Philippines Agricultural Equipment Market is Expected to Grow and Reach USD 400 Million on Basis of Sales Value by 2023: According to Market Research Report by Ken Research
26 Sep, 2019, 15:00 BST
GURUGRAM, India, Sept. 26, 2019 /PRNewswire/ -- Key Findings
- The Philippines agriculture equipment industry is anticipated to grow in the future due to the expected increase in the agriculture crop production, reaching up to around 86.3 million metric tonnes in 2023.
- The industry growth is expected to be fueled by rising demand and prices of agriculture produce, better government regulations and rise in mechanization rate and with the introduction of technological advancements such as Agricultural Robots and Drones in coming 5 years.
- The industry demand for agricultural equipments is expected to increase due to the estimated increase in the irrigated land to 1.80 million hectares by 2023E.
Analysts at Ken Research in their latest publication "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)" believe that the agricultural equipment market in Philippines will increase owing to rising demand for food in the country. The market is expected to register a positive CAGR of 12.3 % in terms of sales value and 11.9% in terms of sales volume during the forecasted period 2018-2023E.
Increase in food demand: The continued expansion of the Philippines economy and the doubling of the middle income class population by 2030 are expected to increase the demand for food in Philippines. Sustained increase in the food demand may significantly increase farm income and induce farmers to seek productivity improving technology and practices. This paves way for agricultural mechanization in Philippines and therefore stimulating the market growth.
Reduced Import Dependency: The Philippines is an import driven economy. The government is working towards enhancing the agricultural sector in order to import less and export more which will in turn reduce country's fiscal deficit. Initiatives such as announcement of plans of turning whole Mindanao as an onion producing region to curb the reliance on imports in July 2017 are taken by the government to increase production. This is expected to boost the demand for agricultural equipment in the country.
Encouraging Local Manufacturing of Agricultural Equipments: The national agricultural development plan is embedded in the Philippine Development Plan 2017-22 with a target to increase agricultural Gross Value Added (GVA) from the baseline value of 0.1% to 2.5-3.5% by the year 2022. The government will provide funding for the full implementation of the Agriculture and Fisheries Mechanization Lawn or RA 10601 to encourage local manufacturing and assembly of machinery and equipments for production, post-harvest and processing activities. These initiatives from government will boost the growth of agriculture equipments market in Philippines in future.
Key Segments Covered
By Product Type
- Tractors
- Combine Harvesters
- Planters, Seeders and Transplanters
- Tillage Equipments (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
- 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: 2019-2023
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, 2013-18
- 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 on the market research report please refer to the below link:
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