Agricultural And Forestry Tractor Market

The global agricultural and forestry tractor market is projected to experience a positive trend in demand from 2022 to 2030, with forecasted increases in both market volume and value. Key highlights include insights on consumption trends, production figures, import and export dynamics, and price fluctuations. Major consuming countries include China, the United States, and India, while key producers and importers include Germany, the United States, and France. Overall, the market is expected to show growth in the coming years, driven by rising demand worldwide.

Market Forecast

Driven by rising demand for agricultural and forestry tractor worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market volume to 8.9M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market value to $255.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of New Agricultural And Forestry Tractors

In 2022, the amount of agricultural and forestry tractors consumed worldwide dropped slightly to 6.6M units, remaining constant against the previous year. Overall, consumption showed a deep setback. Global consumption peaked at 11M units in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global agricultural and forestry tractor market size dropped slightly to $163.5B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a pronounced curtailment. Over the period under review, the global market attained the peak level at $268.4B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.4M units), the United States (960K units) and India (495K units), together accounting for 43% of global consumption. Ireland, Japan, Germany, Pakistan, Brazil, France, Indonesia, the UK, Belgium and Mexico lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +54.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($39.9B) led the market, alone. The second position in the ranking was held by China ($14.1B). It was followed by Germany.

In the United States, the agricultural and forestry tractor market expanded at an average annual rate of +5.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: China (-0.3% per year) and Germany (+7.0% per year).

In 2022, the highest levels of agricultural and forestry tractor per capita consumption was registered in Ireland (56 units per 1000 persons), followed by Belgium (13 units per 1000 persons), the United States (2.9 units per 1000 persons) and France (2.8 units per 1000 persons), while the world average per capita consumption of agricultural and forestry tractor was estimated at 0.8 units per 1000 persons.

In Ireland, agricultural and forestry tractor per capita consumption increased at an average annual rate of +53.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+11.8% per year) and the United States (+4.7% per year).

Production

World Production of New Agricultural And Forestry Tractors

For the fifth consecutive year, the global market recorded decline in production of agricultural and forestry tractors, which decreased by -1.2% to 6M units in 2022. Overall, production saw a deep contraction. The growth pace was the most rapid in 2017 when the production volume increased by 70% against the previous year. Global production peaked at 11M units in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, agricultural and forestry tractor production dropped to $140.9B in 2022 estimated in export price. Over the period under review, production continues to indicate a deep reduction. The pace of growth was the most pronounced in 2017 with an increase of 86% against the previous year. Global production peaked at $247.6B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.4M units), the United States (766K units) and India (608K units), together accounting for 46% of global production.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +4.6%), while production for the other global leaders experienced a decline in the production figures.

Imports

World Imports of New Agricultural And Forestry Tractors

In 2022, purchases abroad of agricultural and forestry tractors decreased by -10.3% to 1.6M units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 86%. As a result, imports reached the peak of 1.8M units, and then reduced in the following year.

In value terms, agricultural and forestry tractor imports surged to $29.8B in 2022. Overall, total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +57.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 35% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

Ireland (287K units) and the United States (264K units) represented the major importers of agricultural and forestry tractors in 2022, accounting for near 18% and 17% of total imports, respectively. Belgium (169K units) ranks next in terms of the total imports with an 11% share, followed by France (4.9%). Canada (56K units), Germany (48K units), Spain (42K units), the Philippines (36K units), Greece (32K units), the Netherlands (32K units), Poland (32K units), Australia (26K units) and the UK (25K units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +53.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7B) constitutes the largest market for imported agricultural and forestry tractors worldwide, comprising 24% of global imports. The second position in the ranking was held by France ($2.6B), with an 8.6% share of global imports. It was followed by Canada, with a 6% share.

In the United States, agricultural and forestry tractor imports expanded at an average annual rate of +9.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: France (+2.8% per year) and Canada (+2.2% per year).

Import Prices By Country

In 2022, the average agricultural and forestry tractor import price amounted to $18,646 per unit, increasing by 30% against the previous year. Over the period under review, the import price, however, continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2016 when the average import price increased by 32%. Over the period under review, average import prices reached the peak figure at $25,988 per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the UK ($45,887 per unit), while Ireland ($701 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+7.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of New Agricultural And Forestry Tractors

After two years of growth, overseas shipments of agricultural and forestry tractors decreased by -12.9% to 1.1M units in 2022. In general, total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% 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 +83.2% against 2017 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 54%. As a result, the exports reached the peak of 1.2M units, and then fell in the following year.

In value terms, agricultural and forestry tractor exports expanded markedly to $27.9B in 2022. Overall, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +46.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 33%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

The shipments of the twelve major exporters of agricultural and forestry tractors, namely Japan, India, the Netherlands, South Korea, Germany, the United States, China, Italy, Thailand, France, Denmark and the UK, represented more than two-thirds of total export.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +27.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($6.8B) remains the largest agricultural and forestry tractor supplier worldwide, comprising 24% of global exports. The second position in the ranking was taken by the United States ($2.9B), with a 10% share of global exports. It was followed by France, with an 8% share.

From 2012 to 2022, the average annual growth rate of value in Germany amounted to +6.0%. In the other countries, the average annual rates were as follows: the United States (-0.4% per year) and France (+3.6% per year).

Export Prices By Country

The average agricultural and forestry tractor export price stood at $26,399 per unit in 2022, with an increase of 26% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 36%. As a result, the export price attained the peak level of $31,345 per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($93,728 per unit), while Denmark ($1,944 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform