The latest research study “Farm Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that The global farm equipment rental market size reached US$ 52.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.55% during 2023-2028.
Farm equipment rental represents a business agreement or model that involves renting, selling, and leasing various agricultural tangible tools and self-propelling equipment to licensed customers at inexpensive rates for a specific period. It includes harvesting machines, mower conditioners, tillage systems, tractors, rotary tillers, fertilizers, and herbicides as standard components. A rental contract with specified regulations and conditions is signed by both parties to attain these products. It aids in minimizing overhead charges by relinquishing upfront investments, reducing unnecessary maintenance costs, providing access to advanced agricultural machines, etc. In addition to this, this agreement allows product testing, offers high-performance tools on a contractual basis, improves agriculture procedures, enables instrument usage in short-term projects to satisfy temporary farming needs, etc. As a result, farm equipment rental is widely used in cultivating, sowing, plowing, and fertilizing applications.
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Farm Equipment Rental Market Trends and Drivers:
The emerging trend of mechanization in the agricultural sector and the escalating demand for leasing several self-propelled machines to mitigate financial constraints and burdens from farmers are among the primary factors driving the farm equipment rental market. Besides this, the growing requirement for staple crops, owing to the increasing food scarcity, is further augmenting the market growth. Moreover, the rising consumer inclination towards renting farm equipment over purchasing machines to gain profits by excluding maintenance costs and promoting more suitable crop harvesting is also catalyzing the global market. Apart from this, the easy availability of harvesting, pest control, planting, and spraying fertilizers and insecticides is acting as another significant growth-inducing factor. Furthermore, continuous improvements in the agricultural industry, the widespread adoption of leased tools in crop cleaning and threshing activities, and the shortage of skilled labor are expected to bolster the farm equipment rental market in the coming years.
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Farm Equipment Rental Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AGCO Corporation
- Deere & Company
- Escorts Limited
- Flaman Group of Companies
- Friesen Sales & Rentals
- Messick Farm Equipment Inc.
- Pacific Ag Rentals
- Pacific Tractor & Implement
- Premier Equipment Ltd.
- The Papé Group Inc.
- Titan Machinery Inc.
- Tractors and Farm Equipment Limited
Breakup by Equipment Type:
- Tractors
- Harvesters
- Sprayers
- Balers
- Others
Breakup by Drive:
- Four-Wheel-Drive
- Two-Wheel-Drive
Breakup by Power Output:
- <30 HP
- 31-70 HP
- 71-130 HP
- 131-250 HP
- >250 HP
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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