Evolve Business Intelligence has published a research report on the Global Farm Equipment Rental Market, 2023–2033. The global Farm Equipment Rental market is projected to exhibit a CAGR of around 7.37%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Farm Equipment Rental Market: Deere & Company, KUBOTA Corporation, AGCO Corporation, Trringo, The Papé Group, Tractors and Farm Equipment Limited, Pacific Tractor & Implement, JCB, Princeville, CEDAR STREET.
More Information: https://evolvebi.com/report/farm-equipment-rental-market-analysis/
The Global Farm Equipment Rental market is projected to be valued at USD 60.74 Billion by 2033, recording a CAGR of around 7.37% during the forecast period. The farm equipment rental market involves the leasing of agricultural machinery and equipment to farmers and agricultural businesses. This market offers various types of equipment, such as tractors, harvesters, plows, and irrigation systems, on a rental basis. Renting allows farmers to access modern and high-cost machinery without the financial burden of ownership. The market is driven by factors such as increasing mechanization in agriculture, high equipment costs, and the need for seasonal or temporary use of specific machinery. Additionally, it supports small and medium-scale farmers who may not afford to purchase expensive equipment outright.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the farm equipment rental market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.
Segmental Analysis
The global Farm Equipment Rental market has been segmented based on Equipment Type, Drive
Based on Equipment Type, the market is segmented based on Tractors, Harvesters, Balers, Sprayers, Others. the tractors segment dominates as tractors are essential for various agricultural activities, offering versatility and efficiency across different farming operations.
Based on Drives, the market has been divided into the Two-wheel drive, Four-wheel drive. the four-wheel drive segment dominates due to its superior traction, power, and versatility, making it more suitable for a wide range of agricultural tasks and challenging terrains.
More Information: https://evolvebi.com/report/farm-equipment-rental-market-analysis/
Regional Analysis
The Farm Equipment Rental market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America holds a dominant position in the Farm Equipment Rental Market. In North America, the farm equipment rental market is driven by the high cost of purchasing advanced machinery, encouraging farmers to opt for rental solutions. The region’s well-established agricultural sector, coupled with increasing adoption of precision farming techniques, boosts demand for modern equipment. Government initiatives and subsidies supporting agricultural mechanization further propel market growth. Additionally, the presence of key rental service providers and technological advancements in agricultural machinery contribute to the robust development of the farm equipment rental market in North America. The Asia-Pacific region has indeed emerged as the fastest-growing market for the Farm Equipment Rental industry. In the Asia Pacific region, the farm equipment rental market is growing rapidly due to the increasing mechanization of agriculture and the high costs associated with purchasing advanced machinery. Small and medium-sized farms dominate the region, making rental services an attractive and cost-effective solution. Government initiatives and subsidies aimed at modernizing agriculture further support market growth. Additionally, the rise of digital platforms and mobile applications facilitates easier access to rental services, enhancing market penetration. The region’s diverse agricultural practices and expanding rural economies also contribute to the increasing demand for farm equipment rentals.