Agricultural, Construction and Industrial Machinery Tyre Prices in the United States

U.S. Agricultural, Construction and Industrial Machinery Tyre Import Price in June 2022

In June 2022, the agricultural, construction and industrial machinery tyre price amounted to $53 per unit (CIF, US), approximately reflecting the previous month. Over the period from January 2022 to June 2022, it increased at an average monthly rate of +1.5%. The pace of growth was the most pronounced in March 2022 an increase of 14% month-to-month. The import price peaked in June 2022.

There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was India ($205 per unit), while the price for China ($28 per unit) was amongst the lowest.

From January 2022 to June 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

U.S. Agricultural, Construction and Industrial Machinery Tyre Import Prices by Type

Prices varied noticeably by the product type; the product with the highest price was new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($344 per unit), while the price for new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles ($29 per unit) was amongst the lowest.

From January 2022 to June 2022, the most notable rate of growth in terms of prices was attained by new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles (+1.3%), while the prices for the other products experienced a decline.

U.S. Agricultural, Construction and Industrial Machinery Tyre Imports

After three months of growth, overseas purchases of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -10.7% to 4.6M units in June 2022. The total import volume increased at an average monthly rate of +1.7% from January 2022 to June 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in April 2022 when imports increased by 14% against the previous month. Imports peaked at 5.1M units in May 2022, and then contracted in the following month.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced to $240M (IndexBox estimates) in June 2022. The total import value increased at an average monthly rate of +3.2% from January 2022 to June 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in March 2022 when imports increased by 20% m-o-m. Imports peaked at 268M units in May 2022, and then contracted in the following month.

U.S. Agricultural, Construction and Industrial Machinery Tyre Imports by Type

In June 2022, new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles (3.9M units) constituted the largest type of agricultural, construction and industrial machinery tyre supplied to the United States, with a 86% share of total imports. Moreover, new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles exceeded the figures recorded for the second-largest type, new pneumatic tyres used on agricultural or forestry vehicles and machines (412K units), tenfold.

From January 2022 to June 2022, the average monthly growth rate of the volume of import of new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles totaled +1.1%. With regard to the other supplied products, the following average monthly rates of growth were recorded: new pneumatic tyres used on agricultural or forestry vehicles and machines (+7.1% per month) and new pneumatic tyres used on construction, mining or industrial handling vehicles and machines (+4.9% per month).

In value terms, the most traded types of tyres for agriculture, forestry, construction, industry and other off the road vehicles in the United States were new pneumatic tyres other than used on agricultural, forestry, construction, mining or industrial vehicles, motor cars, buses, lorries, aircraft, motorcycles and bicycles ($116M), new pneumatic tyres used on construction, mining or industrial handling vehicles and machines ($78M) and new pneumatic tyres used on agricultural or forestry vehicles and machines ($47M).

U.S. Agricultural, Construction and Industrial Machinery Tyre Imports by Country

In June 2022, China (3.3M units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to the United States, accounting for a 73% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Thailand (403K units), eightfold. The third position in this ranking was held by Taiwan (Chinese) (254K units), with a 5.6% share.

From January 2022 to June 2022, the average monthly growth rate of volume from China stood at +2.7%. The remaining supplying countries recorded the following average monthly rates of imports growth: Thailand (+4.1% per month) and Taiwan (Chinese) (-6.1% per month).

In value terms, China ($91M) constituted the largest supplier of agricultural, construction and industrial machinery tyre to the United States, comprising 38% of total imports. The second position in the ranking was held by India ($44M), with an 18% share of total imports. It was followed by Thailand, with an 8.4% share.

From January 2022 to June 2022, the average monthly rate of growth in terms of value from China totaled +3.9%. The remaining supplying countries recorded the following average monthly rates of imports growth: India (+5.9% per month) and Thailand (+7.0% per month).

Source: IndexBox Market Intelligence Platform