Asia: Tractor Market 2022

Tractor Market Size in Asia

In 2021, the Asian tractor market decreased by -6.9% to $X, falling for the third year in a row after seven years of growth. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.3% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Tractor Production in Asia

In value terms, tractor production contracted slightly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.1% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Tractor Exports

Exports in Asia

In 2021, tractor exports in Asia soared to X units, growing by 63% compared with the previous year's figure. Over the period under review, exports recorded a buoyant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, tractor exports skyrocketed to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from China (X units), Japan (X units), Thailand (X units) and India (X units), together accounting for 81% of total export. It was distantly followed by South Korea (X units) and Turkey (X units), together mixing up a 16% share of total exports.

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 +32.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest tractor supplying countries in Asia were China ($X), Japan ($X) and Turkey ($X), with a combined 67% share of total exports.

Turkey, with a CAGR of +16.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, waning by -5% against the previous year. Overall, the export price saw a noticeable slump. The pace of growth appeared the most rapid in 2014 when the export price increased by 40%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Turkey ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+6.3%), while the other leaders experienced mixed trends in the export price figures.

Tractor Imports

Imports in Asia

Tractor imports surged to X units in 2021, with an increase of 25% compared with the year before. The total import volume increased at an average annual rate of +3.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, tractor imports soared to $X in 2021. The total import value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of tractor imports in 2021 were Cambodia (X units), Turkey (X units), Bangladesh (X units), Nepal (X units), Thailand (X units), Saudi Arabia (X units), Vietnam (X units), India (X units), Sri Lanka (X units), Japan (X units), the Philippines (X units) and the United Arab Emirates (X units), together amounting to 68% of total import. South Korea (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Cambodia (with a CAGR of +19.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported tractors in Asia, comprising 22% of total imports. The second position in the ranking was held by South Korea ($X), with a 5.9% share of total imports. It was followed by Thailand, with a 4.7% share.

In Turkey, tractor imports expanded at an average annual rate of +7.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+3.3% per year) and Thailand (-4.7% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, rising by 11% against the previous year. In general, the import price, however, recorded a pronounced shrinkage. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Turkey ($X per unit), while Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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