The global farm equipment rental 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. The growth of the farm equipment rental market driven by factors such as shortage of skilled labor and an increase in mechanization in developing countries, rising demand for productivity and operational efficiency, and limited availability of arable land. The increasing government subsidies for farming equipment further provide open opportunities for growth of the farm equipment rental market.
Key players in the farm equipment rentals market include John Deere (US), CNH Industrial (UK), Kubota Corporation (Japan), AGCO Corporation (US), Mahindra & Mahindra (India), JCB (UK), and Escorts Ltd (India). Product innovation, expansions & investments, acquisitions, agreements, collaborations, approvals, and partnerships were some of the core strengths of the leading players in the farm equipment rentals market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some of the other leading players in the farm equipment rental market include Tractors and Farm Equipment Ltd. (India), Pape Group (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).
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John Deere (US) stands as a leader among the various globally renowned businesses for agricultural equipment and technology founded in the year 1837 and has its footprint in more than 30 countries around the globe. Its key services include the manufacturing of equipment used in agriculture, lawns and gardens, construction, landscaping & ground care, forestry, golf & sports turf, engines and drivetrains, electronic solutions, government & military use, and rental sales. The company actively engages in technological innovations to constantly provide an edge to its equipment and has been awarded the AE50 award by the American Society of Agricultural & Biological Engineers. The organization pertains for over 182 years today and greatly promotes sustainability as one of its core values.
CNH Industrial (UK) is a global industry involved in multiple business sectors, including manufacturing, designing, commercial, and implement designing. The industry has penetration in over 180 countries around the world. It has established 66 manufacturing units and 54 research & development centers. In the array of businesses owned by the organization, out of the 12 patented brands, the Chase HI, New Holland and Steyr and the 3 dedicated, commercial agricultural brands that the company offers to its customers. The key markets of the company can be listed as Europe, North America, South America and AMEA (Asia, Middle East, and Africa) with the highest market share being from Europe.
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.
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