U.S.: Tractor Market 2024

Tractor Market Size in the U.S.

The U.S. tractor market rose rapidly to $X in 2022, with an increase of 9.5% against the previous year. Over the period under review, consumption recorded a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Tractor Production in the U.S.

In value terms, tractor production expanded slightly to $X in 2022. Over the period under review, the total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 -4.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Tractor Exports

Exports from the U.S.

In 2022, overseas shipments of tractors increased by 4% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, showed a mild downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 38% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, tractor exports amounted to $X in 2022. Over the period under review, exports, however, showed a pronounced decrease. The pace of growth was the most pronounced in 2021 when exports increased by 33%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X units) was the main destination for tractor exports from the United States, with a 24% share of total exports. Moreover, tractor exports to Canada exceeded the volume sent to the second major destination, Australia (X units), fivefold. Mexico (X units) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+0.6% per year) and Mexico (+1.0% per year).

In value terms, Canada ($X) remains the key foreign market for tractors exports from the United States, comprising 26% of total exports. The second position in the ranking was taken by Australia ($X), with a 6.8% share of total exports. It was followed by Mexico, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-3.8% per year) and Mexico (-1.7% per year).

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, with an increase of 3.5% against the previous year. Over the period under review, the export price, however, showed a perceptible decline. The pace of growth was the most pronounced in 2018 an increase of 23% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while the average price for exports to Guatemala ($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 the Netherlands (+5.9%), while the prices for the other major destinations experienced a decline.

Tractor Imports

Imports into the U.S.

Tractor imports into the United States surged to X units in 2022, rising by 18% against 2021. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +57.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 33% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tractor imports expanded sharply to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +48.6% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 37%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

Japan (X units), South Korea (X units) and Mexico (X units) were the main suppliers of tractor imports to the United States, together accounting for 35% of total imports. These countries were followed by India, Indonesia, Germany, Turkey, Italy and the UK, which together accounted for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +46.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of tractors to the United States, comprising 25% of total imports. The second position in the ranking was held by Germany ($X), with a 6.7% share of total imports. It was followed by Japan, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+15.9% per year) and Japan (+3.3% per year).

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, waning by -4.9% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 19%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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