Key Trend Reshaping the Farm Equipment Rental Market in 2025: IOT-Powered Farm Equipment Rentals Reshape The Market

What combination of drivers is leading to accelerated growth in the farm equipment rental market?
The anticipated lack of trained workers is predicted to fuel the expansion of the farm equipment rental market. The term "labor shortage" refers to a situation where there aren't enough suitable workers for a particular job. This increasing scarcity of skilled labor is generating a high demand for farm equipment rentals, which substantially assists the agricultural sector during labor shortages. The affordability of such rental equipment makes it even more beneficial for farmers, thereby propelling the farm equipment rental market. In September 2023, the United States Census Bureau, a government agency in the USA, indicated that by 2030, the manufacturing industry will require 4 million workers, with 2.1 million roles potentially remaining vacant owing to the deficiency of skilled labor. Hence, the lack of skilled labor is acting as a driving force for the growth of the farm equipment rental market.

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What is the projected compound annual growth rate (CAGR) of the farm equipment rental market from 2025 to 2034, and what factors influence it?
The size of the farm equipment rental market has witnessed robust growth in the recent past. It is projected to expand from $58.08 billion in 2024 to $61.75 billion in 2025, representing a compound annual growth rate (CAGR) of 6.3%. The surge in growth during the historical period can be traced back to factors such as cost-saving benefits for farmers, fluctuating seasonal demand, adaptability and easy accessibility, variations in land size, evasion of depreciation costs, and a variety of crop types.

The size of the farm equipment rental market is anticipated to experience substantial expansion in the forthcoming years. The market is projected to reach a valuation of "$83.54 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.8%. This rise could be attributed to factors such as environmental sustainability, governmental aid and subsidies, shortage of expert labor, the introduction of rental platforms, increased land fragmentation, and the dynamics of global trade. Key trends for the forecast period are coordination with agricultural technology, adaptable rental solutions and models, platforms for collective equipment use, advancements in smart farming technologies, and incorporation of the Internet of Things (IoT) in equipment.

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How are the latest trends influencing the growth of the farm equipment rental market?
Technological advancements in farm equipment rental markets are emerging as a significant rising trend. Companies that dominate the farm equipment rental markets are leveraging technology to bolster their positions within the industry. For example, in March 2023, India-based agro-tech firm Carnot Technologies, funded by Mahindra & Qualcomm, introduced the Krish-e Smart Kit. This IoT device designed for farming equipment allows owners to track their agricultural machinery, including tractors, using a smartphone and GPS-enabled time tracking. The device allows machinery owners and rental firms to reduce tractor downtime, prevent unauthorized usage, increase income, and manage maintenance costs effectively. The advanced trip replay function of the Smart Kit enables tracking and monitoring of trolley and commercial transportation activities. Additionally, the system provides instant access to a range of high-tech farming vehicles. The Krish-e Smart Kit, positioned as a market-leading aftermarket IoT solution, provides farmers and firms a convenient, affordable, and eco-friendly way of connecting to and monitoring their farm equipment anytime, anywhere.

What are the major segments of the farm equipment rental market and their role in driving growth?
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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