Business Services News

Business Services News

Breaking News on Business Services

Home > Business Services Search Engine                                 

Business Services News -- Video Feeds
  • Advertising
  • Careers
  • Corporate news
  • Economy
  • Markets
  • Small Business
  • Personal Finance
  • Regulatory and Compliance
  • Business News

    Farm Equipment Rental Market to Showcase Continued Growth in the Coming Years
    (I-BusinessNews.Com, October 09, 2021 ) The 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 global market is projected to witness significant growth due to factors such as the rise in the global population, shortage of skilled labor, increasing mechanization trends and rising demand for food grain products have fueled technological advancements across the globe are some of the major factors fueling the demand for farm equipment rental.





    The increasing demand for renting tractors and harvesters in the Asia Pacific region is projected to drive the growth of the market



    According to the FAO, Asia Pacific accounted for nearly 40% of the global arable land in 2016. 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 tractor and various farming equipment such as harvester and spraying and threshing equipment for the renting purpose. Investments in various agriculture machinery have also led to increased crop production, particularly in developing countries such as India, China, Vietnam, and Thailand.



    Download PDF Brochure:

    https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=165100186





    By equipment type, the harvesters segment is projected to grow at the highest CAGR in the farm equipment rental market during the forecast period.



    The harvesters are versatile, self-propelled machines that are designed to harvest an assortment of grain crops efficiently. Reaping, threshing, and winnowing are the three separate harvesting operations combined into a single process using a harvester. Therefore, high labor costs and an insufficient workforce in the harvesting category are the main driving factors for the increase in demand for harvesters in the market for farm equipment rental.





    By power output, the 71-130 HP segment is projected to dominate the global farm equipment rental market during the forecast period.



    The 71–130 HP segment majorly consists of 4WD tractors and some 2WD tractor models as well. Countries in the Asia Pacific region are striving to increase the farm mechanization rates are experiencing a growth in demand for such tractors. The demand for these tractors from the developed nations is higher due to factors such as high consumption rates, higher food production necessity, greater power requirements in the farms, and the large land size of the farm holdings.



    Speak to Analyst:

    https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=165100186



    Key Market Players





    Key players in this market include John Deere (US), CNH Industrial (UK), Kubota Corporation (Japan), AGCO Corporation (US), Mahindra & Mahindra (India), JCB (UK), Escorts Ltd (India), Tractors and farm equipment’s ltd. (India). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities and strong distribution networks across these regions.





    Recent Developments:



    In November 2019, John Deere launched a new series of 8R wheel tractors, 8RT two-track tractors, and the very first four-track tractors. These have enhanced ride quality and can be driven with the ease of any other wheel tractor.

    In December 2019, CNH Industrial N.V acquired K Line Ag, an Australian agricultural tillage and farm management equipment manufacturer.

    In January 2020, Kubota launched its "X Tractor- cross tractor," which is a highly versatile, completely unmanned equipment operated via AI.

    In January 2020, AGCO Corporation launched its new Fendt momentum planter in North America so as to provide better accuracy and proper positioning of seeds while sowing activities. It has raised the standards for seed placement.

    In January 2020, Mahindra and Mahindra inaugurated its newly established manufacturing facility in Telangana (India), with INR 250 crore investment. This initiative was taken to increase the overall production output of the business by 92,000 units on an average per annum.

    MarketsandMarkets™

    Mr. Aashish Mehra

    1-888-600-6441

    raviraj.tak@marketsandmarkets.com

    Source: EmailWire.Com

    Source: EmailWire.com

    Business News Feeds
  • Business News - Top Stories
  • Company Earnings
  • Economy
  • Personal Finance
  • Real Estate
  • Stock Markets
  • Business Services Sponsors

    Business Services Ads

    Business Resource Center
    We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:

    CIO Insight
    Managed Healthcare Executive
    Mortgage Technology

    No credit cards, coupons, or promo codes required. Try it today!

    Press release service

    :: Home: :: Submit Press Release :: Subscribe to News :: Contact Us :: Help

    For unlimited press release distribution for $59 per month, call (281) 645-4086 or start posting your press releases online at EmailWire.com.

    Copyright 2008 GroupWeb Media LLC
    GroupWeb Media Network

    Aviation-NewsWire | ArtNewsWire | Auction NewsWire | CRM NewsWire | ePhotoNewsWire | Energy Industry | EstateNewsWire | Entertainment-NewsWire.com | Food Beverage News | Glamour NewsWire | Health NewsWire | Hosting NewsWire | i-Auto NewsWire | i-Business News | i-Homeland Security.Com | iMac-NewsWire.Com | i-Press-Release-Service | i-SoftwareNews.com | iT-NewsWire.Com
    | i-TravelNewsWire.Com | MoneyNewsWire.Net | Movie-Stars-News.Com | MSNewsWire.Net | PharmaNewsWire.Com | Publishing-NewsWire.Com | RSSNewsWire.Net | Telecom-NewsWire.Net | Transportation-News.Com | USGovernment-News.Com | WebPosters.Net | Wireless-NewsWire.Com | VoIPNewsWire.Net | XSportsWorld.Net
    I-BusinessNews.Com is a business news service of GroupWeb Media LLC