Spain: Tractor Market 2024

Tractor Market Size in Spain

The Spanish tractor market dropped modestly to $X in 2022, with a decrease of -4.8% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Tractor Production in Spain

In value terms, tractor production reduced dramatically to $X in 2022 estimated in export price. Over the period under review, production faced a deep setback. The pace of growth was the most pronounced in 2021 with an increase of 831% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Tractor Exports

Exports from Spain

In 2022, exports of tractors from Spain surged to X units, increasing by 40% against the year before. In general, exports saw a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 201%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, tractor exports reduced to $X in 2022. Overall, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +9.4% 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 +74.9% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 107% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

Italy (X units), Portugal (X units) and Germany (X units) were the main destinations of tractor exports from Spain, together accounting for 26% of total exports. These countries were followed by France, Libya, Poland, Belgium, the Netherlands, Romania, Turkey, Saudi Arabia, Morocco and the UK, which together accounted for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +31.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) remains the key foreign market for tractors exports from Spain, comprising 31% of total exports. The second position in the ranking was held by Germany ($X), with a 15% share of total exports. It was followed by France, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Italy amounted to +18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.0% per year) and France (+3.0% per year).

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, dropping by -36% against the previous year. In general, the export price showed a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 117%. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Libya ($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 Morocco (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Spain

In 2022, the amount of tractors imported into Spain surged to X units, growing by 54% against 2021. Overall, imports showed a resilient expansion. The growth pace was the most rapid in 2018 with an increase of 191%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports fell to $X in 2022. The total import value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X units), the Netherlands (X units) and France (X units) were the main suppliers of tractor imports to Spain, together accounting for 43% of total imports. These countries were followed by Belgium, Turkey, Germany, Poland, China, India, the United States and Japan, which together accounted for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +70.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor suppliers to Spain were Germany ($X), Belgium ($X) and the Netherlands ($X), with a combined 51% share of total imports. These countries were followed by France, Italy, Turkey, Poland, India, the United States, China and Japan, which together accounted for a further 40%.

In terms of the main suppliers, India, with a CAGR of +57.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, dropping by -37.6% against the previous year. In general, the import price faced a deep contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 142% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2016; however, from 2017 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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+6,283.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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