DUBLIN--(BUSINESS WIRE)--The "Thailand Tractor Market - Industry Analysis & Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
Increased food consumption and rapid population growth are driving the agricultural and forestry tractor market in Thailand. This increasing demand for food will have to be met by a tremendous increase in production and per hector yield. Recent socio-demographic changes in Thailand are also driving demand in the Thailand tractors market.
The number of people regularly working in agriculture is decreasing in Thailand. This increases the need for agricultural machinery in the country, thus positively impacting Thailand's Agricultural Tractor Market.
The Thailand tractors market is expected to grow at a CAGR of 3.71%.
Segmentation Analysis
The 20-40 HP segment generated the highest sales in almost all the regions of Thailand. Tractors with a power capacity range of less than 20 HP are referred to as mini tractors. These tractors are ideal for farmers with marginal land holdings and low haulage requirements.
2WD tractors are the most favored by farmers. The low relative cost of ownership, the sufficiency of features, and haulage power and convention make 2WD tractors more popular among farmers.
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
Geographical Analysis
The increasing penetration and adoption of farm mechanization practices across Thailand have driven the sale of new tractors. Tractors and agriculture implements are the major product categories of the organized agriculture market in Thailand.
Report Includes:
1. The analysis of the Thailand Tractor Market provides market size and growth rate for the forecast period 2022-2028.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the Thailand Tractor Market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the Thailand Tractor Market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.
Market Dynamics
Opportunities & Trends
- Rising Focus on Remote Monitoring Technology in Tractors
- Self-Driving Tractors
- GPS Technology
- Growing Demand for Autonomous Tractors
- Alternative Fuel-Based Tractors
- Growing Farm Mechanization Driving Demand for Low Engine Power Tractors
- Policies for Agricultural Mechanization
- Increasing Adoption of Precision Farming
Growth Enablers
- Increased Food Consumption & Rapid Population Growth
- Increased Financial Support to Farmers Through Loans & Subsidies
- Thailand to Offer $4.7 Billion to Farmers Affected by Covid and Floods
- National Strategy for Next 20 Years
- Socio-Demographic Changes in Thailand
- Expanding Farmland Size
Restraints
- Increasing Demand for Used & Rental Tractors
- Climate Change Adversely Impacting Agricultural Activities
- Farmers Unaware of Latest Agricultural Technology
- Low Level of Education Among Farmers
- Resource Scarcity Among Small & Medium Farmers
Companies Mentioned
- Kubota
- John Deere
- CNH Industrial
- Escorts Limited
- Mahindra & Mahindra
- New Holland
- Yanmar
- Sonalika International Tractors Limited
- Action Construction Equipment Ltd.
- AGCO
- Iseki Farm Implement Trading Co.
- CLAAS KGAA MBH
- Tractors and Farm Equipment Limited (TAFE)
- Eicher
- IMT
- Massey Ferguson Limited
- Talaythong Factory Co., Ltd.
- Deutz-Fahr
For more information about this report visit https://www.researchandmarkets.com/r/89appl
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