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.
Major drivers of the farm rental equipment market are the high price of equipment, cost of maintenance, small farm sizes, and changing climatic conditions. It increases the demand for several types of equipment, which enhances efficiency and reduces the labor work. The technological advancement in the agriculture sector drives the farm rent equipment market in North America.
During Covid 19, where the supply chain has been disrupted, businesses are trying to enhance their growth through several new concepts. The Covid 19 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 North American 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 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, U.S, Mexico & Canada plays an important role in increasing the demand for the farm rental equipment market in the North American region. The US held the largest market share of the farm rental equipment market and is likely to dominate the market over the estimated time frame.
The key competitors of the market GE John Deere (US), AGCO Corporation (US), 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), German Bliss Equipment Inc. (US), and Friesen Sales & Rentals (US). among others.
The study analyzed the North American 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, U.S, Mexico & Canada plays an important role in increasing the demand for farm rental equipment market in the North American region
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