DUBLIN, November 17, 2021 / PRNewswire / – The “Farm Equipment Rental Market – A Global and Regional Analysis: Focus on Product and Country Analysis – Analysis and Forecast, 2020-2026” the report was added to ResearchAndMarkets.com offer.
The global agricultural equipment rental market is expected to reach $ 46.28 billion by 2026, with a CAGR of 6.63% during 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 for agricultural equipment has made it difficult for small and medium-sized farmers to purchase the 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 a rental basis.
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, resulting in an increase in global agricultural production.
Overview of the global agricultural equipment rental industry
Rental agricultural equipment offered by key players operating in the market is deployed in all sectors of agriculture. The equipment offered by the companies uses modern technology that increases agricultural efficiency and production. Since 2005, equipment rental 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 have contributed to the rise of the market.
Growth / Marketing Strategy
Farm equipment rental service providers have opted for a merger and acquisition strategy as a means of establishing their dominant position in the farm equipment rental market. Growth / Marketing strategies will help the reader to understand the income generating strategies adopted by the players operating in the global Farm Equipment Rental market.
For example, in August 2021, Herc Holdings Inc., a leading North American equipment rental provider operating as Herc Rentals Inc., announced that it has completed the acquisition of substantially all of the assets of Texas-Based CBS Rentals (CBS). Also in June 2021, CNH 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 innovative capabilities in autonomous and precision farming technologies. In addition, other strategies adopted by market participants will help the reader to make strategic decisions, such as go-to-market strategies.
The global agricultural equipment rental market in the commodity segment is expected to be dominated by tractors, followed by combines. The dominance of the tractor in the product segment is due to the versatile tractors used in the field. Tractors are used for transportation as well as to supply power to other implements such as harvesters and balers.
Tractors from 50 to 100 HP are expected to dominate the tractor rental segment due to the increased applications these tractors can perform in the field. In conventional agriculture, all major activities such as harvesting and cultivation can be easily accomplished by attaching an implement to a tractor having a range of 50 to 100 HP.
The agricultural rental tractor market is expected to be dominated by four-wheel-drive tractors due to the increased applications of these tractors as compared to two-wheel-drive tractors. In addition, four-wheel drive tractors can easily be used in wet fields, increasing the adoption of these tractors.
Asia Pacific is the region that is 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 India, it is less than 5 hectares of land, which is considered to be the main driver of the agricultural equipment rental market in the region.
Key questions addressed in the report
- What is the estimated global agricultural equipment rental market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026 ?
- What are the key trends, market drivers and opportunities in the agricultural equipment rental market?
- What are the main obstacles to the growth of the global agricultural equipment rental market?
- What kinds of new strategies are adopted by existing market players to expand their market position in the industry?
- What is the competitive strength of major players in the agricultural equipment rental market 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 the analysis of their coverage and market potential?
- What revenue is each segment expected to achieve over the forecast period, along with the percentage of growth?
- What types of players and stakeholders are operating in the agricultural equipment rental market ecosystem, and how important are they in the global market?
- Increase in government initiatives to improve the agricultural equipment rental market
- High cost of agricultural equipment
- Rising global food demand
- High rental costs and interest rates
- Lack of awareness among farmers
- Product development
- Market Developments
- Business strategies
- Mergers and Acquisitions
- Partnerships, collaborations and joint ventures
- Increased adoption of modern agricultural equipment
- Scope of geographic expansion for equipment manufacturers
Key companies profiled
- Deere & Company
- Limited Escorts
- JC Bamford Excavators Ltée
- Mahindra & Mahindra Ltd.
- Tractors and limited farm equipment
- Associate Supply Company, Inc
- Cedar Street Sales and Rentals
- Farmease, Flaman Group of Companies
- German Bliss Equipment Inc
- KWIPPED, Inc
- by Messick
- Pacific Tractor & Implement
- The Pape Group, Inc.
- Titan Machines Inc
For more information on this report, visit https://www.researchandmarkets.com/r/ozbhj3
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SOURCE Research and Markets