Technavio has been monitoring the global agricultural equipment finance market since 2016 and the market is poised to grow by USD 115.09 billion during 2019-2023, progressing at a CAGR of more than 4% during the forecast period. Request Free Sample Pages
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Technavio has announced its latest market research report titled agricultural equipment finance market 2019-2023. (Graphic: Business Wire)
Read the 125-page research report with TOC on "Agricultural Equipment Finance Market Analysis Report by Type (Lease, Loan, and Line of credit), by Geography (North America, Europe, APAC, South America, and MEA), and Segment Forecasts, 2019 – 2023."
https://www.technavio.com/report/global-agricultural-equipment-finance-market-industry-analysis
The market is driven by the increase in farm equipment renting. In addition, advances in the technology used by financial institutions are anticipated to positively impact the growth of the agricultural equipment finance market.
The convenience of using equipment as per requirement, without the hassle of processing costs, devaluation, or repair and maintenance charges, has led to the growing popularity of equipment rental. Agricultural equipment renting has been a large-scale business in the US, the UK, and some European nations for a long period. During the forecast period, developing countries such as India and Indonesia are expected to witness the most significant growth in the agricultural equipment rental market. The increasing number of agricultural equipment rental providers will encourage finance companies to increase their funding for well-maintained quality equipment. These developments will fuel the growth of the agricultural equipment finance market during the forecast period.
The agricultural equipment finance market has been witnessing the emergence of various technologies in recent years. This is helping the industry achieve a higher level of automation and standardization in agricultural equipment financing. For instance, the emergence of blockchain technology offers real-time transparency of data related to all aspects of a loan to each party involved. Such technological advancements will positively impact the agricultural equipment finance market.
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Major Five Agricultural Equipment Finance Market Companies:
BNP Paribas
BNP Paribas operates its business under various segments such as retail banking & services, and corporate and institutional banking. The company provides leasing (rental) and financing solutions for farm machinery to manufacturers, dealers, and brokers.
Deere & Company
Deere & Company operates its business under three segments, which include agriculture and turf, construction and forestry, and financial services. The company provides agriculture equipment loans with flexible payment options based on the requirements of businesses. It also provides equipment on lease to agriculture industry participants.
DLL
DLL has business operations under various segments, namely construction, transportation and industrial; food and agriculture; healthcare and clean technology; office technology; AGCO finance; and commercial finance. The company offers financing solutions for farm equipment manufacturers and suppliers.
JPMorgan Chase & Co.
JPMorgan Chase & Co. operates its business under four segments, which include consumer & community banking, corporate & investment bank, commercial banking, and asset & wealth management. The company provides financial services such as loan and leasing for agricultural equipment to manufacturers and end-users.
Wells Fargo
Wells Fargo operates its businesses under the following segments: community banking, wholesale banking, and wealth and investment management. The company offers leasing and financing solutions to manufacturers, dealers, and customers of agriculture equipment.
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Agricultural Equipment Finance Type Outlook (Revenue, USD Million, 2019 - 2023)
- Lease
- Loan
- Line of Credit
Agricultural Equipment Finance Regional Outlook (Revenue, USD Million, 2019 - 2023)
- APAC
- Europe
- MEA
- North America
- South America
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