U.S.: Plough Market 2024

Plough Market Size in the U.S.

The U.S. plough market totaled $X in 2022, picking up by 4.9% against the previous year. Over the period under review, consumption, however, saw a prominent increase. Plough consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Plough Production in the U.S.

In value terms, plough production rose significantly to $X in 2022. Overall, the total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 -8.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 49% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Plough Exports

Exports from the U.S.

In 2022, overseas shipments of ploughs for agricultural purposes were finally on the rise to reach X units after four years of decline. Over the period under review, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 77% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, plough exports skyrocketed to $X in 2022. In general, exports, however, showed a pronounced setback. The growth pace was the most rapid in 2017 when exports increased by 65%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X units) was the main destination for plough exports from the United States, accounting for a 69% share of total exports. Moreover, plough exports to Canada exceeded the volume sent to the second major destination, Ukraine (X units), ninefold. Australia (X units) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to -12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (-18.4% per year) and Australia (-1.8% per year).

In value terms, Canada ($X) remains the key foreign market for ploughs for agricultural purposes exports from the United States, comprising 58% of total exports. The second position in the ranking was taken by Brazil ($X), with an 8.3% share of total exports. It was followed by Australia, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled -2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+13.3% per year) and Australia (+12.5% per year).

Export Prices by Country

In 2022, the average plough export price amounted to $X per unit, picking up by 4.1% against the previous year. Over the period under review, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of 95%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Ukraine ($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 China (+52.7%), while the prices for the other major destinations experienced more modest paces of growth.

Plough Imports

Imports into the U.S.

For the third year in a row, the United States recorded growth in purchases abroad of ploughs for agricultural purposes, which increased by 13% to X units in 2022. In general, imports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2017 with an increase of 77% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, plough imports contracted to $X in 2022. Over the period under review, imports, however, saw a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 77%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), India (X units) and Mexico (X units) were the main suppliers of plough imports to the United States, with a combined 47% share of total imports.

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 +79.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of ploughs for agricultural purposes to the United States, comprising 29% of total imports. The second position in the ranking was taken by Germany ($X), with a 13% share of total imports. It was followed by Mexico, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Canada stood at -15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+33.5% per year) and Mexico (-14.0% per year).

Import Prices by Country

The average plough import price stood at $X per unit in 2022, reducing by -14.4% against the previous year. Overall, the import price showed a pronounced curtailment. The growth pace was the most rapid in 2018 an increase of 14% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average import prices failed to regain momentum.

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 Canada ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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