2021 figures. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +33.7% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 65% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, tractor imports reduced markedly to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value 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, imports increased by +30.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 87% against the previous year. As a result, imports reached the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Bangladesh was the key importer of tractors in Southern Asia, with the volume of imports amounting to X units, which was near 44% of total imports in 2022. It was distantly followed by Pakistan (X units), India (X units), Afghanistan (X units) and Nepal (X units), together mixing up a 52% share of total imports. Sri Lanka (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +14.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor importing markets in Southern Asia were Pakistan ($X), Afghanistan ($X) and Bangladesh ($X), with a combined 79% share of total imports.

Pakistan, with a CAGR of +9.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, reducing by -22% against the previous year. In general, the import price continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2016 an increase of 29% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Afghanistan ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :