Agricoltura
The Philippines Used Tractor Market Revenue is expected to grow and reach to ~PHP 2,300 Mn by 2027F owing to Increased Demand for adoption of Modern Technology: Ken Research
World Bank's support to the Philippines includes long-running programs aiming to raise agricultural productivity and reduce poverty in rural communities. A current example of this is the Philippine Rural Development Project (PRDP) which aims to help increase rural incomes and enhance farm and fishery productivity.
In an agricultural country like the Philippines , agricultural mechanization is necessary to increase land, labor, and crop productivity. The mechanization of farm work offers many advantages including the timely performance of operations, efficiency in performing farm work reduction of labor hours and increase in land and labor productivity. Agriculture is still a major factor in the Philippine economy, although its relative share in the gross domestic product (GDP) has been declining for many years.
Analysts at Ken Research in their latest publication " by Ken Research observed that Used Tractors market is an emergent vehicle market in Philippines at a rebounding stage from the economic crisis after pandemic. The rising government policies and demand for used tractor, online platforms for purchasing with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a 13.0% CAGR during 2021-2027F owing to the increase in demand for Farm Mechanization and lower price then new tractors.
Thailand Used Tractor market has showcased subdued growth over the past few years supported by growth in agriculture production, surge in average farm size and demand increase for 35-50HP used tractors. The Thailand Used Tractor market is a moderately concentrated market with John Deere, New Holland, Yanmar, Siam Kubota, Iseki as the market leaders owing to the high market share on the basis of number of used tractors sold. Due to the increased use of online channels during the COVID, the prominence of offline channels as a method of distribution of used tractors decreased. A major part of the sales distribution occurs through financial institutions or auctions. In case of default, the financial institution repossesses the machinery and auction it, to recover the investment.
According to Ken Research estimates, the Indonesia Used Tractor Market – The Indonesia Used Tractor Market has grown at a CAGR of 0.7% over the last four years owing to small land holding size, poor access to credit & financial institutions and deteriorating resource base are obstructing the growth of Used Tractors. Demand for lower HP tractors is high due to the low disposable income of farmers and high labor costs. One of the features of low HP tractor is that it can be used in small farms and gardens. Such tractors also allow farmers to work during low visibility field conditions during rain, dust, and fog and maximize efficiency making farming more accurate and productive.
The continuous technological advancement, along with the strong support from Central and State Government for farm mechanization, the market for the Tractors in India has been on rise. Additionally, Tractors require low maintenance & have lower cost of ownership, contributing to the increased share of the Tractor market in India . With the ambition to match the international market in farm and agri-products there is an urgent need for farm mechanization. Additionally, the market is primarily driven by strict regulations, government incentives, and increasing environmental awareness. Currently, the Tractor market is dominated by agricultural tractors as compared to commercial tractors.
Ken Research Private Limited
Ankur Gupta , Director Strategy and Growth
+91-9015378249
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