Updated Nov 15, 2022 02:55

Tractor Market in Singapore

Market Overview
The Singaporean tractor market totaled $ in , increasing 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, however, posted tangible growth. As a result, consumption attained the peak level of $. From 2012 to , the growth of the market failed to regain momentum.

In value terms, tractor production contracted to $ in estimated in export price. In general, production, however, posted a resilient increase. The most prominent rate of growth was recorded in 2009 when the production volume increased by %. Tractor production peaked at $ in , and then shrank in the following year.


Consumption
In , tractor consumption in Singapore rose slightly to units, surging by % compared with the previous year's figure. Overall, consumption posted strong growth. Over the period under review, consumption attained the maximum volume in and is likely to see steady growth in years to come.

The size of the tractor market in Singapore reached $ in , leveling off 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). Over the period under review, consumption showed a noticeable increase. As a result, consumption attained the peak level of $. From 2012 to , the growth of the market remained at a lower figure.


Consumption by Type
Agricultural and forestry tractors ( units), pedestrian-controlled tractors ( units) and road tractors for semi-trailers ( units) were the main products of tractor consumption in Singapore, together accounting for % of the total volume.

From 2007 to , the biggest increases were recorded for agricultural and forestry tractors (with a CAGR of +%), while consumption for the other products experienced more modest paces of growth.

In value terms, road tractors for semi-trailers ($) led the market, alone. The second position in the ranking was held by agricultural and forestry tractors ($). It was followed by pedestrian-controlled tractors.

From 2007 to , the average annual rate of growth in terms of the value of road tractors for semi-trailers markets stood at +%. With regard to the other consumed products, the following average annual rates of growth were recorded: agricultural and forestry tractors (+% per year) and pedestrian-controlled tractors (+% per year).


Market Forecast
Driven by increasing demand for tractor in Singapore, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, 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
Affected by an intensive growth in domestic production, which will gradually displace imported products from the market, the share of imports decreased from % in 2007 to % in . Singapore domestic supply is expected to continue its growth. 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
Singapore remains a net importer of tractor; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.