Farm Equipment Rental Market Report 2024 | Demand and Forecast by 2032

IMARC Group’s report titled “Farm Equipment Rental Market Report by Equipment Type (Tractors, Harvesters, Sprayers, Balers, and Others), Drive (Four-Wheel-Drive, Two-Wheel-Drive), Power Output (<30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250 HP), and Region 2024-2032“. The global farm equipment rental market size reached US$ 55.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 85.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.85% during 2024-2032.

Factors Affecting the Growth of the Farm Equipment Rental Industry:

• Cost-Effectiveness and Financial Flexibility:

Renting farm equipment is cheaper and offers flexibility, especially for small and medium farmers. Buying advanced machinery requires a big investment, often too much for many. However, renting needs less money upfront and gives access to modern tools without the hassle of ownership. This cuts farming costs and allows quick adoption of new technology. Furthermore, renting avoids extra costs for maintenance, storage, and transportation, making it even more appealing.

• Seasonal Demand and Flexibility in Usage:

Farming depends on seasons and specific equipment needed at certain times. This seasonal aspect boosts market growth. Renting equipment gives farmers access without long-term costs. It prevents costly machines from sitting idle. Moreover, rental services offer the chance to pick different tools for various tasks and conditions. This helps farmers adjust their operations to seasonal needs. It's especially beneficial in areas with varied crops and climates, where adaptability is key.

• Labor Shortages:

Rural areas are facing a labor shortage due to urban migration and demographic shifts. This situation is pushing farmers to adopt mechanization to boost productivity. Renting farm equipment becomes key here. It allows farmers to access the needed machinery without relying on a large workforce. This is crucial during busy times like planting and harvesting. By renting, farmers can easily adjust their operations based on available labor and needs. This approach prevents labor shortages from hurting crop yields. Therefore, the option to rent machinery is vital in tackling rural labor shortages.

Grab a sample PDF of this report: https://www.imarcgroup.com/farm-equipment-rental-market/requestsample

Leading Companies Operating in the Global Farm Equipment Rental  Industry:

• 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.
• Tractors and Farm Equipment Limited.

Farm Equipment Rental Market Report Segmentation:

By Equipment Type:

• Tractors
• Harvesters
• Sprayers
• Balers
• Others

Tractors account for the majority of the market share due to their versatility and essential role in modern agriculture.

By Drive:

• Four-Wheel-Drive
• Two-Wheel-Drive

Four-wheel-drive represents the largest segment as it offers improved traction and efficiency.

By Power Output:

• <30 HP
• 31-70 HP
• 71-130 HP
• 131-250 HP
• >250 HP

71-130 HP holds the biggest market share due to its capacity to strike a balance between sufficient power for farm tasks and fuel efficiency.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific dominates the market, driven by its extensive agricultural activities and growing demand for farm equipment rental services in the region.

Global Farm Equipment Rental Market Trends:

Digital platforms and mobile apps are boosting the equipment rental market. Now, farmers can easily find, book, and manage rentals from their devices. This convenience makes rentals more accessible. Additionally, these platforms offer price comparisons, reviews, and flexible bookings, enhancing the experience. Advanced technologies also contribute to growth. For instance, AI provides personalized recommendations, while IoT allows real-time tracking of equipment.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
 

Contact US

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163