USD 54.7 billion
Farm Equipment Rental Market Size, Share, Growth Analysis, By Type(Tractors, Balers, Sprayers, Harvesters), By Application(Land Development & Seed Bed Preparation Equipment, Sowing & Planting, Cultivation, Plant Protection), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20H2036 |
Region:
Global |
Published Date: April, 2024
Pages:
201
|Tables:
68
|Figures:
76
Farm Equipment Rental Market Insights
Global Farm Equipment Rental Market size was valued at USD 54.7 billion in 2022 and is poised to grow from USD 58.09 billion in 2023 to USD 94 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).
Farm equipment rental refers to renting out agricultural machinery that is extensively used in all kinds of farms. Increasing cost of ownership associated with agricultural machinery is projected to bolster the demand for farm equipment rental in the future. Growing adoption of precision agriculture and the increasing focus of farmers on increasing the profitability of their operations are also slated to bolster the demand for farm equipment rental going forward. Surging demand for agricultural produce from the rapidly expanding world population will also create new growth opportunities for farm equipment rental providers going forward. High availability of flexible rental plans is also a key trend that is pushing farmers towards farm equipment rental practices. However, limited access to rental services and reliability issues are estimated to persist as major constraints for farm equipment rental market development in the long run. The presence of key agricultural countries such as India and China in the Asia Pacific region allows it to account for dominant share of the global farm equipment rental market across the forecast period and beyond.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Tractors
Fastest Growth
Harvesters
Growth Rate
6.2% CAGR
Global Farm Equipment Rental Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Farm Equipment Rental Market Segmental Analysis
The global farm equipment rental market is segmented based on type, application, and region. In terms of type, the market is segmented into tractors, balers, sprayers, harvesters, and other types. On the basis of application, the market is bifurcated into land development & seed bed preparation equipment, sowing & planting, cultivation, plant protection, harvesting & threshing, and post-harvest & agro-processing. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Tractors are projected to account for a major chunk of the global farm equipment rental market share owing to their versatility of being capable of handling multiple agricultural operations from sowing, plowing, harvesting, etc. Growing availability of new types of tractors and availability of subsidies for their purchase in certain countries allow them to hold a dominant market share.
Meanwhile, the demand for harvesters in the farm equipment rental space is slated to increase at a rapid pace over the coming years. Growing need for better and efficient harvesting solutions around the world to satisfy surging demand for food is slated to help this segment expand at a rapid pace.
Analysis by Application
Cultivation application accounts for a substantial share of the global farm equipment rental marketplace. Seasonal nature of cultivation might require variation in the use of different types of farm equipment and this is where farm equipment rental services come in handy. Better flexibility and easy access to all required machinery in cultivation season makes all the difference for farmers.
Demand for farm equipment rental for harvesting and threshing application is predicted to increase at a robust pace over the coming years. Increasing emphasis on improving harvesting efficiency and growing demand for faster harvesting operations are also slated to help this segment expand at a rapid pace in the future.
Global Farm Equipment Rental Market By Type
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Farm Equipment Rental Market Regional Insights
The Asia Pacific region is slated to account for a dominant share of the global farm equipment rental market owing to the presence of robust agricultural activity in this region. Supportive government initiatives and subsidies for agricultural companies and farmers in this region are also slated to create new opportunities for farm equipment rental providers. China and India are estimated to be the top markets for farm equipment rental companies operating in the Asia Pacific region going forward.
Increasing network of rental services is allowing North America to emerge as the fastest-growing market for farm equipment rental in the world. Growing agricultural activity and increasing emphasis on improving agricultural outcomes are other factors that are slated to boost farm equipment rental market growth in the North American region. The United States and Canada are slated to be the most rewarding markets for farm equipment rental companies in this region.
Global Farm Equipment Rental Market By Region
- Largest
- Fastest
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Farm Equipment Rental Market Dynamics
Drivers
Flexibility for Farmers
- Farmers get the flexibility of utilizing advanced agricultural equipment without having to spend a fortune on their ownership and maintenance. This flexibility and cost benefit of farm equipment rental boosts market growth.
Adoption of Precision Agriculture
- Precision agriculture requires specialized equipment and machinery and not all farmers can purchase it. This is where farm equipment rental shines and as adoption of precision agriculture increases it also boosts farm equipment rental demand.
Restraints
Limited Access
- Not all farmers have access to a rental service in their area and this is especially true for completely rural areas. This limited availability of farm equipment rental is projected to hurt farm equipment rental market development.
Reliability Concerns
- Rental equipment that has not been maintained or used properly could break down unexpectedly and these reliability issues could smear the name of rental services and impede farm equipment rental adoption.
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Farm Equipment Rental Market Competitive Landscape
Farm equipment rental market players can focus on expanding their reach to rural areas and maximize their revenue generation potential. Farm equipment rental companies can also partner or collaborate with agricultural machinery manufacturers to expand their fleets and maximize revenue generation capacity in the long run. Companies can also take advantage of several government subsidies and initiatives to promote their services and expand their business scope.
Top Player’s Company Profiles
- Farm-Rite Equipment
- Herc Rentals
- Titan Machinery Inc. and Tractors
- Deere & Company
- AGCO Corporation
- The Papé Group Inc.
- Farm Equipment Limited
- Friesen Sales & Rentals
- Pacific Ag Rentals
- AgDirect
- BlueLine Rental
- Escorts Limited
- Pacific Tractor & Implement
- Messick Farm Equipment Inc.
- NESCO Rentals
- Flaman Group of Companies
- Sunbelt Rentals
- Premier Equipment Ltd.
- United Rentals
Top Player’s Company Profiles
- In October 2021, an India based tractor company called Tractors and Farm Equipment Limited (TAFE), announced the launch of new free tractor rental program for small-scale farmers based in India.
- In August 2021, Farmkart, an agritech start-up announced its foray into the equipment rental business with the launch of a new tech-enabled agriculture platform. The company intended to provide farmers with advanced equipment to maximize agricultural efficiency.
Farm Equipment Rental Key Market Trends
- Integration of Telematics and IoT: Farm equipment rental companies can integrate telematics solutions and new IoT technologies to improve the capabilities of their rental fleet. These technologies could also help them improve their maintenance and operational costs in the long run.
Farm Equipment Rental Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, high adoption of precision agriculture practices and growing demand for agricultural produce are key factors promoting the demand for farm equipment rental. Rapidly expanding world population is also slated to benefit farm equipment rental demand outlook. Reliability issues and limited access concerns are projected to hamper farm equipment rental market development in the long run. Asia Pacific region is estimated to account for a massive chunk of the global farm equipment rental demand outlook on the back of robust agricultural activity in countries such as India and China.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 54.7 billion |
| Market size value in 2031 | USD 94 billion |
| Growth Rate | 6.2% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Farm Equipment Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Farm Equipment Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Farm Equipment Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Farm Equipment Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Farm Equipment Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Farm Equipment Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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