Updated Aug 25, 2022 22:53

Market for Agricultural, Construction and Industrial Machinery Tire in Taiwan (Chinese)

Market Overview
The Taiwanese market for tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced modestly to $ in , falling by -% against 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). Overall, consumption posted a temperate increase. As a result, consumption reached the peak level of $. From 2012 to , the growth of the market remained at a lower figure.

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined to $ in estimated in export price. Over the period under review, the total production indicated moderate growth from 2007 to : its value increased at an average annual rate of +% over the last fourteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2019 indices. The most prominent rate of growth was recorded in 2008 with an increase of % against the previous year. Production of peaked at $ in 2015; however, from 2016 to , production stood at a somewhat lower figure.


Consumption
For the third consecutive year, Taiwan (Chinese) recorded growth in consumption of tyres for agriculture, forestry, construction, industry and other off the road vehicles, which increased by % to units in . In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of units. From 2012 to , the growth of the consumption of remained at a lower figure.

The size of the market for tyres for agriculture, forestry, construction, industry and other off the road vehicles in Taiwan (Chinese) rose slightly to $ in , with an increase of % against 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). Overall, consumption continues to indicate tangible growth. As a result, consumption attained the peak level of $. From 2012 to , the growth of the market remained at a lower figure.


Market Forecast
Driven by increasing demand for agricultural, construction and industrial machinery tire in Taiwan (Chinese), the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

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


Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Taiwan (Chinese) remains a net exporter of agricultural, construction and industrial machinery tire; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.