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Farm Tractor Rental Market Report By Key Companies, Regional Analysis And Forecast 2033
Farm Tractor Rental Market
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According to The Business Research Company's, The farm tractor rental market size has grown strongly in recent years. It will grow from $49.94 billion in 2023 to $54.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to cost-efficient farming practices, variable agricultural land sizes, flexibility in farm operations, reduced capital investment, specialized farming needs.
The farm tractor rental market size is expected to see strong growth in the next few years. It will grow to $75.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising adoption in developing regions, growing trend of precision farming, environmental sustainability initiatives, fluctuating agricultural cycles, government support and subsidies. Major trends in the forecast period include eco-friendly and electric tractor rentals, remote assistance and support services, collaborations with agtech providers, financial flexibility and pay-per-use models, training and skill development programs.
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Market Drivers and Trends:
An increase in farm mechanization is expected to propel the farm tractor rental market going forward. Farm mechanization refers to adopting more advanced machinery and technology in agricultural operations. The increased use of modern farm equipment such as tractors and other specialized machinery in agriculture can lead to improved efficiency, higher crop yields, and greater profitability for farmers, which increases the demand for farm tractors rental. For instance, in July 2022, according to the Farm Production Expenditure report published by the United States Department of Agriculture, a US-based federal agency, farm production expenditure for tractors and self-propelled farm machinery in US agriculture practices accounted for 17,600 million dollars in 2021. The cost of tractors and self-propelled farm machinery expenditure stood at 8,784 dollars on average per farm in the US. Therefore, an increase in farm mechanization drives the farm tractor rental market.
Technological advancements have emerged as the major trend gaining popularity in the farm tractor rental market. Major companies operating in the farm tractor rental market are introducing technologically advanced farm tractor rental products and platform offerings to strengthen their position in the market. For instance, in May 2021, Proxecto, an India-based tractor company launched an innovative fully automatic hybrid tractor with advanced eco-friendly technology. This innovative tractor for agriculture works without battery packs and has the capability to run on multiple fuel options. Additionally, this is a unique tractor with all-wheel electric drive technology with easy three-mode operations without the clutch, and gear that reduces the human effort of the farmers.
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Major Key Players of the Market:
Messick's Farm Equipment Inc., Deere & Company, CNH Industrial NV, Kubota Corporation, Mahindra & Mahindra Limited, AGCO Corporation, Titan Machinery Inc., Escorts Limited, The Papé Group Inc., Atlantic Tractor LLC, Sunsouth LLC, Birkey's Farm Store Inc., Rocky Mountain Equipment, Agri-Service LLC, Flaman Group of Companies, Friesen Sales & Rentals Ltd., Van der Sluis Technische Bedrijven, Stotz Equipment, Hoober Inc., Green Diamond Equipment Ltd., Pacific Ag Rentals LLC, S&H Farm Supply Inc., Meade Tractor, Beard Implement Co., Tractors and Farm Equipment Limited, Pacific Tractor & Implement, Premier Equipment Rental Inc., Shearer Equipment, Chupp Implement Co., Dowda Farm Equipment Inc.
Farm Tractor Rental Market 2024 Key Insights:
• The farm tractor rental market size is expected to see strong growth in the next few years. It will grow to $75.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Farm Mechanization Drives Exponential Growth In Farm Tractor Rental Market
• Technological Advancements Shape The Farm Tractor Rental Landscape
• Asia-Pacific was the largest region in the farm tractor rental market in 2023
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