Overview of the Global Market for Agricultural And Forestry Tractors

Market Size for Agricultural And Forestry Tractors

In 2021, the global agricultural and forestry tractor market decreased by -1% to $X, falling for the third year in a row after three years of growth. In general, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -14.6% against 2018 indices. Over the period under review, the global market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Agricultural And Forestry Tractors

In value terms, agricultural and forestry tractor production rose sharply to $X in 2021 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.5% against 2018 indices. The growth pace was the most rapid in 2016 when the production volume increased by 40% against the previous year. Global production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Agricultural And Forestry Tractors

Exports

In 2021, global exports of agricultural and forestry tractors skyrocketed to X units, jumping by 45% on the previous year. In general, total exports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +51.4% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, agricultural and forestry tractor exports surged to $X in 2021. The total export value increased at an average annual rate of +1.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Germany (X units), distantly followed by India (X units), Japan (X units), South Korea (X units), China (X units), France (X units), the United States (X units), Italy (X units) and the UK (X units) represented the key exporters of agricultural and forestry tractors, together achieving 80% of total exports. Thailand (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +24.6%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest agricultural and forestry tractor supplier worldwide, comprising 26% of global exports. The second position in the ranking was held by the United States ($X), with a 9.6% share of global exports. It was followed by Japan, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value in Germany amounted to +5.8%. In the other countries, the average annual rates were as follows: the United States (-2.6% per year) and Japan (+3.2% per year).

Export Prices by Country

In 2021, the average agricultural and forestry tractor export price amounted to $X per unit, waning by -8.7% against the previous year. Over the period under review, the export price recorded a noticeable slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 3.4%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+3.8%), while the other global leaders experienced more modest paces of growth.

Imports of Agricultural And Forestry Tractors

Imports

After four years of growth, overseas purchases of agricultural and forestry tractors decreased by -2.7% to X units in 2021. Overall, imports saw a noticeable curtailment. The pace of growth was the most pronounced in 2018 when imports increased by 21%. Over the period under review, global imports reached the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, agricultural and forestry tractor imports soared to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X units), distantly followed by France (X units), Qatar (X units) and Germany (X units) were the key importers of agricultural and forestry tractors, together committing 36% of total imports. Canada (X units), Poland (X units), Ukraine (X units), the Netherlands (X units), Italy (X units), the UK (X units), Russia (X units), Australia (X units) and Thailand (X units) held a little share of total imports.

Imports into the United States increased at an average annual rate of +4.1% from 2012 to 2021. At the same time, Ukraine (+7.3%), Thailand (+7.1%), Poland (+6.5%), Italy (+5.5%), Germany (+3.1%), France (+2.3%), Canada (+2.1%), the Netherlands (+1.9%) and Australia (+1.5%) displayed positive paces of growth. Moreover, Ukraine emerged as the fastest-growing importer imported in the world, with a CAGR of +7.3% from 2012-2021. By contrast, the UK (-5.5%), Russia (-5.7%) and Qatar (-21.5%) illustrated a downward trend over the same period. While the share of the United States (+9 p.p.), Germany (+2.2 p.p.), France (+2.2 p.p.), Poland (+1.8 p.p.), Ukraine (+1.7 p.p.) and Canada (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Qatar (-31.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest agricultural and forestry tractor importing markets worldwide were the United States ($X), France ($X) and Canada ($X), with a combined 34% share of global imports. These countries were followed by Germany, the UK, Italy, Australia, Poland, the Netherlands, Russia, Ukraine, Thailand and Qatar, which together accounted for a further 27%.

Italy, with a CAGR of +7.4%, 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 global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average agricultural and forestry tractor import price amounted to $X per unit, picking up by 43% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.1%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+5.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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