Report Update: Apr 1, 2024

Vietnam - Tractors - Market Analysis, Forecast, Size, Trends and Insights

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Tractor Price in Vietnam - 2022

Tractor Price in Vietnam (CIF) - 2022

The average tractor import price stood at $7,132 per unit in December 2022, waning by -49.8% against the previous month. Overall, the import price showed a abrupt slump. The most prominent rate of growth was recorded in July 2022 when the average import price increased by 42% m-o-m. Over the period under review, average import prices hit record highs at $39,085 per unit in December 2021; afterwards, it flattened through to December 2022.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Germany ($33,850 per unit), while the price for China ($3,973 per unit) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by India (+3.7%), while the prices for the other major suppliers experienced a decline.

Tractor Price in Vietnam (FOB) - 2022

The average tractor export price stood at $12,076 per unit in December 2022, dropping by -1.7% against the previous month. Overall, export price indicated mild growth from December 2021 to December 2022: its price increased at an average monthly rate of +1.9% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, tractor export price increased by +5.4% against October 2022 indices. The most prominent rate of growth was recorded in March 2022 an increase of 28% against the previous month. As a result, the export price reached the peak level of $17,731 per unit; afterwards, it flattened through to December 2022.

Prices varied noticeably by the country of destination: the country with the highest price was Singapore ($22,056 per unit), while the average price for exports to the United States ($9,148 per unit) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports in Vietnam

After three years of growth, purchases abroad of tractors decreased by -8.2% to 14K units in 2022. In general, imports, however, posted prominent growth. The growth pace was the most rapid in 2021 when imports increased by 73% against the previous year. As a result, imports attained the peak of 16K units, and then declined in the following year.

In value terms, tractor imports reduced markedly to $375M in 2022. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 175% against the previous year. As a result, imports attained the peak of $518M, and then reduced rapidly in the following year.

Import of Tractor in Vietnam (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	42.9	91.2	388	246	79.0%
Thailand	18.4	25.4	32.3	39.8	29.3%
South Korea	21.5	11.5	40.9	26.7	7.5%
Mexico	50.6	13.1	6.9	17.8	-29.4%
Japan	16.3	17.1	18.3	17.6	2.6%
Germany	2.7	6.9	8.0	9.9	54.2%
United States	15.6	14.5	2.9	4.7	-33.0%
India	1.8	0.6	2.1	3.0	18.6%
Others	4.8	8.2	19.1	9.5	25.6%
Total	175	188	518	375	28.9%

Top Suppliers of Tractor to Vietnam in 2022:

China (7.5K units)
Thailand (3.5K units)
Japan (1.2K units)
Mexico (0.6K units)
South Korea (0.5K units)
India (0.2K units)
United States (0.2K units)
Germany (0.2K units)

Tractor Exports in Vietnam

In 2022, exports of tractors from Vietnam surged to 3.9K units, with an increase of 201% against the previous year. Over the period under review, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, tractor exports surged to $17M in 2022. The total export value increased at an average annual rate of +5.5% over the period from 2019 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Tractor in Vietnam (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Philippines	3.8	5.8	3.4	4.2	3.4%
Netherlands	2.7	2.8	2.0	3.0	3.6%
United States	1.5	1.8	1.4	2.1	11.9%
Cambodia	1.9	0.7	1.4	2.1	3.4%
Australia	0.6	0.7	1.0	1.2	26.0%
Germany	0.4	1.1	0.9	1.1	40.1%
Sri Lanka	0.8	0.8	1.7	1.1	11.2%
United Kingdom	0.6	0.4	0.4	0.6	0.0%
Uruguay	0.5	0.3	0.3	0.4	-7.2%
Lao People's Democratic Republic	0.5	N/A	0.4	0.2	-26.3%
Others	1.2	1.1	1.4	1.1	-2.9%
Total	14.6	15.6	14.2	17.2	5.6%

Top Export Markets for Tractor from Vietnam in 2022:

Philippines (351.0 units)
Netherlands (314.0 units)
United States (212.0 units)
Sri Lanka (150.0 units)
Australia (123.0 units)
Germany (114.0 units)
Cambodia (90.0 units)
United Kingdom (81.0 units)
Lao People's Democratic Republic (53.0 units)
Uruguay (44.0 units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the tractor market in Vietnam. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 28301000 - Pedestrian-controlled tractors
Prodcom 28302100 - New agricultural and forestry tractors, wheeled, of an engine power . .37 kW
Prodcom 28302200 - New agricultural and forestry tractors, wheeled, of an engine power > .37 kW but . .59 kW (excluding pedestrian-controlled tractors)
Prodcom 28302330 - New agricultural and forestry tractors, wheeled, of an engine power > .59 kW but . .75 kW (excluding pedestrian-controlled tractors)
Prodcom 28302350 - New agricultural and forestry tractors, wheeled, of an engine power > .75 kW but . .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302370 - New agricultural and forestry tractors, wheeled, of an engine power > .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302390 - New tractors excluding agricultural/forestry tractors, wheeled, p edestrian-controlled tractors - road tractors for semi-trailers, t rack-laying tractors -tractors used on railway platforms
Prodcom 28925000 - (Crawler tractors) Track-laying tractors
Prodcom 29104300 - Road tractors for semi-trailers

Country coverage:

Vietnam

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Vietnam
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023