The growth rate in the market is because of the increased government initiatives around the world for rental farm equipment, as this leads to an increase in agricultural production to cater to the growing global food demand.
New York, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Farm Equipment Rental Market - A Global and Regional Analysis: Focus on Product and Country Analysis - Analysis and Forecast, 2020-2026" - https://www.reportlinker.com/p06176310/?utm_source=GNW
Also, inflation in farm equipment prices has made it difficult for small- and medium-scale farmers to afford the equipment. This has led to an increase in the growth of the global farm equipment rental market.
The global farm equipment rental market in the product segment is expected to be dominated by tractor, followed by harvester.The dominance of tractor in the product segment is due to the multiple purpose tractors used in the field.
Tractors are used for transportation as well to provide power for other implements such as harvesters and balers.
The 50-100 HP tractors are expected to dominate the tractor rental segment due to the increased applications that these tractors can perform in the field. In conventional agriculture, all major activities such as harvesting and cultivation can be easily performed by attaching an implement with a tractor having a 50-100 HP range.
The rental farm tractor market is expected to be dominated by four-wheel-drive tractors pertaining to the increased applications of these tractors when compared to two-wheel drive tractors. Also, four-wheel-drive tractors can easily be used in the wet field, which increases the adoption of these tractors.
Asia-Pacific is the region that is expected to dominate the global farm equipment rental market in the coming years. The average farm size in most countries of the region, such as India, is less than 5 hectares of land, which is considered a primary driver for the farm equipment rental market in the region.
Key Market Players and Competition Synopsis
Deere & Company, Escorts Limited, JC Bamford Excavators Ltd., Mahindra & Mahindra Ltd., Tractors and Farm Equipment Limited, Associated Supply Company, Inc., Cedar Street Sales & Rentals, Farmease, Flaman Group of Companies, German Bliss Equipment Inc., KWIPPED, Inc., Messick’s, Pacific Tractor & Implement, The Papé Group, Inc., Titan Machinery Inc.
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (which hold 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the farm equipment rental industry.
• North America
• South America
• Rest-of-South America
• Rest-of- Europe
• South Korea
• Middle East and Africa
• South Africa
• Rest-of-Middle East and Africa
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