Categories: Market Research

Farm Tractor Rental Market Size and Forecast 2024-2033| Messick’s Farm Equipment Inc., Deere & Company, CNH Industrial NV, Kubota Corporation, Mahindra & Mahindra Limited

The Farm Tractor 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 Tractor Rental Global Market Report 2024, The farm tractor rental market size has grown strongly in recent years. It will grow from $49.94 billion in 2023 to $54.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to cost-efficient farming practices, variable agricultural land sizes, flexibility in farm operations, reduced capital investment, specialized farming needs.

The farm tractor rental market size is expected to see strong growth in the next few years. It will grow to $75.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising adoption in developing regions, growing trend of precision farming, environmental sustainability initiatives, fluctuating agricultural cycles, government support and subsidies. Major trends in the forecast period include eco-friendly and electric tractor rentals, remote assistance and support services, collaborations with agtech providers, financial flexibility and pay-per-use models, training and skill development programs.

An increase in farm mechanization is expected to propel the farm tractor rental market going forward. Farm mechanization refers to adopting more advanced machinery and technology in agricultural operations. The increased use of modern farm equipment such as tractors and other specialized machinery in agriculture can lead to improved efficiency, higher crop yields, and greater profitability for farmers, which increases the demand for farm tractors rental. For instance, in July 2022, according to the Farm Production Expenditure report published by the United States Department of Agriculture, a US-based federal agency, farm production expenditure for tractors and self-propelled farm machinery in US agriculture practices accounted for 17,600 million dollars in 2021. The cost of tractors and self-propelled farm machinery expenditure stood at 8,784 dollars on average per farm in the US. Therefore, an increase in farm mechanization drives the farm tractor rental market.

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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

Major companies operating in the farm tractor rental market are developing innovative products, such as tractor rental applications, to meet larger customer bases, increase sales, and increase revenue. A tractor rental application refers to a software application or mobile app designed to facilitate the process of renting or leasing tractors and related agricultural equipment. For instance, in August 2021, Sonalika Group, an India-based tractor manufacturer, launched the Sonalika Agro Solutions app. The Sonalika Agro Solutions app uniquely connects farmers with a diverse pool of machinery renters, providing access to high-tech agricultural implements available for rent in their local area. Specifically designed for tractor and implement rental, the app empowers farmers to conveniently explore advanced farm machinery suitable for their crop needs using their smartphones. Its distinctive feature lies in offering a platform where users can easily list their tractors and implements for rent or find and rent the equipment they require, fostering a seamless and efficient rental process for farmers.

The farm tractor rental market report table of contents includes:

1. Executive Summary

2. Farm Tractor Rental Market Characteristics

3. Farm Tractor Rental Market Trends And Strategies

4. Farm Tractor Rental Market – Macro Economic Scenario

5. Global Farm Tractor Rental Market Size and Growth

26. South America Farm Tractor Rental Market

27. Brazil Farm Tractor Rental Market

28. Middle East Farm Tractor Rental Market

29. Africa Farm Tractor Rental Market

30. Farm Tractor Rental Market Competitive Landscape And Company Profiles

Top Major Players: