Thailand Tractors Sales to Reach 68,781 Units by 2028. 20-40 HP Tractors are Most in Demand - Arizton

Subheading: The Thailand tractor market was valued at 53,316 units in 2021 and will reach 68,781 units by 2028, growing at a CAGR of 3.71 during 2022-2028.

According to latest market research report on Thailand tractors market, government strategies towards the welfare of farmers by converting agriculture into a viable activity are paving ways for new tractor purchases across Thailand. The largest-selling tractors in the 20-40 HP segment are in the power range of 30-40 HP. One of the major drivers for the high sales of these tractors is the prevalence of smaller farmers who hold below 2 hectares of land.

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KEY HIGHLIGHTS OFFERED IN THE REPORT:

1. Thailand Agriculture Tractor Market is expected to grow significantly at a CAGR of 3.71% (by Volume) during the forecast period 2021-2028. 2-Wheel-Drive segment accounted more than 90% from the overall tractor market

2. 20-40 HP segment accounting larger market share is expected to grow at a CAGR of 3.88% (by Volume) during the forecast period.

3. In 2020, Thailand economy contracted by 6.1% due to disruption in supply chain resulted during COVID-19 related lockdowns. The import-export scenario faced the similar circumstances during COVID-19. To aid economic recovery, Thai government plans to invest in the agriculture sector by providing loans and subsidies to farmers to expand farm mechanization.

4. The government's strategies to enhance the welfare of farmers by converting agriculture into a more viable activity are paving ways for new tractor purchases. The awareness about advanced agriculture equipment to improve per hectare yield is reducing the overall cost of crop production, and the income-centric inclination of farmers is boosting sales of new tractors in Thailand.

5. The need for increased food production and improved agriculture machinery has led to innovation in tractors and implements. The correlated demand from food production companies and other related sectors provides employment opportunities, thereby increasing income levels.

6. In the past, the major use of tractors was to pull the farming equipment and help in farming, but now tractors are more than "a big strong machine." They are self-driven, application-controlled, fuel-efficient, and user-friendly.

7. Siam Kubota, John Deere, and CNH Industrial dominated the Thailand tractor market with a cumulative market share of over 60% and remaining market is covered by other small players (New Holland, Yanmar, Sonalika, ACE, AGCO, ISEKI, Claas KGaA mbH, TAFE, IMT, Massey Ferguson, and Deutz-Fahr).

KEY OFFERINGS:
• Market Size & Forecast by Volume | 2021-2028
• Market Dynamics - Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation - A detailed analysis by horsepower and drive type
• Competitive Landscape - 5 key vendors and 13 other vendors

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THAILAND TRACTORS MARKET - SEGMENTATION
• The 20-40 HP segment generated the highest sales in almost all the regions of Thailand. This segment mainly includes semi-professional tractors with the customer base mostly comprising small-scale agriculture farms as well as hobby farmers.
• The 40-60 HP range tractors have a versatile usage in the Thailand market. The labor shortage and reducing agriculture production costs have triggered the demand for tractors in this segment in the Thailand market.
• In Thailand, 2WD tractors to dominant in all six regions such as Northern, Northeastern, Western, Central, Eastern, and Southern Thailand and are expected to maintain the same trend during the forecast period.

Segmentation by Horsepower 
• Less Than 20 HP 
• 20-40 HP 
• 41-60 HP 
• 61-100 HP 
• Above 100 HP 
Segmentation by Drive Type 
• 2-Wheel-Drive  
• 4-Wheel-Drive 

THAILAND TRACTORS MARKET - DYNAMICS
The increasing population growth and food consumption in Thailand are expected to fuel the demand for agriculture and industrial expansion by approximately 30% in the coming years. The agricultural industry has the highest share in the economy of Thailand and contributes 33-35% of the country's GDP. However, the organic farming is gaining high traction is the Thailand market. Manufacturers are also increasing organic farm equipment in their portfolio. The use of such equipment are the major drievrs increasing the use of tractors for agricultural operations.
According to Finance Minister Arkhom Termpittayapaisith, there is already a system in place to provide financial assistance to farmers. The project's budget for rice farmers alone is $2.6 billion. Initially, the proposal was intended for $0.3 billion to be distributed to farmers in stages. However, the project now needs an additional $2.2 billion which is expected to boost the growth of the Thailand tractors market.

KEY DRIVERS AND TRENDS FUELING MARKET GROWTH:
• Increased Food Consumption and Rapid Population Growth
• Increased Financial Support to Farmers Through Loans and Subsidies
• Socio-Demographic Changes in Thailand
• Expanding Farmland Size
• Increasing Focus Toward Remote Monitoring Technology in Tractors

THAILAND TRACTORS MARKET - COMPETITIVE LANDSCAPE

The leading players in the Thailand agriculture tractor market are increasingly investing in developing advanced agriculture tractor technology for precision farming and machine automation. However, the market for below 50 HP tractors belonged almost entirely to Kubota before 2004 and it is still commanding a very high market share of over 70%. Also, the demand for technologically advanced and high-end HP tractors is high in APAC and North America, the leading players in the Thailand agriculture tractor market are developing low-end HP tractors with the implementation of technology such as GPS. The Thailand tractors market is highly competitive, but at the same time provides many opportunities on account of high end-user variability to the vendors.

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Key Vendors
• Kubota
• John Deere
• CNH Industrial
• Escorts Limited
• Mahindra & Mahindra

Other Prominent Vendors
• New Holland
• Yanmar
• Sonalika International Tractors Limited
• Action Construction Equipments Ltd.
• AGCO
• Iseki Farm Implement Trading Co.
• CLAAS KGAA MBH
• Tractors and Farm Equipment Limited (TAFE)
• Eicher
• IMT
• Massey Ferguson Limited
• Deutz-Fahr

Explore our industrial machinery profile to know more about the industry.

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About Arizton:

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This release was published on openPR.