According to SPER Market Research, the Philippines Agricultural Equipment Market is estimated to reach USD 1.24 billion by 2032 with a CAGR of 8.02%. A rise in demand for food due to the country’s steadily increasing population, rising prices for agricultural equipment from new players entering the market, an increase in the availability of financing options, and the adoption of driverless tractors are all expected to boost the Philippines’ agricultural equipment market. It is anticipated that a number of government support programs, including the Rural Development Project and Inclusive Partnerships for Agricultural Competitiveness Project, will help the agricultural sector flourish, hence boosting demand for agricultural equipment.
Philippines Agricultural Equipment Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 8.02%
- Forecast Market Size (2032): 1.24 billion
The market is expanding due to a growing acceptance of the use of new equipment. The COVID-19 pandemic’s escalating labour scarcity is also boosting sales of agricultural equipment in the Philippines. The worldwide health crises, however, resulted in a significant fall in the market. The nationwide lockdown, supported by international restrictions on the transit of commodities, caused a disturbance in the supply chain, which further slowed the market’s expansion.
Impact of COVID-19 on the Philippines Agricultural Equipment Market
The market is expanding due to the increasing adoption of new equipment. The COVID-19 pandemic’s increased labor shortage is also boosting the Philippines agriculture equipment market’s revenue. However, the worldwide health crises caused a significant fall in the industry. The nationwide lockout, supported by international restrictions on the transfer of commodities, disrupted the supply chain and slowed the market’s expansion even further.
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Philippines Agricultural Equipment Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type:
- Combine Harvesters
- Planters, Seeders and Transplanters
- Tillage Equipment
By Tractor Segment:
- Upto 60 Hp
- Between 61 – 130 Hp
- Above 130 Hp
- Domestically Manufactured
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Philippines Agricultural Equipment Market Key Players:
The Philippines Agricultural Equipment Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; CNH (Case IH & New Holland), John Deere, Kubota, Landini, Massey Ferguson, McCormick, Yanmar.
For More Information, refer to below link:-
Digital Agriculture Market Size- By Component, By Type, By Technology, By Operation, By Deployment, By Company Type, By Designation, By Application, By Offering- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032
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