Farm Equipment Rental Market Size 2023, Share, Top Driving Factors, Revenue, Report 2028

Farm Equipment Rental Market

IMARC Group expects the market to reach US$ 72.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.55% during 2023-2028

SHERIDAN, WYOMING, UNITED STATES, April 13, 2023 /einpresswire.com / -- The latest research study“Farm Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that The global farm equipment rental market size reached US$ 52.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.55% during 2023-2028.

Farm equipment rental refers to a business model and agreement that involves selling, renting, and leasing numerous agricultural tangible tools and self-propelling equipment to licensed customers at inexpensive rates for a particular duration. It comprises tractors, harvesting machines, rotary tillers, fertilizers, and herbicides as standard components. A rental contract with specified conditions and regulations is signed by both parties to attain these products. It offers high-performance tools on a contractual basis and enables instrument usage in short-term projects to satisfy temporary farming needs. As a result, the service is used in plowing, cultivating, sowing, and fertilizing applications.

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Farm Equipment Rental Market Trends and Drivers:

The emerging trend of mechanization in the agricultural sector and the escalating demand for renting various self-propelled machines to mitigate financial constraints and burdens from farmers are among the key elements stimulating the farm equipment rental market. Moreover, the shifting consumer preferences toward hiring equipment over purchasing several machines to gain profits by excluding maintenance costs and promoting better crop harvesting is also propelling the market growth. Besides this, the elevating need for staple crops, on account of increasing food scarcity, has encouraged government bodies to provide subsidiaries and advanced tools at cost-effective prices, which is further fueling the global market. Furthermore, the development of high horsepower (HP) tractors for farming in dry soil conditions and the easy availability of harvesting, pest control, planting, and spraying fertilizers and insecticides are acting as significant growth-inducing factors. Apart from this, continuous improvements in the agricultural sector, the widespread adoption of rental equipment in crop cleaning and threshing activities, and the shortage of skilled labor are anticipated to fuel the farm equipment rental market over the forecasted period.

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Farm Equipment Rental Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

.AGCO Corporation
.Deere & Company
.Escorts Limited
.Flaman Group of Companies
.Friesen Sales & Rentals
.Messick Farm Equipment Inc.
.Pacific Ag Rentals
.Pacific Tractor & Implement
.Premier Equipment Ltd.
.The Papé Group Inc.
.Titan Machinery Inc.
.Tractors and Farm Equipment Limited

Breakup by Equipment Type:

.Tractors
.Harvesters
.Sprayers
.Balers
.Others

Breakup by Drive:

.Four-Wheel-Drive
.Two-Wheel-Drive

Breakup by Power Output:

.<30 HP
.31-70 HP
.71-130 HP
.131-250 HP
.250 HP

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Breakup by Region:

.North America: (United States, Canada)
.Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
.Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
.Latin America: (Brazil, Mexico, Others)
.Middle East and Africa

Key highlights of the report:

.Market Performance (2017-2022)
.Market Outlook (2023- 2028)
.Porter's Five Forces Analysis
.Market Drivers and Success Factors
.SWOT Analysis
.Value Chain
.Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
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