Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
In the agriculture and farming industry, heavy equipment and machinery play an essential role to maximize productivity. Farm rental equipment is a service industry, which provides needed machinery, equipment, and tools used in agriculture to the final user for a limited period of time. It reduces the farmer debts and resource conservation. Farmers need an array of equipment throughout the year but every farmer cannot buy all. Farm rental equipment helps the people who are not willing to buy the equipment. It creates an option for several users to reduce the unwanted spending on the equipment and increases efficiency.
Globally, the Asia Pacific is the largest food producer region. The farming sector is a major business in the Asia Pacific due to the geographic and climate conditions. The increased awareness about advanced agricultural equipment boosts the demand for agricultural machinery. The dependence on several types of equipment for multiple agro operations fuelled the growth of the rental farm equipment market. Increasing population and advancement in technology drive the farm rent equipment market in the Asia Pacific.
During Covid19, where the supply chain has been disrupted, businesses are trying to enhance their growth through several new concepts. The Covid19 impacts on the farm rental equipment market are estimated to have a positive impact on the market growth. Dealers are inclining towards the rental business in the pandemic situation. Several Financial crises open the option of rental farm equipment in front of final users, which helps to boost the growth of the farm rental equipment market globally.
The study analyzed the Asia Pacific farm rental equipment market based on type, power output, drive and geography.
Major farm rental equipment covered in the study are tractors, harvester, cultivator, rotator, chisel plow, balers, sprayers and others. The traditional farming techniques are changing into the modern way, which includes modern machinery. This equipment increases the yield and improves the maintenance of soil. The demand for harvester is increasing rapidly. It performs multiple tasks in a field such as harvesting, winnowing, and threshing which reduces the labor work in large quantity and increases productivity.
Based on power output farm rental equipment market is segmented as <30HP, 31-70 HP, 71-130 HP, 131-250 HP, and >250 HP.
By drive farm, the rental equipment market is bifurcated as two-wheel drive and four-wheel drive. A four-wheel drive tractor is more versatile and perfect for a variety of applications as it has a dynamic movement of all four wheels. The demand for 4WD tractors is increasing rapidly as they have a better transaction, more pulling power, more fuel efficiency, and more attachment option.
Geographically, India, China and Japan play an important role in the Increase in demand for of farm rental equipment market in the Asia Pacific region. The advancement in technology, increasing population in the India and Japan drives the growth of the farm rental equipment market in the Asia Pacific.
The key competitors of the market Kubota Corporation (Japan), Mahindra & Mahindra (India), Escorts Ltd (India), and EM3 Agri Services (India), among others.
The study analyzed the Asia Pacific farm rental equipment market based on type, power output, drive, and geography. Major farm rental equipment covered in the study are tractors, harvester, balers, sprayers and others. The traditional farming techniques are changing into the modern way, which includes modern machinery. Based on power output farm rental equipment market is segmented as <30HP, 31-70 HP, 71-130 HP, 131-250 HP, and >250 HP. By drive farm, the rental equipment market is bifurcated as two-wheel drive and four-wheel drive. A four-wheel drive tractor is more versatile and perfect for a variety of applications as it has the dynamic movement of all four wheels. Geographically, India, China, and Japan play an important role in the Increase in demand for of farm rental equipment market in the Asia Pacific region.
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