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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