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
- With time, Used Tractor Market is going to get popular wherein many people will prefer purchasing Used Tractor better than buying new ones because of lower prices.
- Tractor for operations like ploughing and pulling heavy implements. Moreover, using utility tractors can cut down the additional costs of purchasing varied machinery to perform tasks.
- Present and Future Trend suggest that people do not prefer to buy expensive used tractors for everyday purposes.
GURUGRAM, India, Dec. 13, 2022 /PRNewswire/ --
Leveraging technologies: Technologies such as Artificial Intelligence & Virtual Reality to enhance the digital experience for consumers by offering 360° interior & exterior view of the Tractor, estimating Tractor price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.
Financial Support from Banks: 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.
Agricultural mechanization: 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 "Philippines Used Tractor Market Outlook to 2027F - Driven by Modernization in Technology and Dominated by Low Engine Power Tractors" 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.
Key Segments Covered in the report:-
Philippines Used Tractor Market
By Power
- Less than 30 HP
- 31-60HP
- 60-100 HP
- 100 HP +
By Revenue
- Agriculture
- Construction
By Region
- Luzon
- Visayas
- Mindanao
By Distribution Channel
- Offline Channel
- Online Channel
- Financial Institution/Auction
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By Usage
- Less than 500 hours
- 501-1500 Hours
- 1501-3000 Hours
- 3001-5000 Hours
- 5000+ Hours
By Price
- Less than 300,000 Pesos
- 3 00,01- 400,000 Pesos
- 500,00-600,000 Pesos
- 700,00+ Pesos
Key Target Audience
- OEMs
- Multi-Brands
- Online Used Tractor Portals
- Used Tractor Financing Companies
- Government Bodies
- Investors & Venture Capital Firms
- Importers/ Dealer or Seller/Company
- Construction Companies
Time Period Captured in the Report:-
- Historical Period: 2017-2021
- Forecast Period: 2021-2027F
Companies Covered:-
- John Deere(global)
- New Holland (Global)
- Yanmar Philippines Corporation
- Kubota Philippines (KAMPI)
- HMR Philippine
- Adamco
- Westen Power Machineries
- Fill Holland
- Land Bank
- ORIX METRO Leasing and Finance
- Pen bank
- Agronomika finance
- My Benta
- Used
- Tractorousell
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Key Topics Covered in the Report
- How is Used Tractor Market Positioned in Philippines?
- Country Overview of Philippines
- Philippines Population Analysis
- Road Transport Overview of Philippines
- Philippines Agricultural Sector Overview
- Trade Statistics of Philippines Agriculture
- Ecosystem of Major Entities in Philippines Used Tractor Market
- Overview and Genesis of Used Tractor Market in Philippines
- Value Chain Analysis
- Customer Journey in buying of Used Tractor
- Role of Entities in Value Chain Analysis of Philippines Used Tractor Market
- Sourcing of Used Tractors for Dealers in Philippines
- Lead generation for Used Tractors in Philippines
- Step- by-step Sales Process of Used Tractor in Philippines
- Second hand tractor Loan amount disbursed via official/organized lending channels, 2017 – 2026F
- Used Tractor Sales and Prices, 2017 - 2021
- Used Tractor Revenue, 2017 - 2021
- Market Sizing and Segmentation of Used Tractor Market in Philippines (By Power, By Purpose, By Region, By Sale/ Distribution Channel, By Usage and By Price)
- Trends in Philippines Used Tractor Market, 2021
- Issues and Challenges in the Used Tractor Market
- SWOT Analysis of Philippines Used Tractor Market
- Porter's Five Forces Analysis of Used Tractor Market
- Customer Pain points in Philippines Used Tractor industry
- Buying Criteria of the Customers
- Selling Criteria Used by the Players
- Growth Drivers of the Used Tractor Market
- Market share of major Used Tractor Companies, FY 2021
- Cost Sheet of Major Players
- Philippines Used Tractor Market Future Outlook, 2021 – 2026F Philippines (By Power, By Purpose, By Region, By Sale/ Distribution Channel, By Usage and By Price)
- Future Trends and the Way Forward – Philippines Used Tractor Market
For more insights on the market intelligence, refer to the link below:-
Philippines Used Tractor Market
Related Reports by Ken Research:-
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.
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SOURCE Ken Research
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