“Increased Marketing Expenditure and increasing Farm Mechanization in the country has driven the growth of agricultural equipment market in Philippines”.
Increase in agriculture crop production: The agriculture crop production during the review period (2013-2018) increased and reached over 90 million metric tonnes in 2017 thereby increasing the income generated by the farmers and stimulating the demand for agricultural equipment market.
DA supported Training Programs: The Agricultural Training Institute set up by DA has partnered with Social Institute for Poverty Alleviation and Governance to deliver courses to teach farmers about climate-smart practices including the optimal use of modern technology and crop and soil management. The programs aim at raising awareness about the potential benefits of mechanization in farming.
Adoption of Smart Farming Methods: Programs such as Smart Plant Production in Controlled Environments (SPICE) includes techniques such as vertical farming, micro propagation, cryopreservation and hydroponics are designed to develop and promote urban farming and high-tech plant conservation. Such programs have helped in increasing the demand for agricultural equipments in the country.
Easy Credit Financing Option: Combined efforts by the national government as well as the global organizations (such as the World Bank) have led to the formation of number of projects such as Production Loan Easy Access (PLEA), Survival and Recovery (SURE) and Agricultural Competitiveness Enhance Fund (ACEF) to support financing of agricultural equipments in Philippines. This increase in the ease of financing of agriculture equipments boosted their demand in the review period (2013-2018).
Increase in the irrigated land: Increase in irrigated area in the review period (2013-2018), reaching up to 1.89 million hectare acres in 2017, showed that there has been an increase in the efforts put by the farmers to increase the productivity of the land to gain more agricultural output and therefore, there will be an increase in the demand of the agricultural equipments for the same and hence, it stimulated the growth in the Philippines agricultural equipments market.
The report titled “Philippines Agricultural Equipment Market Outlook to 2023-By Product Type (Tractors, Combine Harvesters, Planters, Seeders and Tillage Equipments), By Tractor Segment (Upto 60 Hp, Between 61-130 Hp and above 130 Hp), By Production (Imported and Domestically Manufactured) and By Region (Luzon, Visayas and Mindanao)” by Ken Research suggested that Philippines Agricultural Equipment Market is at growth stage and has been growing from 2013 due to rising awareness about Farm Mechanization in the country. The market has grown with a positive CAGR of 9.4% in terms of sales value and 9.2% in terms of sales volume during the period 2013-2028.
Key Segments Covered
By Product Type
Tractors
Combine Harvesters
Planters, Seeders and Transplanters
Tillage Equipment (Ploughs, Harrows and Rotovators)
By Tractor Segment
Upto 60 Hp
Between 61-130 Hp
Above 130 Hp
By Production
Imported
Domestically Manufactured
By Region
Luzon
Visayas
Mindanao
Key Target Audience
Agricultural Equipment Companies
New Market Entrants- Domestic OEMs
New Market Entrants- Foreign OEMs
Agricultural Equipment Financing Companies
Government Bodies
Investors & Venture Capital Firms
Agricultural Equipment Manufacturers
Agricultural Equipment Distributors
Agricultural Equipment Associations
Time Period Captured in the Report:
Historical Period: 2013-2018
Forecast Period: 2019-2023E
Major Companies Covered:
Kubota
Yanmar
Massey Ferguson
CNH (Case IH & New Holland)
John Deere
McCormick
Landini
Key Topics Covered in the Report
Executive Summary
Research Methodology
Philippines Agriculture Equipment Market Overview
Philippines Agriculture Equipment Market Size, 2013-2018
Philippines Agriculture Equipment Market Segmentation, 2018
Growth Drivers in Philippines Agriculture Equipment Market
Issues and Challenges in Philippines Agriculture Equipment Market
Regulatory Framework
Snapshots on Equipment Financing and Rentals, After Market Services and Diesel Engines
Competitive Landscape
Company Profiles of Major Players
Philippines Agriculture Equipment Future Outlook and Projections, 2018-2023E
Philippines Agriculture Equipment Future Segmentation, 2018 – 2023E
Analyst Recommendations
For more information, refer to below link:
Philippines Agricultural Equipment Market Outlook to 2023
Related Reports
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
