How Has The Farm Equipment Rental Market Size Evolved In Recent Years?
The farm equipment rental market has seen considerable growth due to a variety of factors.
•The size of the farm equipment rental market has experienced substantial growth in the past few years. It's projected to rise from $58.08 billion in 2024 to $61.75 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%.
Factors driving this growth during the historical period include cost efficiency for farmers, cyclical demand, adaptability, convenience, varied land sizes, evasion of depreciation costs, and a multitude of crop types.
What Is The Projected Growth Of The Farm Equipment Rental Market?
The farm equipment rental market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of farm equipment rental is predicted to experience significant growth in the coming years, increasing to "$83.54 billion by 2029 with a compound annual growth rate (CAGR) of 7.8%.
The forecasted growth can be credited to a number of factors such as environmental sustainability, governmental backing and subsidies, a deficiency in skilled labor, the introduction of rental platforms into the market, growing land division, and shifting global trade dynamics. Key trends anticipated during the forecast period encompass alliance with agricultural technology, the rise of smart farming practices, adaptable rental solutions and schemes, platform partnerships for equipment exchange, and the implementation of Internet of Things (IoT) in equipment.
What Are The Primary Growth Drivers In The Farm Equipment Rental Market?
The farm equipment rental market is projected to expand in the future due to an anticipated scarcity of skilled labor. When there's a labor shortage, it signifies there aren't enough trained individuals for specific jobs. The escalating labor shortage boosts the necessity for farm equipment rentals, which are crucial for agriculture, especially amidst this labor scarcity. Rental equipment proves beneficial for farmers - considering its cost-effectiveness, these elements stimulate the farm equipment rental market. For instance, as reported by the United States Census Bureau, a government agency based in the US, by 2030, there will be a need to fill 4 million jobs in the manufacturing sector. However, 2.1 million of these jobs could remain vacant owing to the lack of skilled labor. Consequently, the scarcity of skilled labor is fueling the growth of the farm equipment rental market.
What Is The Segmentation Of The Global Farm Equipment Rental Market?
The farm equipment rental market covered in this report is segmented –
1) By Equipment Type: Tractors, Harvesters, Sprayers, Balers, Other Equipment Types
2) By Power Output: <30 HP, 31-70 HP, 71-130 HP, 131-250 HP, <250 HP
3) By Drive: Two-Wheel Drive, Four-Wheel Drive
Subsegments:
1) By Tractors: Utility Tractors, Row Crop Tractors, Orchard Tractors, Compact Tractors
2) By Harvesters: Combine Harvesters, Forage Harvesters, Sugarcane Harvesters
3) By Sprayers: Boom Sprayers, Backpack Sprayers, Aerial Sprayers
4) By Balers: Round Balers, Square Balers, Specialty Balers
5) By Other Equipment Types: Plows, Seeders, Cultivators, Tillage Equipment
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What Emerging Trends Are Shaping The Farm Equipment Rental Market Landscape?
The proliferation of technology is picking pace as a significant trend in the farm equipment rental sector. Big market players in this industry are inventing fresh technologies as a measure to solidify their market standing. A prime example of this is Carnot Technologies, an agro-tech company in India, financially backed by Mahindra & Qualcomm. In March 2023, it introduced its Krish-e Smart Kit. This is an IoT device for farm machinery that gives owners access to data about their tractors and additional rural machinery via smartphone and GPS enabled time tracking. The tool allows machinery owners and rental firms to diminish tractor downtime, prevent unauthorized usage, enhance profits, and manage maintenance costs effectively. Its sophisticated trip replay feature enables the tracking of various transport activities. The scheme also provides on-demand admittance to a range of high-tech agricultural machines, alongside the tracking and monitoring facility. The market-first aftermarket IoT solution, Krish-e Smart Kit, is offering an easy, cost-efficient, and eco-friendly way for farmers and companies to connect and keep tabs on their farm machinery from any location.
Who Are the Key Players in the Farm Equipment Rental Market?
Major companies operating in the farm equipment rental market include:
• 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.
• JFarm Services (TAFE)
• Flaman Group of Companies
• Friesen Sales And Rentals Ltd.
• The Pape Group
• Cedar Street Sales & Rentals
• Farmease
• Herc Rentals Inc.
• Sunbelt Rentals lnc.
• United Rentals lnc.
• Nesco LLC
• Farm-Rite Equipment lnc.
• BlueLine Rental Company
• Hendershot Equipment Company
• Hoober Inc.
• James River Equipment
• Lano Equipment Inc.
• Martin Implement Sales Inc.
• Monroe Tractor & Implement Co.
• P&K Equipment
• Redline Equipment
• RDO Equipment Co.
What are the Regional Insights into the Farm Equipment Rental Market?
Asia-Pacific was the largest region in the farm equipment rental market in 2024. It is expected to be the fastest growing region in the global farm equipment rental market during the forecast period. The regions covered in the farm equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
