Market Research Report
Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers & Other Equipment Types), Power Output, Drive (Two-wheel Drive and Four-wheel Drive), Region - Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||932126|
|Published||Content info||182 Pages
Delivery time: 1-2 business days
|Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers & Other Equipment Types), Power Output, Drive (Two-wheel Drive and Four-wheel Drive), Region - Global Forecast to 2025|
|Published: April 7, 2020||Content info: 182 Pages||
"The global farm equipment rental market is projected to grow at a CAGR of 7.3% from 2020 to 2025."
The global farm equipment rentals market is estimated to account for a value of USD 46.8 billion in 2020 and is projected to grow at a CAGR of 7.3% from 2020, to reach a value of USD 66.4 billion by 2025. Factors such as the shortage of farm labor and increasing labor cost, along with rising demand for crop productivity and operational efficiency,are projected to drive the growth of this market. The increasing government subsidies for farming equipment in developing countries further provide open opportunities for growth of the farm equipment rental market.
The four-wheel-drive segment accounted for the second-largest market share in 2018.They havemassive pulling capacity and have high wheel-slip and wheel-power capacities. The distinctive feature of this machinery is that it has controls to move all four wheels and provides higher traction as compared to that of 2WD tractors. It is highly versatile and can also support a broader scope of implements including haulage, loader, mowing, plant protection, tillage, and slashing. It is projected to grow from 2020 to 2025, with high demand expected to arise from developing regions.
The 71-130 HP segment accounted for a larger share in 2018 and is projected to grow at a higher CAGR from 2020 to 2025. The increased government support in the Asia Pacific and South America is expected to fuel the demand for 71-130 HP equipment during the forecast period. This range of power output also offers farmers 2WD as well as 4WD drive types,which makes it feasible for farmers with small as well as large holdings to use these efficiently. All the developing countries with developing agricultural economies can easily work with this power range and also increase the mechanization levels of the farms.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world. Hence, the increase in food demand in this region has led to a surge in the use of technologically advanced farm equipment for higher productivity in crop production. The predominance of small-scale manufacturers and increasing focus on rice cultivation is also widely seen across various countries in the Asia Pacific region. Further, a shift from the adoption of labor-intensive farming techniques to advanced technological equipment in the agricultural sector across the Asia Pacific countries has led to increasing demand for tractor and various farming equipment such as harvester and spraying and threshing equipment for the renting purpose.
Break-up of Primaries
*Others include sales managers, marketing managers, and product managers.
**RoW includes Africa, the Middle East, and other countries in RoW.
Leading players profiled in this report:
This report segmentsthefarm equipment rental market, onthe basis of equipment type, power output,drive, and region. In terms of insights, this research report focuses on various levels of analyses-competitive landscape, end-use analysis, and company profiles-which together comprise and discuss the basic views on the emerging & high-growth segments of the farm equipment rental market,the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
Reasons to buy this report
(Business overview, Products offered, Recent developments, SWOT analysis & Right to win)*
Details on Business overview, Products offered, Recent developments, SWOT analysis & Right to win might not be captured in case of unlisted companies.