Farm Equipment Rental Market: Projections Indicate a CAGR of 7.1%, Envisioned to Attain a Value of USD 98.4 Billion by 2030

The global farm equipment rental market has been exhibiting steady growth in recent years, driven by the rising mechanization of agriculture, shortage of skilled labor, and increasing operational costs associated with equipment ownership. Renting farm machinery and equipment enables farmers to access advanced agricultural technology and implements on-demand without major purchasing costs.

Market Statistics and Highlights:

● The global farm equipment rental market was valued at USD 53.5 billion in 2021. It is expected to reach USD 98.4 billion by 2030, registering a CAGR of 7.1% during the forecast period.
● Asia Pacific held the largest revenue share exceeding 35% in 2021 owing to its massive agricultural industry.

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Comprehensive Market Analysis:

The farm equipment rental market outlook remains optimistic, driven by the lack of capital to purchase high-cost equipment, avoiding maintenance and insurance costs, rapidly evolving technologies, and seasonal or occasional demand driving adoption of equipment rentals by farmers. Short-term leasing enables access to advanced machinery and provides greater flexibility to upscale or downscale needs. Attractive financing options provided by rental companies also aid farmers. However, unpredictable weather conditions and high rental costs may affect service demand negatively.

Trends and Innovations:

● Adoption of telematics, GPS tracking and geo-fencing to monitor rental equipment utilization and conditions in real-time.
● Integration of sensors, IoT connectivity, and fleet management software for maximizing uptime and schedule equipment maintenance.
● Rental companies emphasize quick response and on-demand equipment delivery with efficient 24/7 customer support services.
● Transition from renting general multi-purpose equipment to advanced application-specific equipment like precision seeders, smart irrigation systems etc.
● Leading companies focusing on enhancing distribution networks via partnerships with local equipment dealerships and retailers.

Major Growth Drivers:

● Rising mechanization and automation in agriculture globally is compelling farmers to hire advanced equipment as per seasonal or occasional needs.
● Shortage of skilled farm labor and increased operational costs associated with equipment ownership and maintenance.
● Availability of government subsidies and financial assistance programs to help farmers access rent-to-own or leasing options.
● Cost benefits of renting equipment on a short-term basis compared to costs of equipment purchase, maintenance, repairs and insurance.
● Remote equipment monitoring capabilities offered in modern rentals enabling access to real-time usage data analytics.
● Rentals provide flexibility to sample and experience the latest equipment models and features before purchasing.

Key Challenges Hindering Growth:

● Unpredictable weather conditions such as drought or heavy rainfall adversely affecting demand for renting farm equipment.
● Higher costs involved in renting newer and more advanced equipment models with latest features.
● Complex logistics management and high transportation costs involved in timely delivery of equipment rentals to remote farms.
● Lack of proper training and knowledge regarding appropriate and safe equipment operation among renters increasing risks of accidents and misuse.
● Maintenance costs, wear and tear, and accidental damages to equipment borne by the rental companies.

Market Segmentation Analysis:

The agricultural equipment market is segmented as per the equipment type and drive type. Major equipment types in this market include tractors, harvesters, haying equipment, and other equipment. The market can also be divided by drive type, including two-wheel drive and four-wheel drive agricultural equipment.

Regional Market Analysis:

Asia Pacific accounted for over 35% revenue share in 2021 owing to large farming populations and land holdings across India, China, and other countries. North America and Europe represent mature regional markets focused on advanced equipment driven by precision agriculture adoption. Latin America, Africa and the Middle East hold significant untapped growth potential over 2022-2030 owing to growing mechanization and rising rental demand.

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Leading Market Players:

Deere & Company, CNH Industrial N.V., Kubota Corporation, AGCO Corporation, Mahindra & Mahindra Ltd., JCB Limited, Escorts Group, Tractors and Farm Equipment Limited, Premier Equipment Rentals, Flaman Group of Companies, Pacific Tractor & Implement Ltd., Farmease, Kwipped Inc., Cedar Street Sales & Rentals Ltd. and EM3 Agri Services.

Conclusion:

Driven by rising agriculture mechanization and equipment costs, the farm equipment rental market outlook remains robust globally. Digitization to enable fleet monitoring and transparent pricing will further accelerate future growth. Leading companies need to focus on strategic tie-ups, digitally-enabled business models, and wide equipment selections catering to diverse needs.

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This release was published on openPR.