Farm Equipment Rental Market Trends, Growth and Forecast (2023-2033)
According to a research report published by Spherical Insights & Consulting, the Global Farm Equipment Rental Market Size Expected to Grow from USD 54.8 Billion in 2023 to USD 108.8 Billion by 2033, at a CAGR of 7.10% during the forecast period 2023-2033.
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Farm equipment rental is a business that allows farmers to hire agricultural gear and equipment. This enables farmers to employ costly or specialist equipment without having to buy it all at once. These rental services meet the evolving demands of farmers seeking cost-effective solutions to optimize operational effectiveness, meet seasonal demand, and lessen the financial burden of equipment ownership. Furthermore, the financial advantages of renting as opposed to buying outright solve the financial problems that farmers, especially small farmers, face. Farmers can purchase essential equipment without incurring large upfront expenditures, which improves their ability to allocate their funds across several businesses. However, variations in the quality of rental machinery, which are impacted by age, usage history, and the maintenance procedures of rental organizations, give rise to worries over the dependability and efficiency of the equipment.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the Global Farm Equipment Rental Market Size, Share, and COVID-19 Impact Analysis, By Equipment Type (Tractors, Harvesters, Sprayers, Balers, and Other Equipment), By Power Output (<30HP, 31-70HP, 71-130HP, 131-250HP, and >250HP), By Drive (Two-wheel Drive and Four-wheel Drive), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The harvester segment is estimated to grow at the largest CAGR in the global farm equipment rental market during the forecast period.
Based on the equipment type, the global farm equipment rental market is segmented into tractors, harvesters, sprayers, balers, and other equipment. Among these, the harvester segment is estimated to grow at the highest CAGR in the global farm equipment rental market during the forecast period. The harvesters are self-propelled, versatile machines that effectively harvest a range of grain crops. Using a harvester, the three separate harvesting processes of reaping, threshing, and winnowing are combined into one process. Therefore, high labor costs and labor scarcity in the harvesting category are the main reasons behind the increase in demand for harvesters in the market for renting farm equipment.
The 71-130 HP segment is estimated to hold the highest share of the global farm equipment rental market during the forecast period.
Based on the power output, the global farm equipment rental market is segmented into <30HP, 31-70HP, 71-130HP, 131-250HP, and >250HP. Among these, the 71-130 HP segment is estimated to hold the highest share of the global farm equipment rental market during the forecast period. Although there aren’t many 2WD tractor models in this class, most of the 71–130 HP range is made up of 4WD tractors. As countries in the Asia-Pacific region strive to increase the rates of agricultural mechanization, there is an increasing demand for these tractors. Industrialized countries have a greater need for these tractors because of factors including high rates of consumption, rising food production needs, larger farm power requirements, and enormous agricultural holding sizes.
The four-wheel-drive segment is estimated to hold the largest share of the global farm equipment rental market during the forecast period.
Based on the drive, the global farm equipment rental market is segmented into two-wheel drive and four-wheel drive. Among these, the four-wheel-drive segment is estimated to hold the largest share of the global farm equipment rental market during the forecast period. The majority of large-scale commercial farming operations covering 100–2,000 hectares employ four-wheel-drive tractors, which are heavy-duty vehicles. In addition to having high tire slip and power capacity, they have a strong pulling capability.
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Asia Pacific is expected to hold the largest share of the global farm equipment rental market over the predicted timeframe.
Asia Pacific is expected to hold the largest share of the global farm equipment rental market over the predicted timeframe. In the Asia-Pacific area, farmers are increasingly cultivating cotton, palm oil, and rice. Additionally, the demand for tractor rentals as well as other farming equipment including harvesters, sprayers, and threshing equipment has surged as a result of the agricultural sector in Asia Pacific countries moving away from labor-intensive farming methods and toward more sophisticated technical equipment.
North America is estimated to grow at the fastest pace in the global farm equipment rental market during the forecast period. As a result of growing technological advancements and the use of numerous cutting-edge technologies. Companies are investing heavily in the farming and agriculture sectors as a result of the introduction of technology, which is changing the sector. Consequently, autonomous farming in the region is ushering in a new era of agriculture and increasing market sales.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global farm equipment rental market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Farm Equipment Rental Market are Deere and Company, AGCO Corporation, Escorts Kubota Limited, Tractors and Farm Equipment Limited, CNH Industrial NV, Kubota Corporation, Mahindra and Mahindra Limited, J.C. Bamford Excavators Limited, Messick Farm Equipment Inc., Pacific Tractor & Implement LLC, Premier Equipment Rentals Inc., Papé Group Inc., JFarm Services (TAFE), Flaman Group of Companies, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In May 2023, a contract was reached by CNH Industrial to incorporate One Smart Spray’s spraying system into their agricultural equipment lineup. The commercial integration of this system onto Case IH and New Holland farm equipment is managed by the Raven Industries team. The precision and automated spraying capabilities of the equipment will be improved more quickly thanks to this relationship.
- In October 2021, tractors and Farm Equipment Limited (TAFE) launched a free tractor rental initiative to help small farmers in India. The scheme would assist about 50,000 farmers and span about 1,20,000 acres between May and July 2021.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global farm equipment rental market based on the below-mentioned segments:
Global Farm Equipment Rental Market, By Equipment Type
- Tractors
- Harvesters
- Sprayers
- Balers
- Other Equipment
Global Farm Equipment Rental Market, By Power Output
- <30HP
- 31-70HP
- 71-130HP
- 131-250HP
- >250HP
Global Farm Equipment Rental Market, By Drive
- Two-wheel Drive
- Four-wheel Drive
Global Farm Equipment Rental Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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