Farm Equipment Rental Market By Type (Tractors, Harvesters, Haying Equipment, Planters, and Cultivators), By Application (Farm and Forest Farm), and By Region - Trends, Analysis, and Forecast till 2032

Farm Equipment Rental Market accounted for USD 46.3 Billion in 2022 and is estimated to be USD 85.3 Billion by 2032 and is anticipated to register a CAGR of 8.2%.

Farming equipment consists of mechanical devices such as tractors and various attachments that are designed to be utilized in various farming tasks to save time and labor. These devices are essential to increasing productivity and improving soil maintenance.

The agricultural equipment rental market is booming, as the demand to ease the financial burden of farmers is one of the major factors driving the growth of the agricultural equipment rental market. As such, farm equipment rental helps farmers harvest crops on time by avoiding huge sums of money as a down payment on heavy farm equipment. Farm equipment rental services offer cost-saving benefits to end users. Moreover, they also help transform agriculture through mechanization, a factor, which is expected spur the market.

Increasing number mobile apps offering farm equipment on rent

Long-term factors, such as an increase in the average selling price of farm machinery such as tractors and combine harvesters, agriculture as a service (FaaS) evolution is expected to drive the farm equipment rental market. Increased mobile apps offering farm equipment for rent, and the entry of significant farm equipment manufacturers, is also expected to drive the growth of the farm equipment rental market. However, the growing trend of mechanization and the growing demand for food grains, fueled by technological advancements across the globe, are some of the major factors that drive the demand for the farm equipment rental market.

Rising adoption of farm equipment in several applications

Increasing adoption of agricultural equipment in multiple applications such as ploughing, cultivation, sowing, plant protection, and fertilization, as well as the growing need for various applications such as agriculture and logging, are some of the key factors influencing market growth in the future.

Fluctuating fuel prices

The COVID-19 pandemic has halted the production of various products in agricultural equipment, mainly due to prolonged lockdowns in major countries globally, which have hindered the growth of the agricultural equipment rental market. However, fluctuating fuel prices and labour shortages among leasing companies, such as drivers, may hamper the growth of farm equipment services.

The Farm Equipment Rental Market is segmented based on type, product, power output, drive, automation, application, and region.

Farm Equipment Rental Market, By Type

On the basis of type, the Farm Equipment Rental Market is segmented into Tractors, Harvesters, Soil cultivators, Pest control equipment, Others.

Farm Equipment Rental Market, By Product

On the basis of product, the target market is classified into Tractors, Shredders and Cutters, Combine harvester, Sprayers, Tillers, Others.

Farm Equipment Rental Market, By Power Output

On the basis of power output, the Farm Equipment Rental Market is segmented into <30HP, 31-70hp, 71-130HP, 131-250HP, >250HP.

On the basis of power output, 71-130 has the largest share in the farm equipment rental market.

Farm Equipment Rental Market, By Drive

On the basis of drive, the target market is classified into Four-Wheel Drive, Two-Wheel Drive. In terms of drive, the four-wheel-drive segment has dominated the farm equipment rental market. As such, four-wheel-drive tractors have a much higher traction capacity and greater wheel traction and power. The tractor body provides maximum wear resistance and also reduces total working time.

Farm Equipment Rental Market, By Automation

On the basis of automation, the Farm Equipment Rental Market is segmented into Automatic, Manual.

Farm Equipment Rental Market, By Application

On the basis of application, the target market is classified into Farm and Forest Farm. On the basis of application, farm has dominate segment of farm equipment rental market.

Regional Insights:

On region the Farm Equipment Rental Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Due to increased demand for tractors and farm equipment such as harvesters, sprayers, and threshing equipment, Asia-Pacific dominates the farm equipment rental market. Government initiatives to reduce the financial burden on farmers in the Asia-Pacific region, such as India and China, act as a major growth driver for the farm equipment rental market.

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Farm Equipment Rental Market report based on type, product, power output, drive, automation, application, and region:

Farm Equipment Rental Market, By Type:

• Tractors
• Harvesters
• Soil cultivators
• Pest control equipment
• Other

Farm Equipment Rental Market, By Product:

• Tractors
• Shredders and Cutters
• Combine harvester
• Sprayers
• Tillers
• Others

Farm Equipment Rental Market, By Power Output:

• <30HP
• 31-70HP
• 71-130HP
• 131-250HP
• >250HP

Farm Equipment Rental Market, By Drive:

• Four-Wheel Drive
• Two-Wheel Drive

Farm Equipment Rental Market, By Automation:

• Automatic
• Manual

Farm Equipment Rental Market, By Application:

• Farm
• Forest Farm

Farm Equipment Rental Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating 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. 

Recent Developments:

• In August 2021, agritech innovation startup Farmkart entered the unstructured agri-equipment rental business by launching rent4farm, a technology-enabled platform.

• Deere & Company
• JFarm Services (TAFE)
• Messick’s
• Pacific Tractor
• Premier Equipment Rentals
• Pape Group
• German Bliss Equipment Inc.
• Zetor Tractors
• Kubota Corporation
• AGCO Corporation.