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Thailand agricultural tractor market is expected to register a CAGR of 3.2% between 2019 and 2025, according to a report by Ken Research
Two-wheel and four-wheel tractor is expected to contribute 23% and 77% respectively by the end of 2025.
Thailand combine harvester market is expected to register a CAGR of 6.6% between 2019 and 2025. Combine harvesters with power above 150 HP is expected to contribute more than 40%. Followed by combined harvesters powered 75-105 Hp and 70Hp and below.
Impact of COVID-19: Country lockdown imposed in Thailand during the period April-May, lead to lesser farming activity in the country due to which companies observed a decline in demand of tractors, combine harvesters or rice transplanters in terms of domestic sales leading to an overall decline in the market. In addition to this, dealer outlets and retail stores were being shut, leading to a decline in domestic agricultural machinery sales.
Investment in smart agricultural machinery: Companies have been focusing on production of smart agricultural machinery that uses advanced technologies such as ICT and robot technology, and farm business software that can centrally manage information obtained from these agricultural machines.
Rising demand of two-wheel tractors: Rise in mid-range tractors’ sales is expected to ensure stable growth in revenues of the Thailand agricultural tractor market. Moreover, rising shift from traditional farming to farming through agricultural machinery leading to increasing demand of 2W tractors among small farmers will further contribute the rising sales of tractors in Thailand.
Sale of rice transplanters in Thailand is expected to decline as farmers have been focusing more on purchasing a used rice transplanter or renting a rice transplanter as it has seasonal usage and can only be used to plant rice.
According to the report by Ken Research titled “Thailand Agricultural Machinery Market Outlook to 2025 – Agriculture Tractor Market (By Type: 2W and 4W Tractors, By Power: 8HP-15HP, 20HP-35HP, 36HP-47HP, 48HP-75HP, 75HP-100HP, 100HP-120HP and Above 120HP), Combine Harvester Market (By Power: 70HP & Below, 75HP-105HP and Above 105HP), By Rice Transplanters (By Rows: 4Row, 6Row and 8Row), Agriculture Implements Market” the online grocery delivery market will be valued at US$1.9bn by end of 2025.
The market will witness growth due to expected improvement in staple crops’ prices, transition from traditional to smart farming, increasing government support and innovative strategies adopted by service providers.