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Farm Equipment Rental Market Size

Report ID: GMI6662
Published Date: Sep 2023
Report Format: PDF

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Farm Equipment Rental Market Size

Farm Equipment Rental Market size was valued at USD 35.2 billion in 2022 and is projected to register a CAGR over 6% between 2023 and 2032. The growth can be attributed to consistent technological breakthroughs in the field. Farming equipment is becoming increasingly advanced and technologically sophisticated. Renting equipment provides farmers with access to the latest technology without the long-term commitment of ownership

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The fluctuating demand and seasonality may strengthen the farm equipment rental industry outlook through 2032. Agriculture often experiences seasonal variations in demand for specific equipment. Renting allows farmers to acquire specialized machinery when needed, such as during planting or harvesting seasons, without having to store and maintain the equipment during the off-season, bolstering product demand.

Farm Equipment Rental Market Report Attributes
Report Attribute	Details
Base Year:	2022
Farm Equipment Rental Market Size in 2022:	USD 35.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	6%
2032 Value Projection:	USD 63.9 Billion
Historical Data for:	2018 – 2022
No. of Pages:	300
Tables, Charts & Figures:	284
Segments covered:	Drive, Equipment Type, Power Output
Growth Drivers:	High cost of new farm equipment Diverse equipment offerings by rental companies Increasing need to reduce the financial burden on farmers across the globe Growing demand for productivity and operational efficiency
Pitfalls & Challenges:	Growing government initiatives and subsidies for purchasing new farm equipment Lack of safety-related regulation in developing countries

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Farmers who rely on rented equipment may be concerned about the maintenance and quality of the machinery. Ensuring that rented equipment is well-maintained and in good working condition is essential for efficient and safe operations. If there are doubts about the maintenance practices of rental companies, farmers might hesitate to rely on rented equipment, impacting the overall farm equipment rental market dynamics.

Besides, in some regions, the availability of specific rented farm equipment could be limited due to the concentration of rental services in certain areas or a lack of diversity in the types of machinery available for rent. Farmers might find it challenging to access the exact equipment they need for their specific operations, further limiting product uptake.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of farm equipment rental was worth USD 35.2 billion in 2022 and may witness over 6% CAGR from 2023 to 2032, due to consistent technological breakthroughs.

The tractor equipment type segment held 40% of the farm equipment rental market share in 2022, driven by their surging need for addressing the cost constraints of small and medium-scale farmers.

Asia Pacific recorded over 41% of the farm equipment rental industry share in 2022 and is expected to observe notable CAGR from 2023 to 2032, due to rising population and changing consumption patterns in the region.

Friesen Sales & Rentals, Cedar Street Sales & Rentals, The Papé Group Inc., Mahindra Trringo, Titan Machinery Inc., Flaman Group of Companies, Pacific Ag Rentals, Deere & Company, and Messick Farm Equipment Inc.