This study analyzes global supply and demand for off-highway tractors. Tractors are defined as self-propelled machinery designed with the primary purpose of providing a high tractive effort at low speed in order to push or pull an attached implement or trailer. The specific products covered are:

• Agricultural tractors
• Tractors used in the construction and mining industries, including angledozers, backhoe loaders, bulldozers, wheel loaders, graders, scrapers, and skid-steer loaders
• Tractors used in commercial and/or consumer applications, including lawn and garden tractors, compact and subcompact utility tractors, and compact loaders
• Other tractor units, including pushback and baggage tractors used at airports and tractors used in ports for material handling purposes.

Excluded from the scope of the study are all tractors used for transportation purposes, including road tractor-trailer units and railway tractors.

Also excluded is machinery designed primarily to provide power in a different way — such as excavators, telehandlers, or compactors — even if that machinery can be used in a secondary manner to push or pull an implement. To distinguish them from riding lawnmowers, lawn and garden tractors are defined as units with a seat and a frontally mounted engine, regardless of whether the unit features a fixed cutting deck.

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Report Details:

Published: February 2013
No. of Pages: 407

Price:Single User License:US$6300

Historical data for 2001, 2006, and 2011 and forecasts for 2016 and 2021 are provided for demand by market (agricultural, construction, commercial and consumer, and other) and by product type (wheeled, crawler, and pedestrian controlled), total shipments, and net exports on a country-by-country basis in millions of current US dollars, including inflation. Also provided at the world level is tractor demand by product type in thousands of units. The term “demand” actually refers to “apparent consumption” and is defined as shipments (used interchangeably with the terms “production,” “output,” and “supply”) from tractor manufacturing facilities located in a country plus imports to that country minus exports. It is also referred to as “market,” “sales,” and consumption.”

Data on global tractor supply and demand are derived from differing sources and developed from statistical relationships. As a result, variations in this type of international reporting are common, and statistics presented in this study are historically consistent but may differ from other sources. Definitional differences, inventory accumulation, goods-in-transit, and undistributed exports might cause these variances. In order to minimize the impact of such discrepancies, total world tractor imports and exports have been assumed to balance. Due to independent rounding, tabular details may not add to totals. Ratios are rounded to the nearest significant digit. All dollar values cited for the industry are at the basic manufacturer level.

In addition, major tractor manufacturers worldwide are identified and profiled, and key competitive variables are discussed. This report is framed within the world tractor industry’s economic, market, and technological environments, and emphasizes environmental variables shaping tractors supply and demand patterns, such as agricultural production, construction spending, and fixed investment. Market share data by company for the world tractor market presented in the “Industry Structure” section are estimated based on consultation with multiple sources. These include annual reports, 10-K reports, security analyst reports, corporate product literature, and interviews with industry participants and competitors.

Macroeconomic and demographic indicators presented in this study were obtained from The Freedonia Group Consensus Forecasts dated June 2012. Gross Domestic Product (GDP) historical data are derived from the national income and products accounts from the Organisation for Economic Co- Operation and Development (OECD) for its member countries, from the European Bank for Reconstruction and Development (EBRD) for its member countries, and from the International Monetary Fund for its member countries that are not part of the OECD or EBRD. Sources of GDP estimates for other countries are based on information from the World Bank and a variety of sources including the countries’ statistical bureaus. GDP forecasts are developed from a consensus of public agencies and private firms.

All estimates of gross domestic product and components of GDP are done in terms of constant purchasing power parity in a benchmark year (2010) that is one year before the base year (2011) used in this study. Purchasing power parity GDP estimates for the benchmark year are obtained from the OECD; Eurostat; the World Bank; the International Monetary Fund; the US Central Intelligence Agency; and selected other sources. These purchasing power parity GDP estimates for the benchmark year are based on gross domestic product data expressed in the individual countries’ local currency, which are then converted to US dollars by valuing each country’s output at US prices in the benchmark year. This approach values the same physical output at a consistent price for all countries, thereby reducing the distorting influence of different price levels in the different countries. The alternative approach of using exchange rates to convert local currency GDP to US dollars would tend to overvalue the output of countries with high average price levels and undervalue the output of countries with low average price levels, because exchange rate conversions only partially reflect the relative prices for goods and services that are domestically consumed and invested. Furthermore, factors other than relative prices — such as demand and supply in currency markets, interest rates, and capital flows — affect exchange rates.

Once the GDP values for a country are estimated for the benchmark year, we then calculate inflation-adjusted GDP for all other years for that country based on historical and forecast growth rates of GDP expressed in inflationadjusted units of that country’s local currency. This approach ensures that the GDP series for any given country is an accurate index of changes in inflationadjusted GDP for that country. However, it also implicitly assumes that the price structures across countries do not change from those of the benchmark year. Therefore, caution should be used in comparing the relative GDP of countries in years other than the benchmark year. If the ratio of prices across two countries in a given year differs from the ratio of prices across those countries in the benchmark year, then the change in the relative sizes of those two economies as measured will not accurately reflect changes in output.