LONDON--(BUSINESS WIRE)--Sep 7, 2018-- analysts forecast the global farm equipment rental market to grow at a CAGR of close to 8% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global farm equipment rental market from 2018-2022. (Graphic: Business Wire)
The rise in startups offering farm equipment on rent is one of the major trends being witnessed in the . Farm equipment rental services offer cost-saving benefits to end-users. They also aid in transforming agriculture through mechanization. Some farm equipment such as farming implements are not used frequently in farm operations, and only has a limited requirement in each farming season and remains idle during the rest of the year. This increases the need for providing farm equipment on rent for only certain times of the year, this factor has encouraged many start-up companies to enter the global farm equipment rental business.
According to Technavio analysts, one of the key factors contributing to the growth of the global farm equipment rental market is the need to reduce the financial burden on farmers:
Global farm equipment rental market: Need to reduce the financial burden on farmers
Farmers can ensure many benefits by renting farm equipment. The costs incurred in renting farm equipment can be written off on annual tax returns. Farm equipment, especially larger equipment such as forage harvesters, mower conditioners, and tillage equipment are expensive to buy and require more time to make the farming business profitable. Therefore, renting farm equipment does not entail a heavy financial burden on farmers and help them gain some profit.
According to a senior analyst at Technavio for research on agricultural equipment, “Renting farm equipment allows the farmers to harvest their crops on time by avoiding large sums of money as a down payment on farm equipment, it also provides them a convenient way of enhancing their operations. Farm equipment rental companies also provide immediate access to the equipment.”
Global farm equipment rental market: Segmentation analysis
The global farm equipment rental market research report provides market segmentation by product (tractors, harvester, haying equipment, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2017, accounting for close to 38% share. It was followed by EMEA and APAC respectively. The region is expected to continue to dominate the market throughout the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: TECHNOLOGY HARDWARE NATURAL RESOURCES AGRICULTURE
SOURCE: Technavio Research
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PUB: 09/07/2018 07:51 AM/DISC: 09/07/2018 07:50 AM