The farm tractor rental market is also experiencing strong growth, increasing from $49.94 billion in 2023 to $54.4 billion in 2024, reflecting a CAGR of 8.9%. Key factors include cost efficiency and precision farming trends. By 2028, this market is projected to reach $75.92 billion, with a CAGR of 8.7%, driven by eco-friendly initiatives and flexible rental models.
Major Driver In The Farm Tractor Rental Market
The growth of the farm tractor rental market is linked to the increasing trend of farm mechanization. Farm mechanization involves the adoption of advanced machinery and technology in agricultural operations, leading to enhanced efficiency, higher crop yields, and increased profitability for farmers. According to the Farm Production Expenditure report from the United States Department of Agriculture in July 2022, the expenditure for tractors and self-propelled farm machinery in US agriculture practices reached $17,600 million in 2021. On average, the cost of tractors and self-propelled farm machinery expenditure per farm in the US stood at $8,784. This rise in farm mechanization stimulates the demand for farm tractor rental, influencing market sizes for 2023, 2024, and 2028.
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Farm Tractor Rental Market Competitive Landscape
Messick’s Farm Equipment Inc., Deere & Company, CNH Industrial NV, Kubota Corporation, Mahindra & Mahindra Limited, AGCO Corporation, Titan Machinery Inc., Escorts Limited, The Papé Group Inc., Atlantic Tractor LLC, Sunsouth LLC, Birkey's Farm Store Inc., Rocky Mountain Equipment, Agri-Service LLC, Flaman Group of Companies, Friesen Sales & Rentals Ltd., Van der Sluis Technische Bedrijven, Stotz Equipment, Hoober Inc., Green Diamond Equipment Ltd., Pacific Ag Rentals LLC, S&H Farm Supply Inc., Meade Tractor, Beard Implement Co., Tractors and Farm Equipment Limited, Pacific Tractor & Implement, Premier Equipment Rental Inc., Shearer Equipment, Chupp Implement Co., Dowda Farm Equipment Inc.
Key Farm Tractor Rental Market Trend
Technological advancements are a significant trend in the farm tractor rental market. Companies are introducing state-of-the-art rental products and platforms to enhance their market position. For instance, in May 2021, Proxecto, an India-based tractor manufacturer, unveiled an innovative fully automatic hybrid tractor. This eco-friendly tractor operates without battery packs and supports multiple fuel options. It features all-wheel electric drive technology with three-mode operations, eliminating the need for a clutch and gears, thus reducing manual effort for farmers.
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Farm Tractor Rental Market Segmentation
The farm tractor rental market covered in this report is segmented –
1) By Type: Internal Combustion Engine(ICE), Electric
2) By Operations: Manual Tractor Vehicle, Autonomous Tractor Vehicle
3) By Power Output: <30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250 HP
4) By Drive type: Two Wheel, Four Wheel
5) By Application: Harvesting, Seed Sowing, Irrigation, Other Applications
By Geography:The regions covered in the farm tractor rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the farm tractor rental market in 2023.
The Farm Tractor Rental Global Market Report 2024 furnishes information about the global farm tractor rental market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
