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Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers, Others), by Drive (4WD, 2WD), by Power Output (<30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250HP), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Spain, Russia, Nordics), by Asia Pacific (China, India, Japan, South Korea, ANZ, Southeast Asia), by Latin America (Brazil, Mexico, Argentina), by MEA (South Africa, UAE, Saudi Arabia) Forecast 2025-2033
The size of the Farm Equipment Rental Market was valued at USD 35.2 Billion in 2023 and is projected to reach USD 52.93 Billion by 2032, with an expected CAGR of 6% during the forecast period. The market for renting farm equipment consists of providing agricultural machinery and equipment for farmers who require access to advanced machinery but may lack the funds to buy them. This market offers a variety of tools like tractors, harvesters, plows, seeders, and sprayers for rent during certain periods or farming seasons. Rising costs of buying and upkeeping farm equipment, particularly for smaller farms, and the shift towards precision agriculture with its need for costly, advanced machinery are fueling the market. Leasing agricultural machinery allows farmers to use the most current technology and tools without having to make a large initial investment, enabling them to increase efficiency and cut operating expenses. Furthermore, the market's expansion is being boosted by the emergence of shared economy models and digital platforms linking equipment owners with farmers. Rising demand for contract farming, mechanization in developing nations, and the drive for sustainable and cost-effective farming practices are also bolstering the market. The Farm Equipment Rental Market is projected to increase due to farmers looking for affordable, on-demand options to access the machinery required to enhance productivity, increase yields, and embrace new agricultural technologies.
The market exhibits moderate concentration, with predominant players holding a substantial market share. Innovation and technological advancements characterize the market, as manufacturers prioritize R&D to enhance equipment efficiency and performance. Government regulations, particularly emission norms, influence product development. Product substitutes like pre-owned equipment and shared ownership structures pose challenges to market growth. End-user concentration remains high, with substantial farms and agricultural cooperatives serving as primary customers. Merger and acquisition activities are common as companies strive to extend their geographic reach and product offerings.
Equipment Type:
Drive:
Power Output:
In May 2023, CNH Industrial signed a contract with One Smart Spray to incorporate their spraying system into its agricultural equipment line. This collaboration aims to enhance the precision and spraying capabilities of Case IH and New Holland machinery.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 6% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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