New York, United States , June 14, 2024 (GLOBE NEWSWIRE) -- The Global Farm Equipment Rental Market Size is to Grow from USD 54.8 Billion in 2023 to USD 108.8 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.10% during the projected period.
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The farm equipment rental market includes the short-term rental of agricultural gear and equipment to farmers and agricultural businesses. This includes a wide range of machinery, such as plows, harvesters, tractors, cultivators, and sprayers. The previously mentioned rental services respond to the evolving requirements of farmers who seek reasonably priced methods to reduce the financial strain of equipment ownership, optimize operational effectiveness, and meet peak seasonal demand. An additional service provided by manufacturers and other agricultural equipment companies is the renting of farming machines. Farmers can rent farm equipment from the rental service, including harvesters, sprayers, balers, and tractors. Furthermore, the financial advantages of renting as opposed to buying completely take care of the financial problems that farmers—small farmers in particular—face. Farmers can obtain essential equipment without having to pay large upfront expenses, which helps them better allocate their funds across several businesses. Additionally, leasing services' adaptability and flexibility answer farming's dynamic nature. Additionally, the significance of equipment sharing through leasing services is highlighted by the present agricultural emphasis on sustainability and environmental challenges. Renting encourages resource conservation and a decrease in the quantity of machinery used, both of which lessen the environmental impact of farming. Farmers can lower risk and obtain market access by renting agricultural equipment. Furthermore, renting enables farmers to test out new tools or methods before committing to long-term costs.
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 harvesters segment is anticipated to grow at the highest CAGR in the global farm equipment rental market during the projected timeframe.
Based on the type, the global farm equipment rental market is divided into tractors, harvesters, sprayers, balers, and other equipment. Among these, the harvesters segment is anticipated to grow at the highest CAGR in the global farm equipment rental market during the projected timeframe. High labor costs and labor scarcity are the main factors driving the market's increase in demand for harvesters.
The 71-130 HP segment is anticipated to hold the largest share of the global farm equipment rental market during the projected timeframe.
Based on the power output, the global farm equipment rental market is divided into <30HP, 31-70HP, 71-130HP, 131-250HP, and >250HP. Among these, the 71-130 HP segment is anticipated to hold the largest share of the global farm equipment rental market during the projected timeframe. The need for these tractors is increasing in industrialized countries due to high consumption rates, greater horsepower requirements, and large agricultural holdings.
The four-wheel-drive segment is anticipated to hold the highest share of the global farm equipment rental market during the projected timeframe.
Based on the drive, the global farm equipment rental market is divided into two-wheel drive and four-wheel drive. Among these, the four-wheel-drive segment is anticipated to hold the highest share of the global farm equipment rental market during the projected timeframe. Four-wheel-drive features a high pulling capability, as well as high wheel slip and power capacities.
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Asia Pacific is expected to hold the largest share of the global farm equipment rental market over the forecast period.
Asia Pacific is expected to hold the largest share of the global farm equipment rental market over the forecast period. Growing rice along with other crops such as cotton and palm in the Asia Pacific region is becoming more and more common. Additionally, the demand for tractor rentals as well as other farming equipment including harvesters, sprayers, and threshing equipment has surged due to a transition in the agricultural sector throughout Asia Pacific countries from labor-intensive farming techniques to advanced technology equipment. Higher crop yields have also been attained by investments in a variety of agricultural equipment, particularly in developing nations consisting of China, Vietnam, Thailand, India, and others. Mid- and low-income farmers in the Asia-Pacific area are moving from labor-intensive farming practices to contemporary technology equipment in the agricultural sector as a result of growing awareness of the benefits of farm mechanization.
North America is anticipated to grow at the fastest pace in the global farm equipment rental market during the predicted timeframe. primarily a result of growing technological advances and the use of numerous cutting-edge technologies. Businesses are investing heavily in agriculture as a result of the industry's transformation brought about by the introduction of technology. For example, in December 2021, GUSS Automation, a US-based company that manufactures mobile autonomous spraying robots for the agriculture sector, unveiled a small autonomous sprayer that can autonomously administer pesticides to crops. In a similar vein, several other regional actors are very committed to agricultural autonomy. Consequently, the region's self-sufficient farming is ushering in a new phase of agriculture and increasing market sales.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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 include Applied Bionomics Ltd, ARBICO Organics, Andermatt Group AG, Biobest Group NV, BioBee Ltd, Bioline AgroSciences Ltd, BIONEMA, Evergreen Growers Supply LLC, Fargro Limited, GrowLiv Biologicals, IPM Laboratories Inc., KUNAFIN, Koppert, Nature’s Control, Natural Pest Controls, and others.
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Recent Developments
- In March 2023, A contract was made by CNH Industrial to integrate One Smart Spray's spraying system into its lineup of farming machinery. The commercial integration of this system onto Case IH and New Holland agricultural machinery will be managed by the Raven Industries team.
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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