Categories: Market Research

Farm Equipment Rental Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Farm Equipment Rental Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Farm Equipment Rental Global Market Report 2024, The farm equipment rental market size has grown strongly in recent years. It will grow from $55.12 billion in 2023 to $58.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to cost savings for farmers, seasonal demand, flexibility and accessibility, variability in land size, avoidance of depreciation costs, diverse crop types.

The farm equipment rental market size is expected to see strong growth in the next few years. It will grow to $76.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to environmental sustainability, government support and subsidies, shortage of skilled labor, market entry of rental platforms, rising land fragmentation, global trade dynamics. Major trends in the forecast period include collaborations with agricultural technology, smart farming technologies, flexible rental solutions and models, collaboration platforms for equipment sharing, integration of iot in equipment.

A shortage of skilled labor is expected to propel the growth of the farm equipment rental market going forward. A shortage of labor means there aren’t enough qualified people available for a given occupation. Due to the increased shortage of skilled labor, the demand for farm equipment rentals is extremely helpful for agriculture as the labor shortage prevails, and getting this rental equipment is even more useful for farmers as it is affordable, so these factors boost the farm equipment rental market. For instance, in January 2021, according to a report shared by the Turkish Statistical Institute, a Turkey-based government agency commissioned with producing official statistics on Turkey, when compared to the same period in the prior year, the number of people employed in agriculture fell by 242 thousand in the month of October 2020. Furthermore, according to reports shared by the Guardian News and Media Limited, a UK-based media company, to cover the labor shortfalls in the agricultural sector, almost 22,000 additional people are still required. Additionally, COVID-19 struck, making it difficult to find workers in agriculture. Less interest in skilled jobs and an increase in smart technology in agriculture may be the root of the labor crisis. Therefore, the shortage of skilled labor is driving the growth of the farm equipment rental market.

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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

Technological advancements are a key trend gaining popularity in the farm equipment rental market going forward. Major companies operating in the farm equipment rental market are developing innovative technologies to strengthen their position in the market. For instance, in March 2023, Carnot Technologies, an India-based agro-tech company backed by Mahindra & Qualcomm, launched Krish-e Smart Kit, an IoT device for farm equipment that provides owners with data on their tractors and other agricultural machinery through the use of a smartphone and GPS-enabled time tracking. It enables owners of machinery and rental companies to decrease tractor downtime, stop unlawful use of their tractors, boost revenue, and effectively manage maintenance costs. The sophisticated trip replay feature of the Smart Kit allows for the monitoring of trolley and commercial transportation activities. The program offers on-demand access to a fleet of high-tech agricultural vehicles in addition to tracking and monitoring. The Krish-e Smart Kit, a market-first aftermarket IoT solution, offers farmers and companies a convenient, cost-effective, and sustainable method to connect with and monitor their farm equipment wherever they are.

The farm equipment rental market report table of contents includes: