Tractor Market in Thailand
Market Overview
In 
, the Thai tractor market decreased by -% to $, falling for the third year in a row after three years of growth. In general, consumption, however, continues to indicate a modest expansion. As a result, consumption reached the peak level of $. From 2019 to , the growth of the market failed to regain momentum.
In value terms, tractor production reduced slightly to $ in estimated in export price. Over the period under review, production posted strong growth. The pace of growth appeared the most rapid in 2010 with an increase of % against the previous year. Over the period under review, production attained the peak level at $ in 2018; however, from 2019 to , production remained at a lower figure.
, the Thai tractor market decreased by -% to $, falling for the third year in a row after three years of growth. In general, consumption, however, continues to indicate a modest expansion. As a result, consumption reached the peak level of $. From 2019 to , the growth of the market failed to regain momentum.In value terms, tractor production reduced slightly to $
in estimated in export price. Over the period under review, production posted strong growth. The pace of growth appeared the most rapid in 2010 with an increase of % against the previous year. Over the period under review, production attained the peak level at $ in 2018; however, from 2019 to , production remained at a lower figure.Consumption
Tractor consumption in Thailand rose rapidly to units in , growing by % against the previous year. Overall, consumption posted a strong expansion. Tractor consumption peaked at units in ; however, from to , consumption remained at a lower figure.
The revenue of the tractor market in Thailand expanded significantly to $ 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). In general, consumption saw a perceptible expansion. As a result, consumption attained the peak level of $. From 2019 to , the growth of the market failed to regain momentum.
units in , growing by % against the previous year. Overall, consumption posted a strong expansion. Tractor consumption peaked at units in ; however, from to , consumption remained at a lower figure.The revenue of the tractor market in Thailand expanded significantly to $
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). In general, consumption saw a perceptible expansion. As a result, consumption attained the peak level of $. From 2019 to , the growth of the market failed to regain momentum.Consumption by Type
Agricultural and forestry tractors ( units) constituted the product with the largest volume of consumption, accounting for % of total volume. Moreover, agricultural and forestry tractors exceeded the figures recorded for the second-largest type, pedestrian-controlled tractors ( units), twofold. The third position in this ranking was taken by road tractors for semi-trailers ( units), with a % share.
From 2007 to, the average annual growth rate of the volume of agricultural and forestry tractors consumptions totaled +%. With regard to the other consumed products, the following average annual rates of growth were recorded: pedestrian-controlled tractors (+% per year) and road tractors for semi-trailers (+% per year).
In value terms, road tractors for semi-trailers ($), agricultural and forestry tractors ($) and pedestrian-controlled tractors ($) appeared to be the products with the highest levels of market value in , with a combined % share of the total market.
Agricultural and forestry tractors, with a CAGR of +%, recorded the highest rates of growth with regard to market size in terms of the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.
units) constituted the product with the largest volume of consumption, accounting for % of total volume. Moreover, agricultural and forestry tractors exceeded the figures recorded for the second-largest type, pedestrian-controlled tractors ( units), twofold. The third position in this ranking was taken by road tractors for semi-trailers ( units), with a % share.From 2007 to
, the average annual growth rate of the volume of agricultural and forestry tractors consumptions totaled +%. With regard to the other consumed products, the following average annual rates of growth were recorded: pedestrian-controlled tractors (+% per year) and road tractors for semi-trailers (+% per year).In value terms, road tractors for semi-trailers ($
), agricultural and forestry tractors ($) and pedestrian-controlled tractors ($) appeared to be the products with the highest levels of market value in , with a combined % share of the total market.Agricultural and forestry tractors, with a CAGR of +
%, recorded the highest rates of growth with regard to market size in terms of the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.Market Forecast
Driven by increasing demand for tractors in Thailand, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, 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 .
% 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 . Thailand 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.
% in 2007 to % in . Thailand 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
Thailand remains a net exporter of tractor; 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.
. 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.
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