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The agricultural equipment finance market will register a CAGR of more than 4% by 2023

New York, Jan. 17, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "Global Agricultural Equipment Finance Market 2019-2023" -
Many banks also have policies that encourage them to provide loans to farmers due to government support. In addition, alternative finance caters to such businesses by providing quick and easy access to credit. Many alternative finance sources also provide small-to-medium scale unsecured loans, which allows small, asset-light businesses to obtain funding. The growth of online finance platforms has also simplified access to funds for the agricultural sector participants. Agricultural entities such as farmers, contractors, and dealers can apply for credit on these platforms within minutes of registering, and funds are credited instantly once the application is approved. Hence, quick and easy access to loans will drive the growth of the global agricultural equipment finance market during the forecast period. Analysts have predicted that the agricultural equipment finance market will register a CAGR of more than 4% by 2023.

Market Overview
Increase in farm equipment renting
Renting equipment is a cost-effective option for farmers and contractors and enables them to use the latest equipment and machinery without incurring huge cost. The increasing number of agricultural equipment rental providers is encouraging finance companies to increase their funding for well-maintained quality equipment.
Costlier bank lending rates
Bank financing was considered the cheapest way of funding in the last decade; however, since then, banks have changed strategies to boost liquidity in the market. The financial institutions downsize the customer portfolio by demanding that the borrowers pay off their credit line balances at higher interest rates. Such factors have encouraged agricultural farmers to take equipment on lease rather buying their own equipment. This, in turn, will hinder the market’s growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the agricultural equipment finance market during the 2019-2023, view our report.

Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Read the full report:

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