DUBLIN, November 17, 2021 /PRNewswire/ — The report “Agricultural Equipment Rental Market – A Global and Regional Analysis: Focus on Product and Country Analysis – Analysis and Forecast, 2020-2026” has been added to from ResearchAndMarkets.com offer.
The global agricultural equipment rental market is expected to reach $46.28 billion by 2026 growing at a CAGR of 6.63% over the forecast period 2021-2026.
The growth rate of the market is due to the increase in government initiatives around the world for the rental of agricultural equipment, as this leads to an increase in agricultural production to meet the growing global food demand.
In addition, the price inflation of agricultural equipment has made it difficult for small and medium-sized farmers to purchase equipment. This has led to an increase in the growth of the global agricultural equipment rental market.
Global agricultural equipment rental market
Farm equipment rental is the service provided by farm equipment manufacturers and other farm equipment companies. Through the rental service, agricultural equipment such as tractors, harvesters, balers and sprayers are provided to farmers on rental.
Most of the companies operating in the market offer the equipment on an hourly, weekly or monthly basis to meet the needs of the farmers. Agricultural equipment rental services have contributed to the growth of small and medium-sized farmers, which has led to an increase in global agricultural production.
Overview of the global agricultural equipment rental industry
The rental agricultural equipment offered by the main players in the market are deployed in all sectors of agriculture. The equipment offered by the companies uses modern technology that increases agricultural efficiency and production. Since 2005, rental equipment has been offered by companies all over the world. Also, government initiatives for the development of the agricultural equipment rental market in certain regions of the world such as Asia Pacific contributed to the improvement of the market.
Growth / Marketing Strategy
Farm equipment rental service providers have opted for a merger and acquisition strategy to establish a dominant position in the agricultural equipment rental market. The growth/marketing strategies will help the reader to understand the revenue generating strategies adopted by players operating in the global Agricultural Equipment Rental market.
For example, in August 2021Herc Holdings Inc., a leading North American equipment rental provider doing business as Herc Rentals Inc., announced that it has completed the acquisition of substantially all of the assets of TexasCBS Rentals (CBS). Also in June 2021CNH Industrial NV acquired Raven Industries Inc.
The long-standing partnership between the two companies will further strengthen CNH Industrial’s position in the global agricultural equipment rental market by adding innovation capabilities in autonomous and precision agricultural technologies. Additionally, other strategies adopted by the market players will help the reader to make strategic decisions such as go-to-market strategies.
The global agricultural equipment rental market in the product segment is expected to be dominated by tractors, followed by combine harvesters. The dominance of tractors in the product segment is due to the versatile tractors used in the field. Tractors are also used for transportation to provide power for other implements such as harvesters and balers.
50 to 100 HP tractors are expected to dominate the tractor rental segment due to the increased applications these tractors can perform in the field. In conventional farming, all major activities such as harvesting and cultivating can be easily done by attaching an implement to a tractor having a range of 50 to 100 HP.
The rental agricultural tractor market is expected to be dominated by four-wheel drive tractors owing to the increased applications of these tractors over two-wheel drive tractors. Moreover, four-wheel drive tractors can easily be used in wet fields, which increases the adoption of these tractors.
Asia Pacific is the region expected to dominate the global agricultural equipment rental market in the coming years. The average farm size in most countries in the region, such as Indiarepresents less than 5 hectares of land, which is considered the main driver of the agricultural equipment rental market in the region.
Key Questions Answered by the Report
What is the estimated size of the global agricultural equipment rental market in terms of revenue for the forecast period 2021-2026, and what is the compound annual growth rate (CAGR) expected during the forecast period 2021-2026 ?
What are the key trends, market drivers and opportunities in the market regarding agricultural equipment rental?
What are the major restraints restraining the growth of the global agricultural equipment rental market?
What kinds of new strategies are being adopted by existing market players to expand their market position in the industry?
What is the competitive strength of the leading Farm Equipment Rental market players based on an analysis of their recent developments, product offerings and regional presence?
How is the competitive benchmarking of the leading agricultural equipment rental companies in the agricultural market based on analyzing their market coverage and market potential?
How much revenue is each segment expected to register over the forecast period, along with the percentage growth?
What are the types of players and stakeholders operating in the agricultural equipment rental market ecosystem, and how important are they in the global market?
Increase in government initiatives for the improvement of the agricultural equipment rental market
High cost of farm equipment
Increase in global food demand
Profiled Key Companies
Associated Supply Company, Inc
Cedar Street Sales and Rentals
Farmease, Flaman group of companies
German Equipment Bliss Inc
Pacific tractor and tool
The Pope Group, Inc.
Titan Machinery Inc
For more information about this report visit https://www.researchandmarkets.com/r/ozbhj3
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SOURCE Research and Markets