Farm Equipment Rental Market worth $66.4 billion by 2025

The report "Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers & Other Equipment Types), Power Output (250HP), Drive (Two-wheel Drive and Four-wheel Drive), Region - Global Forecast to 2025" The global farm equipment rental market is estimated to be valued at USD 46.8 billion in 2020 and is projected to reach a value of USD 66.4 billion by 2025, growing at a CAGR of 7.3% during the forecast period. Factors such as the increase in demand for food security by the growing population, shortage of skilled labor, and increase in mechanization in developing countries are projected to drive the growth of the farm equipment rental market.

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The two-wheel-drive segment is projected to be the largest segment in the Asia Pacific farm equipment rental market during the forecast period.

The two-wheel-drive tractors are primarily used for farming in dry soil conditions, and also for transporting the field produce. Two-wheel-drive tractors are efficient and easy to use without much energy consumption. They facilitate farmers with smaller turning cycles, to access corners or smaller areas, and easy usability. These are also cheaper than the robust 4WD tractors, which makes them perfect for the use of smallholding or family farmers. As they are used in smaller areas of land, their demand is higher in the developing regions such as Asia, Africa, and the Middle East, where majority cultivation practices are undertaken by small farmers.

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The tractors segment is estimated to account for the largest market share, in terms of value, in 2020.

Tractors are used in various farming activities such as plowing & cultivating, sowing & planting, threshing, and others. The demand for tractors for a rental basis by farmers is expected to boost further mechanization during the forecast period. As the population in the Asia Pacific region continues to increase at a rapid pace, countries such as India, Thailand, and Vietnam would observe a significant growth in the demand for food grains, which, in turn, will drive the farm equipment rental market in the region. The regional government authorities are making efforts to increase farm mechanization by providing additional support to the farmers.

The >250 HP segment, on the basis of power output, is projected to grow at the highest CAGR, in terms of value, in 2019.

Tractors beyond the 250 HP power range accounted for the least market share, by power output, globally. North America and Europe are the largest markets for > 250 HP farm tractors, where some global giants such as John Deere, CNH Industrial, CLAAS, and AGCO are the key suppliers. These are high-power machinery and are used for the cultivation of land extending up to thousands of hectares. Their demand only exists in the US and European regions; wherein there are large commercial farmers. They support farm processes such as harvesting and plowing.

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Key Players:

It includes the profiles of leading companies, such as John Deere (US), CNH Industrial (UK), Kubota Corporation (Japan), AGCO Corporation (US), Mahindra & Mahindra (India), JCB (UK), and Escorts Ltd (India), Tractors and farm equipment's ltd. (India), Pape Group, Inc. (US), Premier Equipment Rentals (US), Flaman Group of Companies (Canada), Pacific Ag Rentals (US), Pacific Tractors & Implements Ltd (US), Kwipped Inc. (US), Cedar street sales & rentals (US), Farmease (US), EM3 Agri Services (India), German Bliss Equipment Inc. (US), and Friesen Sales & Rentals (Canada).

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This release was published on openPR.