Asia: Tractor Market 2024

Tractor Market Size in Asia

In 2022, the Asian tractor market decreased by X% to $X, falling for the fifth year in a row after two years of growth. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Tractor Production in Asia

In value terms, tractor production reduced slightly to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

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Tractor Exports

Exports in Asia

In 2022, the amount of tractors exported in Asia shrank to X units, waning by X% against the previous year. Over the period under review, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2020 when exports increased by X%. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, tractor exports declined slightly to $X in 2022. Total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of $X, leveling off in the following year.

Exports by Country

Japan (X units), China (X units), India (X units), South Korea (X units) and Thailand (X units) represented roughly X% of total exports in 2022. It was distantly followed by Turkey (X units), mixing up a X% share of total exports. Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest tractor supplying countries in Asia were Japan ($X), China ($X) and India ($X), with a combined X% share of total exports. Turkey, South Korea, Thailand and Indonesia lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the export price, however, saw a perceptible reduction. The pace of growth appeared the most rapid in 2019 when the export price increased by X%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced mixed trends in the export price figures.

Tractor Imports

Imports in Asia

In 2022, the amount of tractors imported in Asia declined to X units, with a decrease of X% compared with 2021. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, tractor imports declined to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

The countries with the highest levels of tractor imports in 2022 were Bangladesh (X units), Cambodia (X units), Thailand (X units), Turkey (X units), Nepal (X units), the Philippines (X units), India (X units), Iran (X units), Vietnam (X units), Saudi Arabia (X units), Malaysia (X units) and Lao People's Democratic Republic (X units), together accounting for X% of total import. Uzbekistan (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Uzbekistan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor importing markets in Asia were Turkey ($X), Iran ($X) and Vietnam ($X), together accounting for X% of total imports. Thailand, Saudi Arabia, Uzbekistan, Cambodia, Malaysia, Bangladesh, the Philippines, Lao People's Democratic Republic, Nepal and India lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Uzbekistan, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, which is down by X% against the previous year. Overall, the import price recorded a pronounced downturn. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Iran ($X per unit), while Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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