Press release
Farm Equipment Rental Market: Comprehensive Outlook with Key Growth Drivers, Trends and Future Projections
Farm Equipment Rental Market
What Is The Projected Market Size Of The Global Farm Equipment Rental Market And Its Growth Rate?
The global farm equipment rental market is witnessing a significant growth. Here are some key statistics:
• The market size will increase from $58.08 billion in 2024 to $61.75 billion in 2025 at a CAGR of 6.3%.
• Strong growth is anticipated in the future with the market size expected to reach $83.54 billion in 2029 at a CAGR of 7.8%.
What Is Driving The Growth In The Farm Equipment Rental Market?
One of the major contributors to the increasing market size of farm equipment rental is the scarcity of skilled labor. With fewer qualified individuals available for farming and agricultural operations, the demand for farm equipment rentals has seen a significant upswing. This is mainly because rentals prove to be a cost-effective solution for farmers in dealing with labor shortages. For instance, the United States Census Bureau indicated that by 2030, the manufacturing industry would need to fill 4 million jobs, 2.1 million of which might go unfilled due to the shortage of skilled labor. This factor, among others, fuels the dynamic growth of the farm equipment rental market.
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Who Are the Key Players Driving Farm Equipment Rental Market Growth?
Several major companies contributing to the growth in the farm equipment rental market include:
- Deere And Company
- AGCO Corporation
- Escorts Kubota Limited
- Tractors and Farm Equipment Limited
- CNH Industrial NV
- Kubota Corporation
What Are The Key Trends In The Farm Equipment Rental Market?
Key trends shaping the farm equipment rental market include:
- Collaborations with agricultural technology
- Evolving smart farming technologies
- Flexible rental solutions and models
- Collaboration platforms for equipment sharing
- Integration of IoT in equipment
What Are The Segments Of The Global Farm Equipment Rental Market?
The farm equipment rental market is segmented into:
- Equipment Type: Tractors, Harvesters, Sprayers, Balers, Other Equipment Types
- Power Output:
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