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.