New, Pre-Owned, And Rental Agriculture Equipment Market By Sales Type (New, Pre-owned, Rental), By Application (Heavy, Compact): Global Opportunity Analysis and Industry Forecast, 2023-2032
The new, pre-owned, and rental agriculture equipment market was valued at $236,567 million in 2020 and is estimated to reach $434,209 million by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032.
New, pre-owned, and rental agriculture equipment offers new, used or renting agriculture equipment, tools, and machinery to individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for farming by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Consumers who do not require the equipment continuously or temporarily choose to rent it rather than buy it owing to the high cost of agriculture equipment. In addition, not all consumers can afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
Agricultural equipment assists in various agricultural operations to obtain high crop productivity with minimum effort and time. It includes diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. For applications such as tilling, plowing, harrowing, planting, disking, and other operations, various implements are attached to the tractors.
Rise in mechanization in agricultural activities is a key factor driving the growth of the global new, pre-owned, and rental agriculture equipment market. In addition, the surge in population propels the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers have switched toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward the market growth.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, owing to modern technologies such as IoT embedded in construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of agriculture equipment.
The new, pre-owned, and rental agriculture equipment market is segmented into sales type, equipment category, and region. By sales type, the market is classified into new, pre-owned, and rental. By equipment category system, it is bifurcated into heavy and compact. Region wise, the new, pre-owned, and rental agriculture equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Rest of Latin America, Saudi Arabia, UAE, Rest Of Middle East, South Africa, Nigeria, and Rest Of Africa).
COMPETITION ANALYSIS
Key companies profiled in the new, pre-owned, and rental agriculture equipment market report include Agrostroj Pelhimov A.s., Alamo Group Inc., CNH Industrial, Deere & Company, J C Bamford Excavators Ltd. (JCB), Kubota Corporation, Mahindra & Mahindra, Pacific Ag Rentals, SDF S.p.A., and Tractors and Farm Equipment Limited. Major companies in the market have adopted several key developmental strategies such as product launch, acquisition, investment, and expansion, to offer better products and services to customers in the new, pre-owned, and rental agriculture equipment market.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the new, pre-owned, and rental agriculture equipment market analysis from 2020 to 2032 to identify the prevailing new, pre-owned, and rental agriculture equipment market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the new, pre-owned, and rental agriculture equipment market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global new, pre-owned, and rental agriculture equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy Sales TypeNew
Pre-owned
Seller Type
Dealers
Rental Companies
Auction and Listing Sites
Direct Sell
Rental
By ApplicationHeavy
Compact
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Australia
New Zealand
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East
Saudi Arabia
Egypt
Rest Of Middle East
Africa
South Africa
Nigeria
Rest Of Africa
Key Market Players
Pacific Ag Rentals LLC
Mahindra & Mahindra Limited
J C Bamford Excavators Ltd. (JCB)
Tractors and Farm Equipment Limited
SDF S.p.A.
CNH Industrial N.V.
KUBOTA Corporation
Alamo Group Inc.
AGROSTROJ Pelhrimov, a.s. (Wilhelm STOLL Maschinenfabrik GmbH)
Deere & Company
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