(MENAFN- GlobeNewsWire - Nasdaq) Growing consumer demand for food, high buying prices of specialized Farm equipment, and growing demand for popularity for sustainability in Agriculture drives the market growth.Wilmington, Delaware , Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Farm Equipment Rental Market by Equipment Type (Tractors, Harvesters, Sprayers, Balers and Others), Drive Type (Four-Wheel-Drive and Two-Wheel-Drive), and Power Output (<30 HP, 31-70 HP, 131-250 HP and >250 HP): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the farm equipment rental market was valued at $53.2 billion in 2023, and is estimated to reach $81.1 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
Prime determinants of growth
However, the rental equipment can be defective and may not completely serve the purpose, which can be prohibitive for farmers. Moreover, opportunity lies in the growing trend of precision farming and the integration of smart technologies, which can significantly enhance the effectiveness and appeal of Farm Equipment Rental.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $53.2 billion |
| Market Size in 2032 | $81.1 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 207 |
| Segments Covered | Equipment Type, Drive, Power Output, and Region. |
| Drivers | Growing consumer demand for food High buying prices of specialized farm equipment Growing demand for popularity for sustainability in agriculture |
| Opportunities | The growing trend of precision farming and the integration of smart technologies |
| Restraint | Rental equipment can be defective and may not completely serve the purpose |
Segmental Overview
By equipment type, the tractor segment held the highest market share in the Farm Equipment Rental market in 2023. Tractors are popular among small and medium-scale farmers due to their versatility and cost-effectiveness, making them a key segment in the rental market . However, The harvester segment is expected to grow at the highest CAGR during the forecast period. This growth is driven by the increasing adoption of advanced technologies and precision agriculture, which enhances efficiency and productivity in farming operations.
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By drive type the four-wheel-drive segment of automatic Farm Equipment Rental held the highest market share in terms of revenue in 2023. The demand for four-wheel-drive equipment is driven by its superior traction and stability, which are essential for handling challenging terrains and heavy-duty tasks in modern agriculture. On the other hand, the two-wheel-drive segment is also expected to grow at the higher CAGR. This growth is driven by the increasing adoption of inexpensive and efficient far equipment by small farm owners.
By power Output, the 71-130 HP segment held the highest market share in the bandsaw machine market in 2023. Equipment in this range is versatile and suitable for various farming activities such as tilling, planting, and harvesting, making it ideal for small and medium-sized farms . However, the >250 HP is expected to grow at the highest CAGR. The demand for high-power equipment is anticipated to rise due to the increasing mechanization and scale of modern farming practices. Large farms and operations that require heavy-duty machinery for extensive tasks will drive the growth of this segment as they seek to enhance productivity and efficiency through the use of powerful, advanced equipment .
Asia-Pacific to maintain its dominance by 2033.
Asia-Pacific is expected to maintain its dominance in the Farm Equipment Rental market by 2033. The region's rising population drives the demand for higher agricultural output, necessitating the use of advanced farm equipment to boost productivity. Countries like India and China are leading this trend by focusing on improving crop yields through better mechanization and technology adoption. Additionally, the prevalence of small and fragmented land holdings makes it economically unfeasible for many farmers to purchase expensive equipment, making rental services a cost-effective alternative
Players
Flaman Group of Companies
Messick Farm Equipment Inc.
Pacific Tractor & Implement
Tractors and Farm Equipment Limited
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The report provides a detailed analysis of these key players in the global Farm Equipment Rental market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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