The higher cost of agricultural equipment is a large concern for U.S. farmers, and has led many decision makers to shift their replacement strategies and pursue retrofitting existing equipment or purchasing used equipment, according to a new study, “Vertical Market Outlook Series: Agricultural Equipment,” released by the Equipment Leasing & Finance Foundation. The study provides an overview of the U.S. agriculture vertical and addresses issues that will impact the sector and its equipment needs.
“This foundation study reveals a new agricultural reality where scale, technological adoption and financial agility are becoming prerequisites for farmers’ survival and growth,” Will Tefft, equipment manager – EverBank Corporate Asset Finance and foundation trustee and research committee member, said. “The flexible solutions, high-touch relationships and equipment expertise the ag sector requires present ample opportunities for the equipment finance industry to support this critical U.S. industry.”
The new study presents data and research from a variety of sources, and examines a range of issues, including:
- Agriculture market size and future growth
- Macroeconomic environment:
- Labor
- Government regulations and legislation
- International agriculture
- Market dynamics and trends:
- Profitability
- Equipment acquisition
- Evolving diets
- Weather/climate change
- Sustainability
- Role of technology
