Global Farm Equipment Rental Market

Farm Equipment Rental Market Overview: Market Size, Major Drivers And Trends

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033


  • Strong Recent Market Expansion
    • Market grew from $55.12 billion in 2023 to $58.63 billion in 2024.
    • Compound annual growth rate (CAGR) of 6.4%.
  • Historic Growth Drivers
    • Cost savings for farmers.
    • Seasonal demand for equipment.
    • Flexibility and accessibility.
    • Variability in land size.
    • Avoidance of depreciation costs.
    • Diverse crop types necessitating different equipment.


Future Prospects: Continued Strong Growth

  • Projected Market Growth
    • Expected to reach $76.88 billion by 2028.
    • CAGR of 7.0%.
  • Forecasted Growth Drivers
    • Emphasis on environmental sustainability.
    • Increased government support and subsidies.
    • Shortage of skilled labor.
    • Market entry of new rental platforms.
    • Rising land fragmentation.
    • Dynamic global trade patterns.
  • Emerging Trends
    • Collaborations with agricultural technology firms.
    • Adoption of smart farming technologies.
    • Flexible rental solutions and models.
    • Platforms for equipment sharing.
    • Integration of IoT in rental equipment.


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Skilled Labor Shortage Boosts Rental Demand

  • Labor Shortage Impact
    • Growing demand for rental equipment due to lack of skilled labor.
    • Rental equipment provides an affordable alternative for farmers.
  • Labor Shortage Statistics
    • Significant decline in agricultural employment in Turkey (242,000 fewer workers in 2020).
    • UK needs approximately 22,000 additional agricultural workers.
  • Contributing Factors
    • COVID-19 pandemic exacerbating labor shortages.
    • Increased reliance on smart technology in agriculture.

Key Players and Industry Innovations

  • Leading Companies
    • Deere And Company, AGCO Corporation, Escorts Kubota Limited, CNH Industrial NV, Kubota Corporation, Mahindra And Mahindra Limited, among others.
  • Technological Advancements
    • IoT-powered devices enhancing rental market efficiency.
    • Example: Carnot Technologies’ Krish-e Smart Kit.
    • Provides data on equipment usage, reduces downtime, prevents misuse, and improves maintenance management.

Significant Acquisitions

  • Strategic Acquisitions
    • Titan Machinery Inc.’s acquisition of Pioneer Farm Equipment Inc.
    • Strengthens Titan Machinery’s presence in the US agricultural market.
    • Pioneer Farm Equipment Inc. provides rental and leasing services.

Market Segmentation

  • By Equipment Type
    • Tractors, Harvesters, Sprayers, Balers, Other Equipment Types.
  • By Power Output
    • <30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250 HP.
  • By Drive
    • Two-Wheel Drive, Four-Wheel Drive.

Regional Insights

  • Asia-Pacific
    • Largest region in the farm equipment rental market in 2023.
    • Expected to be the fastest-growing region during the forecast period.

Technological Innovations Reshaping the Market

  • IoT Integration
    • IoT advancements are transforming farm equipment rental.
    • Example: Carnot Technologies’ Krish-e Smart Kit.
    • Tracks equipment, reduces misuse, and optimizes maintenance.
  • Benefits of IoT
    • Enhances operational efficiency.
    • Provides cost-effective solutions for farmers.

In conclusion, the farm equipment rental market is experiencing robust growth driven by cost savings, seasonal demand, and technological advancements. The forecasted growth emphasizes the importance of environmental sustainability, government support, and innovative rental solutions. Key trends such as the integration of IoT and smart farming technologies are expected to shape the future of this market, providing significant opportunities for industry players globally.

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The Farm Equipment Rental Global Market Report 2024  provides an overview of the farm equipment rental market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The farm equipment rental market forecast analyzes farm equipment rental market size, farm equipment rental market share, leading competitor and their market positions.


The Table Of Content For The Farm Equipment Rental Market Include:
1. Farm Equipment Rental Market Executive Summary
2. Farm Equipment Rental Market Segments
3. Farm Equipment Rental Market Size And Farm Equipment Rental Market Growth Rate
4. Key Farm Equipment Rental Market Trends
5. Major Farm Equipment Rental Market Drivers
25. Key Mergers And Acquisitions In The Farm Equipment Rental Market
26. Top Farm Equipment Rental Companies
27. Farm Equipment Rental Market Opportunities And Strategies
28. Farm Equipment Rental Market, Conclusions And Recommendations
29. Appendix


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