The global farm equipment rental market size reached US$ 52.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.55% during 2023-2028.
Farm equipment rental represents a business model and agreement that involves selling, renting, and leasing various agricultural tangible tools and self-propelling equipment to licensed customers at inexpensive rates for a specific duration. It includes tractors, harvesting machines, mower conditioners, tillage systems, rotary tillers, fertilizers, and herbicides as standard components. To attain these products, a rental contract with specified conditions and regulations is signed by both parties. Farm equipment rental helps minimize overhead charges by relinquishing upfront investments, reduces unwarranted maintenance costs, and provides access to advanced agricultural machines. Apart from this, farm equipment rental offers high-performance tools on a contractual basis, allows product testing, improves agriculture procedures, and enables instrument usage in short-term projects to satisfy temporary farming needs. Consequently, the service is used in plowing, cultivating, sowing, and fertilizing applications.
Farm Equipment Rental Market Trends:
The increasing trend of mechanization in the agricultural sector and the growing need for renting various self-propelled machines to mitigate financial constraints and burdens from farmers are primarily driving the market growth. In line with this, the shifting consumer inclination toward renting farm equipment over purchasing several machines to gain profits by excluding maintenance costs and promoting better crop harvesting is acting as another growth-inducing factor. Moreover, the escalating requirement for staple crops due to fueling food scarcity has prompted governments to provide subsidiaries and advanced farming equipment at cost-effective prices, which is propelling the market growth. Additionally, the advent of high horsepower (HP) tractors for farming in dry soil conditions and the availability of harvesting, pest control, planting, and spraying fertilizers and insecticides are impelling the market growth. Apart from this, significant enhancements in the agricultural sector, the large-scale uptake of rental equipment in crop cleaning and threshing activities, and the shortage of skilled labor are positively stimulating the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global farm equipment rentalmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment type, drive and power output.
Breakup by Equipment Type:
Breakup by Drive:
Breakup by Power Output:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AGCO Corporation, Deere & Company, Escorts Limited, Flaman Group of Companies, Friesen Sales & Rentals, Messick Farm Equipment Inc., Pacific Ag Rentals, Pacific Tractor & Implement, Premier Equipment Ltd., The Papé Group Inc., Titan Machinery Inc. and Tractors and Farm Equipment Limited. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
Base Year of the Analysis
Equipment Type, Drive, Power Output, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
AGCO Corporation, Deere & Company, Escorts Limited, Flaman Group of Companies, Friesen Sales & Rentals, Messick Farm Equipment Inc., Pacific Ag Rentals, Pacific Tractor & Implement, Premier Equipment Ltd., The Papé Group Inc., Titan Machinery Inc. and Tractors and Farm Equipment Limited.
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Key Benefits for Stakeholders:
IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the farm equipment rental market from 2017-2028.
The research study provides the latest information on the market drivers, challenges, and opportunities in the global farm equipment rental market.
The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the farm equipment rental industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Key Questions Answered in This Report
The global farm equipment rental market was valued at US$ 52.4 Billion in 2022.
We expect the global farm equipment rental market to exhibit a CAGR of 5.55% during 2023-2028.
The rising adoption of farm equipment rentals for minimizing overhead charges, reducing unwarranted maintenance costs, and providing access to advanced agricultural machines is primarily driving the global farm equipment rental market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in various agricultural activities, thereby negatively impacting the global market for farm equipment rentals.
Based on the equipment type, the global farm equipment rental market can be categorized into tractors, harvesters, sprayers, balers, and others. Currently, tractors account for the majority of the total market share.
Based on the drive, the global farm equipment rental market has been segregated into four-wheel-drive and two-wheel-drive, where four-wheel-drive currently holds the largest market share.
Based on the power output, the global farm equipment rental market can be bifurcated into <30 HP, 31-70 HP, 71-130 HP, 131-250 HP, and >250 HP. Currently, 71-130 HP exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global farm equipment rental market include AGCO Corporation, Deere & Company, Escorts Limited, Flaman Group of Companies, Friesen Sales & Rentals, Messick Farm Equipment Inc., Pacific Ag Rentals, Pacific Tractor & Implement, Premier Equipment Ltd., The Papé Group Inc., Titan Machinery Inc. and Tractors, and Farm Equipment Limited.
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