The Business Research Company’s report on the Farm Equipment Rental Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the farm equipment rental industry?
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 September 2023, according to United States Census Bureau, a US-based Government agency, By 2030, the manufacturing industry will need to fill 4 million jobs, with 2.1 million potentially going unfilled due to a shortage of skilled labor. Therefore, the shortage of skilled labor is driving the growth of the farm equipment rental market.
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What is the estimated market size of the farm equipment rental sector by 2029, based on current forecasts?
The farm equipment rental market size has grown strongly in recent years. It will grow from$58.08 billion in 2024 to $61.75 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. 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 “$83.54 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. 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, and 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, and integration of IoT in equipment.
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#Who are the top 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 major trends in the farm equipment rental market?
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.
Which geography holds the highest farm equipment rental market share?
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
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How do different segments contribute to the overall expansion of the 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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How is the farm equipment rental market defined?
Farm equipment rental refers to the service of providing agricultural equipment for a temporary purpose through a renting or leasing process. The rental agreement is established and executed prior to the contract by all parties, subject to particular terms and restrictions. Farm equipment rentals are used for cultivating, harvesting, carrying crops, and other agricultural activities.
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