- The Thailand Used Tractor Market witnessed a dip in sales in the period of 2017-2021, but it is expected to grow significantly during the forecasted period of 2022-2027F.
Thailand has been hit by both droughts and floods in the past few years. Its rice cultivation suffered from dry spells and recorded a significant drop in production. The used tractor market was also affected by flash floods from tropical storms, which affected agricultural yields. However, it is expected that the Used Tractor Market in Thailand will grow at a CAGR of >5% during 2022-27 with GPS technology enhancing productivity and digital media penetration improving the marketing and distribution process for suppliers. Besides, farm mechanization and demand for low engine power tractors, which are more versatile and take up less space are the major growth drivers of the market.
- Offline Channels command more than 80% of the Used Tractor Market Distribution Channel in Thailand.
Offline channels have the lion’s share in distribution channel and is likely to prevail for a long period. Online Channels are not widely used for the distribution of used tractors in Thailand. 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. The auctions provide good opportunities to big retailers, dealers, associations and large farmers to buy tractors at a lesser price compared to market rate.
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- The Used Tractor Market in Thailand is dominated by low engine power tractors.
The high-power tractors ranging between 76 HP- 100 HP+ have the least sales volume in the market due to the higher prices. Tractors with 36-50 HP are the most sold used tractors in the market. Low Power tractors dominates the market due to relatively lower costs. Lower engine power tractors also take up less space and are more versatile because their engines have a capacity of less than 1,500cc.