Tractor Rental Market: Introduction
The global tractor rental market is anticipated to grow in the upcoming years, owing to increase in the investment budget of agriculture sector across the globe. Tractors are earthmoving equipment utilized for the numerous tasks in the agriculture and construction industry, among others. Moreover, tractors are used in the applications such as loading & unloading of construction material and ploughing & farming. Tractors are compact in size, having rigid frame and engine powered machine with many changeable attachment tools such as seeding equipment, trolley and snow removing tool, among others. The ability of the tractor to support attachments make them versatile in nature. They are highly maneuverable, owing to their compact size and easy functionality.
Tractor Rental Market: Market Dynamics
The increasing government initiatives as well as growing involvement of private players are expected to boost the growth of tractor rental market. Rising concern regarding the farm productivity across the globe is another factor that positively affect the growth of said market in the forecast period. Consequently, government is focusing to improve agriculture activities by increasing its expenditure on advances technologies, which in turn, accelerate the growth of the market. Moreover, private players are also investing in the agriculture sector by taking new initiatives. For instance, in India, ITC has planned to make Andhra Pradesh, a prominent state for agriculture sector. Additionally, increasing construction activities in the residential sector as well as commercial sector around the globe is expected to be a key driving factor for the growth of Tractor Rental market. The increasing population and the rise in purchasing power parity of individuals in the developed countries has fueled the demand of construction activities, which in turn, accelerate the growth of Tractor Rental market.
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The unorganized market in the Asia Pacific region and lack of awareness among the people is expected to hamper the growth of Tractor Rental market during the forecast period.
In current scenario, the demand of renting the tractors in medium and small sized business is quite high, so the prominent vendors in the manufacturing sector are providing Tractors on rent. Moreover, rental companies are focusing to increase their rental products portfolio that includes new and used equipment. This factor will act as driver for the said market in the future.
Tractor Rental Market: Segmentation
Tractor Rental Market can be segmented on the basis of Power output and End Use
On the basis of Power output Tractor Rental market can be segmented into:
- Low ( below 40 HP)
- Medium ( 40 HP – 100 HP)
- High ( above 100 HP)
On the basis of End Use Tractor Rental market can be segmented into:
- Construction Industry
Tractor Rental Market: Regional Overview
The Global Tractor Rental market can be segmented into five geographical regions include Asia Pacific, North America, Europe, Latin America, Middle East and Africa. The Tractor Rental market is estimated to witness high growth rate in the Asia Pacific region, due to increase in infrastructure development, rapid urbanization, industrialization and agriculture over the forecast period. The North America is expected to hold the prominent share for the tractor rental market, owing to rise in construction activities both in commercial and residential sector. Additionally, the government of U.S. has significantly increase its capital investment in agriculture sector. Tractor rental market in the Latin America is also projected to grow in the upcoming years, owing to large number of mining activities that drive the construction sector, which in turn, boost the growth of the said market. Middle East and Africa is anticipated to boost the growth of tractor rental market throughout the forecast period, owing to introduction of many key events include FIFA World Cup 2022, Qatar and Dubai Expo 2020. The European countries such as U.k, France, Italy, Germany and Russia, among others are also projected to propel the growth of the said market in the future, owing to increase in dependence on agriculture sector.
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Tractor Rental Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Tractor Rental market includes:
- Sunbelt Rentals
- Deere & Company
- Martin Implement
- Holt of California
- Ewald Kubota
- Mahindra & Mahindra
- Pacific Rentals
- Newman Tractor