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Farm Equipment Rental Global Market 2024 - Industry Analysis, Future Trends, Segmentation And Key Players
Farm Equipment Rental Global Market
According to The Business Research Company's, The farm equipment rental market size has grown strongly in recent years. It will grow from $55.12 billion in 2023 to $58.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to cost savings for farmers, seasonal demand, flexibility and accessibility, variability in land size, avoidance of depreciation costs, diverse crop types.
The farm equipment rental market size is expected to see strong growth in the next few years. It will grow to $76.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to environmental sustainability, government support and subsidies, shortage of skilled labor, market entry of rental platforms, rising land fragmentation, global trade dynamics. Major trends in the forecast period include collaborations with agricultural technology, smart farming technologies, flexible rental solutions and models, collaboration platforms for equipment sharing, integration of iot in equipment.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Deere And Company; AGCO Corporation; Escorts Kubota Limited; Tractors and Farm Equipment Limited; CNH Industrial NV; Kubota Corporation; Mahindra And Mahindra Limited; J.C. Bamford Excavators Limited; Messick Farm Equipment Inc.; Pacific Tractor & Implement LLC; Premier Equipment Rentals Inc.; Paper Group Inc.; JFarm Services (TAFE); Flaman Group of Companies; Friesen Sales And Rentals Ltd.; The Pape Group; Cedar Street Sales & Rentals; Farmease; Herc Rentals Inc.; Sunbelt Rentals lnc.; United Rentals lnc.; Nesco LLC; Farm-Rite Equipment lnc.; BlueLine Rental Company; AgDirect; Hendershot Equipment Company; Hoober Inc.; James River Equipment; Lano Equipment Inc.; Martin Implement Sales Inc.; Monroe Tractor & Implement Co.; P&K Equipment; Redline Equipment; RDO Equipment Co.
Farm Equipment Rental Market 2024 Key Insights:
• The farm equipment rental market will grow to $76.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Skilled Labor Shortage Boosts Farm Equipment Rental Demand
• IOT-Powered Farm Equipment Rentals Reshape The Market
• Asia-Pacific was the largest region in the farm equipment rental market in 2023
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