Technavio Announces the Publication of its Research Report Global Tractor Rental Market 2016-2020
Technavio recognizes the following companies as the key players in the global tractor rental market: Pacific Rentals, Sunbelt Rentals, and John Deere.
Commenting on the report, an analyst from Technavios team said: The latest trend gaining momentum in the market is increase in consolidation of fragmented land in Europe and the Americas. There has been a growing trend where the size of the land in the Americas and Europe is getting consolidated since the return from the larger farms is much greater than the smaller farms. Large companies such as Farm and ranch supply stores in the US, Monsanto, and Archer-Daniels Midland have started dominating the agricultural market. The consolidation of smaller farms to larger farms is attributed to the fact that large farm size rationalizes better financial returns than the smaller or mid-sized farms.”
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According to the report, one of the major drivers for this market is high labor wage. The labor wage in regions such as the Americas and Europe is already high, whereas APAC countries such as India and China are experiencing a rise in the minimum wage of laborers. As a result, it is difficult for farmers to employ more laborers in the market. Farmers are finding out ways of renting out tractors and other farm equipment in their agricultural field to fulfill the low employment of laborers in their fields. It can be inferred that increase in the wage of laborers is acting as a strong growth driver for this market.
Further, the report states that one of the major factors hindering the growth of this market is low internet penetration in rural APAC. In rural India, mobile internet users grew by 93% between December 2014-December 2015, yet only 9% of the rural population has access to technology. The growing digitization has the potential to completely turn around things in agriculture, the way they have been happening for centuries but low overall internet penetration remains a grave concern acting as a major impediment in awareness of new farming techniques as well as organized tractor rental.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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