Increasing mechanization across agricultural industry is expected to drive the growth of global farm equipment rental market
According to TechSci Research report, “Global Farm Equipment Rental Market By Type (Tractors, Harvesters, Balers, Sprayers, Utility Vehicles, Implement s, Others), By Power Output (<20 HP, 21-50 HP, 51-150 HP, 151-250 HP, 250-380 HP, 381-600 HP, Above 600 HP), By Drive Type (Two-Wheel Drive v/s Four-Wheel Drive), By Function (Ploughing & Cultivating, Sowing & Planting, Plant Protection & Fertilizing, Harvesting & Threshing, Others), By Purpose (Light Duty, High Clearance, Row Corp, Light Tillage, Heavy Tillage, Others), By Region, Forecast & Opportunities, 2025”, the global farm equipment rental market is expected to grow at a formidable rate during the forecast period on account of the growing global population. This has led to an increase in the demand for food to fulfil the needs of the population, which in turn has led to increase in food production activities and improvements across the agricultural industry, thereby positively influencing the market growth. Additionally, climate change and changing precipitation patterns are further expected to fuel the market growth over the next few years. Also, decreasing per capita arable land is expected to increase the demand for advanced machinery and equipment, which can aid in increasing the production in small land pieces. This in turn is expected to fuel the market growth during the forecast period. Furthermore, high cost of agricultural equipment and affordability constraints faced by the farmers are expected to spur the market growth until 2025. Besides, dearth of skilled workforce on agricultural fields might further fuel the market growth. However, lack of awareness pertaining to the availability of such rental services, especially in the merging countries might hamper the market growth through 2025. Moreover, lack of safety regulations pertaining to the use of rental farm equipment, especially in the developing countries is further expected to obstruct the market growth over the next few years.
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The global farm equipment rental market is segmented based on type, power output, drive type, function, purpose, company and region. Based on type, the market can be categorized into tractors, harvesters, balers, sprayers, utility vehicles, implements and others. The harvesters segment is expected to hold a significant market share on account of their versatility and ability to perform multiple functions in a single process. Additionally, increasing labor cost and unavailability of skilled labor further drives the segmental growth. Based on power output, the market can be fragmented into <20 HP, 21-50 HP, 51-150 HP, 151-250 HP, 250-380 HP, 381-600 HP and above 600 HP. The 51-150HP segment is expected to register significant growth in the market on account of the growing demand for tractors due to increasing mechanization across the agricultural industry. Additionally, growing crop production and consumption has led to greater power requirements on the agricultural fields. Based on drive type, the market can be split into two-wheel drive and four-wheel drive. The two-wheel drive segment is expected to register significant growth owing to their extensive use for farming in dry soil conditions and also transporting the agricultural produce. Additionally, they are affordable, easy to use and consume less energy.
John Deere (Deere & Company), CNH Industrial N.V., Kubota Corporation, Mahindra & Mahindra Limited, J C Bamford Excavators, Escorts Group, AGCO Corporation, Tractors and Farm Equipment’s Ltd., Premier Equipment Rentals, Flaman Group of Companies, Pacific AG Rental LLC, Kwipped Inc., EM3 Agri Services, German Bliss Equipment Inc., Friesen Sales & Rentals and others are some of the leading players operating in global farm equipment rental market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is expected to dominate the global farm equipment rental market during the forecast period, owing to the increasing demand for food production across the region. Additionally, mechanization across agricultural industry is further expected to fuel the market growth. Also, in countries such as Mexico, the difficult climatic conditions and high price of farm equipment have increased the demand for rental farm equipment. Furthermore, affordability constraints and shortage of farm equipment in Canada is expected to foster the market growth through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Farm Equipment Rental Market By Type (Tractors, Harvesters, Balers, Sprayers, Utility Vehicles, Implement s, Others), By Power Output (<20 HP, 21-50 HP, 51-150 HP, 151-250 HP, 250-380 HP, 381-600 HP, Above 600 HP), By Drive Type (Two-Wheel Drive v/s Four-Wheel Drive), By Function (Ploughing & Cultivating, Sowing & Planting, Plant Protection & Fertilizing, Harvesting & Threshing, Others), By Purpose (Light Duty, High Clearance, Row Corp, Light Tillage, Heavy Tillage, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global farm equipment rental market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global farm equipment rental market.
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Source : TechSci Research