Southern Asia: 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 Southern Asia

The South Asian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded significantly to $X in 2022, with an increase of 13% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

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

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 8.7%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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

Exports in Southern Asia

In 2022, after six years of growth, there was significant decline in overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume decreased by -13.3% to X units. In general, exports, however, saw a notable expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 62%. As a result, the exports attained the peak of X units, and then fell in the following year.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles rose sharply to $X in 2022. Overall, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 52%. 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 expected to retain growth in years to come.

Exports by Country

India represented the largest exporting country with an export of around X units, which recorded 82% of total exports. It was distantly followed by Sri Lanka (X units), comprising a 17% share of total exports.

India was also the fastest-growing in terms of the tyres for agriculture, forestry, construction, industry and other off the road vehicles exports, with a CAGR of +9.1% from 2012 to 2022. Sri Lanka (-4.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +29 percentage points.

In value terms, India ($X) remains the largest agricultural, construction and industrial machinery tyre supplier in Southern Asia, comprising 93% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 7.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +8.2%.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2022, picking up by 21% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per unit), while Sri Lanka amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-0.7%).

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

Imports in Southern Asia

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles in Southern Asia declined to X units, which is down by -9.1% compared with the previous year's figure. Total imports indicated moderate growth from 2012 to 2022: its volume increased at an average annual rate of +2.3% 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 +14.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 25%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +47.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, India (X units) was the largest importer of tyres for agriculture, forestry, construction, industry and other off the road vehicles, creating 56% of total imports. Nepal (X units) took the second position in the ranking, distantly followed by Bangladesh (X units), Pakistan (X units) and Sri Lanka (X units). All these countries together took approx. 42% share of total imports. Afghanistan (X units) followed a long way behind the leaders.

Imports into India increased at an average annual rate of +10.6% from 2012 to 2022. At the same time, Nepal (+29.2%) and Bangladesh (+2.6%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +29.2% from 2012-2022. By contrast, Pakistan (-7.7%), Sri Lanka (-9.4%) and Afghanistan (-16.3%) illustrated a downward trend over the same period. While the share of India (+30 p.p.) and Nepal (+20 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Sri Lanka (-11.6 p.p.), Pakistan (-12.7 p.p.) and Afghanistan (-13.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported tyres for agriculture, forestry, construction, industry and other off the road vehicles in Southern Asia, comprising 86% of total imports. The second position in the ranking was taken by Nepal ($X), with a 3.9% share of total imports. It was followed by Pakistan, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +3.0%. The remaining importing countries recorded the following average annual rates of imports growth: Nepal (+17.6% per year) and Pakistan (-6.2% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, surging by 31% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+11.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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