Increasing demand for Low Engine Power Tractors in Philippines Market: Ken Research

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1. Demand for lower HP tractors, Government Initiatives and modern technologies are boosting Used Tractors Market in Philippines.

New tractors are expensive due to import based tractors and limited local manufacturing. Subsidiary program is just on paper less incentive for mechanization. Thereby raising demand for Used Tractors. The graph shows that the highest growth is in 2020, which is due to Covid. The entire country was reliant on farmers for food supply, which boosted the market for used tractors. Farmers in the Philippines are mostly marginal, and their per capita income is also low. Because their tiling area is small, they have no incentive to purchase a new tractor, so they buy used, which has increased its sales.

2. Philippines Used Tractor Market is expected to grow at a CAGR of 13.0% due to increase in demand for Farm Mechanization

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. Several projects are in the pipeline to help raise agricultural productivity, resiliency and access to markets of farmers and fisherfolk in selected ancestral domains in Mindanao and improve management of coastal fishery resources in selected coastal communities. 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.

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3. Diffusion of advanced technology, Digital enablement and Additional Service Offerings to drive the Used Tractor Market in the Future

Expansion of distribution network across Philippines, especially in the regions where used Tractor demand is rising for preference for private vehicles post pandemic, is likely to be witnessed in the future to service the increasing demand for used Tractors. Dealerships are expected to introduce their own official website/platforms to showcase their used Tractor inventory. Vertical Platforms are giving buyers & sellers new ways to interact online & facilitate the buying decision by offering a plethora of options and focusing on user browsing experience. Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used Tractor dealers to provide a hassle-free experience to the buyers.

For more insights on the market intelligence, refer to the link below:-

Philippines Used Tractor Market

The Philippines Used Tractor Market is growing owing to Increased Farm Mechanization and Digitization, Increase in Purchasing Power and Government Initiatives: Ken Research

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Focus on Modernization in Technology and Dominated by Low Engine Power Tractors Are Major Factor Contributing towards development of used tractor market in Philippines.

Demand for Used Tractor: New tractors are expensive due to import based tractors and limited local manufacturing. Subsidiary program is just on paper less incentive for mechanization. Thereby raising demand for Used Tractors. Farmers in the Philippines are mostly marginal, and their per capita income is also low. Because their tiling area is small, they have no incentive to purchase a new tractor, so they buy used, which has increased its sales.

Rural Urban Gap: Inadequate services & low financial resources lead to migration of rural population towards urban in search of a better opportunities which creates a substantial decline in the manual farm labors and has turned out to be a serious matter of concern for the Philippines countries.

Government Initiatives: Government Initiatives like Production Loan Easy Access, Agricultural Competitiveness Enhance Fund and Survival and Recovery Scheme Smart Plant Production in Controlled Environment are focusing on the adoption of techniques such as cryopreservation.

Sale Distribution Channels: Since the market is mostly unorganized so people prefer buying used tractors from their already trusted sources leading to maximum numbers of products via offline mode. Tractors are sold via Auction only when the buyer has less idea about the seller but can cross check the quality before buying. Around 68.0% of the population uses internet in Philippines leading to Used Tractors market using online sources to sell their products.

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 in terms of revenue 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

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

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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

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 information on the research reports, refer to below link:-

Philippines Used Tractor Market

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