Farm Equipment Rental Market is estimated to be US$ 85.3 billion by 2032: Increase in Demand for the Farm Implements for Farming Is Increasing to Propel Market Growth

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Published Date: May 2023

Farm Equipment rental, also called plant hire in some countries, is a service industry that provides machinery, equipment and tools of all types and sizes (from earthmoving to power access, from power generation to hard-held tools, etc.) to end users. Farm equipment refers to machines used in agriculture or farming, farm equipment is of various types such as tractors, harvesting equipment, mower conditioners, tillage equipment and other farm implements.

In the wake of increasing agricultural mechanization and growing import and export of food grains, the need to reduce the financial burden on farmers across the world, is expected to drive demand in the market. Additionally, growing trend towards farm equipment with innovative features and growth in startups offering farm equipment on rent are some of the other key factors that are likely to fuel the growth of the farm equipment rental market.

The report “Farm Equipment Rental Market, Type (Tractors, Harvesters, Soil cultivators, Pest control equipment, Others), By Product (Tractors, Shredders and Cutters, Combine harvester, Sprayers, Tillers, Others), Power Output (<30HP, 31-70hp, 71-130HP, 131-250HP, >250HP), By Drive (Four-Wheel Drive, Two-Wheel Drive), By Automation (Automatic, Manual), By Application (Farm and Forest Farm), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends Analysis and Forecast till 2032 “

Key Highlights:

In August 2022, American machinery behemoth Deere & Company, better known as John Deere, recently invested in Nigeria-headquartered Halo Tractor and fleet management technology to lease tractors to African farmers.
In September 2022, Kubota Corporation announced that Kubota would be the first Japanese manufacturer to release an electric tractor. Kubota offers a limited number of compact electric tractors, the LXe-261, in Europe, actively striving towards carbon neutrality.

Analyst View:

The agricultural equipment rental market is growing rapidly, such as many farmers rent farm equipment because, as farm equipment is critical to a farmer's success, these tools help make farming easier and more efficient. Further, safety equipment utilized in day to day farm activity can also be rented which, helps employers to reduce injuries and avoid injuries by using safety equipment in the workplace and helps prevent health hazards and accidents.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Farm Equipment Rental Market, Type (Tractors, Harvesters, Soil cultivators, Pest control equipment, Others), By Product (Tractors, Shredders and Cutters, Combine harvester, Sprayers, Tillers, Others), Power Output (<30HP, 31-70hp, 71-130HP, 131-250HP, >250HP), By Drive (Four-Wheel Drive, Two-Wheel Drive), By Automation (Automatic, Manual), By Application (Farm and Forest Farm), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”

To know the upcoming trends and insights prevalent in this market, click the link below:

https://www.prophecymarketinsights.com/market_insight/Global-Farm-Equipment-Rental-Market-3523

Key Market Insights from the report:

Farm Equipment Rental Market accounted for US$ 46.3 billion in 2022 and is estimated to be US$ 85.3 billion by 2032 and is anticipated to register a CAGR of 8.2%. The Farm Equipment Rental Market is segmented based on Type, Product, Power Output, Drive, Automation, Application, and Region.

Based on Type, Farm Equipment Rental Market is segmented into Tractors, Harvesters, Soil cultivators, Pest control equipment, others.
Based on Product, Farm Equipment Rental Market is segmented into Tractors, Shredders and Cutters, Combine harvester, Sprayers, Tillers, Others.
Based on Power Output, Farm Equipment Rental Market is segmented into <30HP, 31-70hp, 71-130HP, 131-250HP, >250HP.
Based on Drive, Farm Equipment Rental Market is segmented into Four-Wheel Drive, Two-Wheel Drive.
Based on Automation, Farm Equipment Rental Market is segmented into Automatic, Manual.
Based on Application, Farm Equipment Rental Market is segmented into Farm and Forest Farm.
By Region, the Farm Equipment Rental Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Farm Equipment Rental Market:

The prominent players operating in the Farm Equipment Rental Market includes, Deere & Company, JFarm Services (TAFE), Messick’s, Pacific Tractor, Premier Equipment Rentals, Pape Group, German Bliss Equipment Inc., Zetor Tractors, Kubota Corporation, and AGCO Corporation. The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period