The farm equipment rental market is expected to help farm equipment manufacturers in gaining presence in different regions. Due to their market presence, companies have distinctive advantages in some regions. For instance, Mahindra & Mahindra Ltd. has huge market dominance in India, whereas Deere & Company has a huge market presence in North America. Through rental farm equipment, the adoption of farm equipment provided by these companies would increase in the regions where these companies do not have much market presence. Thus, the farm equipment rental market would lead to an increased global presence for farm equipment manufacturers.
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The global farm equipment rental market is expected to grow more in the coming years with increased government initiatives for the upliftment of the market. Some of the leading companies operating in the global farm equipment rental market are Associated Supply Company, Inc., Cedar Street Sales & Rentals, Deere & Company, Escorts Limited, Farmease, Flaman Group of Companies, JC Bamford Excavators Ltd., KWIPPED, Inc., Mahindra & Mahindra Ltd., Messick’s, Pacific Tractor & Implement, The Pape’ Group, Inc., Titan Machinery Inc., Tractors and Farm Equipment Limited, and German Bliss Equipment Inc.
The global farm equipment rental market in the product segment is dominated by tractors, followed by the harvester, and is expected to be the same during the forecast period. The dominance of tractors 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 to other implements such as harvesters and balers.
Asia-Pacific is expected to dominate the global farm equipment rental market in the coming years. One of the primary reasons for high growth in the market is the benefits that rental equipment provides to the farmers. Farmers have the ability to pay for the equipment on an hourly, weekly, or monthly basis and can use the equipment to increase their agricultural production. The farm equipment rental market thus has a huge presence in the Asia-Pacific region.
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Rental farm equipment providers have been actively working on growing the market by offering a wide range of farm equipment on a rental basis. Also, equipment providers offer the equipment on an hourly, weekly, or on a monthly basis to offer a better price to the farmers that would require the equipment for longer durations of time.
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