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 Outlook to 2027F – Driven by Technological Advancements and Dominated by Low Engine Power 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.
Indonesia Used Tractor Market Outlook to 2027 – Driven By Remote Monitoring Technologies, Farm Mechanization and Dominated by Low Engine Power Tractors
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.
India Tractor Market Outlook to 2025- By Vehicle Category (Agriculture and Commercial), Registration by Region (North, East, West, South) and Registration by State
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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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 – Yahoo Finance
