Farm Equipment Rental Market (By Equipment Type: Tractors, Harvestors, Haying Equipment, Others; By Drive: Two-wheel drive, Four-wheel drive) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global farm equipment rental market is expected to grow at a CAGR of around 7.2% from 2020 to 2027 and expected to reach market value of around US$ 78,543.3 Mn by 2027.

Farm equipment refers to the machinery that is used in farming, Tractor is the most common equipment in the farming used to pull or push agricultural machinery or trailers particularly for tilling, planting, disking, ploughing, harrowing, and other similar tasks. The other equipment used in farming includes harvester, sprayers, and threshing equipment among others.

Market Dynamics

The increasing need to reduce the financial burden on farmers and rising demand for productivity and operational efficiency is driving the market value. The shortage of skilled labor due to the mechanization of farming activities in developing countries is again accelerating the market value. The high cost of agriculture equipment and the limited availability of arable land is boosting the demand for rental equipment. Additionally, favorable government support in terms of subsidies for farming equipment is propelling the market value. Furthermore, Strong growth in emerging economies and rising adoption of new and advanced technological machinery in farm applications is likely to create potential demand over the forecast period.

On the other side, less awareness among farmers in underdeveloped and some developing economies is hindering the market growth. Whereas, the lack of safety-related regulations in developing regions is a major challenge to market growth.

Tractors segment accounted for the major share in the global market

In 2019, the tractors segment accounted for the major share by equipment type in the market. The segment is also projected to continue with its dominance during the forecast period from 2020 to 2027. The advancements in the technology to enhance engine efficiency and to increase the horsepower capacity of the tractors are favoring the market value. The increasing demand for tractor owing to its versatile usage in various farming activities is driving the segmental market value. 

The market research study on “Farm Equipment Rental Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global farm equipment rental market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global farm equipment rental market, its equipment type, drive, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global farm equipment rental market size and volume, and segment markets by equipment type, drive, and geography along with the information on companies operating in the market. The farm equipment rental market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

Asia Pacific accounted for the dominating share in the market

In 2019, Asia Pacific region is leading the market with a major share, and the region is also projected to exhibit the fastest growth over the estimated period from 2020 to 2027. Countries like India, China, Vietnam, and Thailand are supporting the market value. The mechanization in the agricultural sector of high-income countries simultaneously, a shift from the adoption of labor-intensive farming techniques to advanced technological equipment based farming techniques is further accelerating the market value. The increasing production of rice and crops such as palm and cotton along with the increasing demand for farm produces due to the growing population is supporting the market growth. The presence of major players and their support to the farmers is further boosting the market value. For instance, major players like EM3 Agri Services and Trringo, owned by Mahindra’s Farm Equipment Sector, are offering tractor-on-call services in different States in India.

The players profiled in the report include Deere & Company, Farmease, Flaman Group of Companies, JFarm Services, Messick’s, Pacific Equipment Rentals, Pacific Tractor & Implement, Premier Equipment Rental, The Papé Group, Inc., Titan Machinery, and Trringo.

Market Segmentation

Market By Equipment Type

• Tractors
• Harvestors
• Haying Equipment
• Others

Market By Drive

• Two-wheel drive
• Four-wheel drive

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa