Farm Equipment Rental Market Size, Share, Future Trends, Growth, Industry Analysis Report, 2033

The new report published by The Business Research Company, titled "Farm Equipment Rental Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

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Skilled Labor Shortage Boosts Farm Equipment Rental Demand
A shortage of skilled labor is expected to propel the growth of the farm equipment rental market going forward. A shortage of labor means there aren't enough qualified people available for a given occupation. Due to the increased shortage of skilled labor, the demand for farm equipment rentals is extremely helpful for agriculture as the labor shortage prevails, and getting this rental equipment is even more useful for farmers as it is affordable, so these factors boost the farm equipment rental market. For instance, in January 2021, according to a report shared by the Turkish Statistical Institute, a Turkey-based government agency commissioned with producing official statistics on Turkey, when compared to the same period in the prior year, the number of people employed in agriculture fell by 242 thousand in the month of October 2020. Furthermore, according to reports shared by the Guardian News and Media Limited, a UK-based media company, to cover the labor shortfalls in the agricultural sector, almost 22,000 additional people are still required. Additionally, COVID-19 struck, making it difficult to find workers in agriculture. Less interest in skilled jobs and an increase in smart technology in agriculture may be the root of the labor crisis. Therefore, the shortage of skilled labor is driving the growth of the farm equipment rental market.

IOT-Powered Farm Equipment Rentals Reshape The Market
Technological advancements are a key trend gaining popularity in the farm equipment rental market going forward. Major companies operating in the farm equipment rental market are developing innovative technologies to strengthen their position in the market. For instance, in March 2023, Carnot Technologies, an India-based agro-tech company backed by Mahindra & Qualcomm, launched Krish-e Smart Kit, an IoT device for farm equipment that provides owners with data on their tractors and other agricultural machinery through the use of a smartphone and GPS-enabled time tracking. It enables owners of machinery and rental companies to decrease tractor downtime, stop unlawful use of their tractors, boost revenue, and effectively manage maintenance costs. The sophisticated trip replay feature of the Smart Kit allows for the monitoring of trolley and commercial transportation activities. The program offers on-demand access to a fleet of high-tech agricultural vehicles in addition to tracking and monitoring. The Krish-e Smart Kit, a market-first aftermarket IoT solution, offers farmers and companies a convenient, cost-effective, and sustainable method to connect with and monitor their farm equipment wherever they are.

The farm equipment rental market covered in this report is segmented -

1) By Equipment Type: Tractors, Harvesters, Sprayers, Balers, Other Equipment Types
2) By Power Output:

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