CHICAGO, April 7, 2020 /PRNewswire/ -- According to the new market research report "Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers & Other Equipment Types), Power Output (<30HP, 31-70HP, 71-130HP, 131-250HP, >250HP), Drive (Two-wheel Drive and Four-wheel Drive), Region – Global Forecast to 2025", published by MarketsandMarkets™, the global Farm Equipment Rental Market is estimated to be valued at USD 46.8 billion in 2020 and is projected to reach a value of USD 66.4 billion by 2025, growing at a CAGR of 7.3% during the forecast period. Factors such as the increase in demand for food security by the growing population, shortage of skilled labor, and increase in mechanization in developing countries are projected to drive the growth of the farm equipment rental market.
Download PDF Brochure:
The two-wheel-drive segment is projected to be the largest segment in the Asia Pacific farm equipment rental market during the forecast period.
The two-wheel-drive tractors are primarily used for farming in dry soil conditions, and also for transporting the field produce. Two-wheel-drive tractors are efficient and easy to use without much energy consumption. They facilitate farmers with smaller turning cycles, to access corners or smaller areas, and easy usability. These are also cheaper than the robust 4WD tractors, which makes them perfect for the use of smallholding or family farmers. As they are used in smaller areas of land, their demand is higher in the developing regions such as Asia, Africa, and the Middle East, where majority cultivation practices are undertaken by small farmers.
Browse in-depth TOC on "Farm Equipment Rental Market"
111 – Tables
45 – Figures
181 – Pages
The tractors segment is estimated to account for the largest market share, in terms of value, in 2020.
Tractors are used in various farming activities such as plowing & cultivating, sowing & planting, threshing, and others. The demand for tractors for a rental basis by farmers is expected to boost further mechanization during the forecast period. As the population in the Asia Pacific region continues to increase at a rapid pace, countries such as India, Thailand, and Vietnam would observe a significant growth in the demand for food grains, which, in turn, will drive the farm equipment rental market in the region. The regional government authorities are making efforts to increase farm mechanization by providing additional support to the farmers.
The >250 HP segment, on the basis of power output, is projected to grow at the highest CAGR, in terms of value, in 2019.
Tractors beyond the 250 HP power range accounted for the least market share, by power output, globally. North America and Europe are the largest markets for > 250 HP farm tractors, where some global giants such as John Deere, CNH Industrial, CLAAS, and AGCO are the key suppliers. These are high-power machinery and are used for the cultivation of land extending up to thousands of hectares. Their demand only exists in the US and European regions; wherein there are large commercial farmers. They support farm processes such as harvesting and plowing.
Speak to Analyst:
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The market for farm equipment rental in the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025. The predominance of small-scale manufacturers and increasing focus on rice cultivation are also widely seen across various countries in the Asia Pacific region. Farmers in the Asia Pacific region are increasingly producing rice and crops such as palm and cotton. 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 tractors and various farming equipment such as harvesters and spraying and threshing equipment for renting purposes.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the farm equipment rental market. It includes the profiles of leading companies, such as John Deere (US), CNH Industrial (UK), Kubota Corporation (Japan), AGCO Corporation (US), Mahindra & Mahindra (India), JCB (UK), and Escorts Ltd (India), Tractors and farm equipment's ltd. (India), Pape Group, Inc. (US), Premier Equipment Rentals (US), Flaman Group of Companies (Canada), Pacific Ag Rentals (US), Pacific Tractors & Implements Ltd (US), Kwipped Inc. (US), Cedar street sales & rentals (US), Farmease (US), EM3 Agri Services (India), German Bliss Equipment Inc. (US), and Friesen Sales & Rentals (Canada).
Browse Related Reports:
Farm Equipment Market by Tractor Power Output (<30,31–70, 71–130, 131–250, >250), Drive (2WD, 4WD, & Autonomous), Combines, Baler, Sprayer, Implement (Plow & Cultivate, Sow, Harvest, Plant Protection & Fertilizer), Rental, & Region - Global Forecast to 2025
Tractor Implements Market by Phase (Tillage, Irrigation, and Crop Protection, Sowing and Planting, Harvesting and Threshing), Drive (2-Wheel and 4-Wheel Drive), Power (Powered and Unpowered), and Region - Global Forecast to 2023
Browse Adjacent Markets: Farm Equipments and Irrigation Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Sanjay Gupta
630 Dundee Road
Northbrook, IL 60062
Visit Our Web Site: https://www.marketsandmarkets.com