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Farm Equipment Rental Market
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Farm Equipment Rental Market

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Farm Equipment Rental Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Type (Balers, Sprayers, Harvesters, Tractors), By Power Output (>250 HP, 131-250 HP, 71-130 HP, 31-70 HP, <30 HP), By Drive (Four-Wheel Drive and Two- Wheel Drive), By Region (North America, Europe, The Asia Pacific, Latin America, and The Middle East and Africa)

  • Published Date: August 2022
  • Report ID: BWC22319
  • Available Format: PDF
  • Page: 138

Report Overview

Global Farm Equipment Rental Market is flourishing owing to the growing world population, a lack of skilled labor, rising mechanization trends, and a rise in the demand for food grain products.

Global Farm Equipment Rental Market - Industry Trends & Forecast Report 2028

Global Farm Equipment Rental Market was worth USD 45.82 billion in 2021 and is further projected to reach USD 69.36 billion by the year 2028, exhibiting a CAGR of 6.1% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the tractor industry being driven by increasing arable land area and demand for agricultural mechanization in both established and emerging economies. Significant advances in technology have been made to improve engine efficiency and increase tractor horsepower capacity. The number of startups providing farm equipment rental services has risen in recent years. End-users profit from farm equipment rental services in terms of cost savings. They also contribute to agricultural transformation through mechanization. Farm implements, for example, are not utilized regularly in farm operations and have a limited necessity during each farming season, remaining inactive the remainder of the year. This raises the requirement for farm equipment to be rented just at specific seasons of the year.

Farm Equipment Rental Market

Farm Equipment - Overview

The term "farm equipment" refers to machinery used in farming or agriculture. Tractors, harvesting equipment, mower conditioners, tillage equipment, and other agricultural implements are examples of farm equipment. The high cost of purchasing new farm equipment and the associated maintenance services increases the need for farm equipment leasing services. Farmers are using leasing services to make a profit by removing the expenditures on farm equipment upkeep. Renting agricultural equipment allows farmers to harvest crops on schedule while avoiding enormous sums of money as a down payment on heavy farm equipment. Furthermore, if the agricultural operation is not profitable, purchasing heavy farm equipment is a financial strain for farmers.

Global Farm Equipment Rental Market Forecast and Trends

Growth Drivers

New Items to fuel Market Growth

In comparison to the worldwide rental penetration, countries like China and India have low rental penetration rates. In October 2019, the Indian government introduced the CHC farm machinery app, which lets farmers rent tractors and other farm equipment. Through this software, small and marginal farmers may simply hire farm equipment. Additionally, Mahindra, a market leader in farm machinery, has introduced TRRINGO.com as a farm machinery hiring business. For farmers who are unable to buy their tractors and other agricultural equipment, the TRRINGO is the first technology-based model in tractor rental services.

Equipment is in High Demand

Farm equipment rentals include tractors, harvesting equipment, soil cultivation equipment, pest control equipment, and planting and fertilizer equipment. These items are divided into several categories. Rotary tillers, for example, are soil cultivation equipment that is used as an addition to tractors. Rotary tillers employ an electric motor cultivator, which cultivates the soil with rotating blades. Furthermore, the farm equipment category's agricultural aircraft sprayer functions as pest control equipment. It is employed in the application of insecticides, pesticides, and herbicides to plants. Furthermore, the unique farm equipment combines harvester is a highly uncommon piece of equipment that is only available in a few nations. A combine harvester is a machine that harvests, cleans, and threshes grain crops.

Tractor Rental Services are Developing at an Increasing Rate

With rising demand for high-horsepower tractors, defined as utility tractors and row crop tractors, with a horsepower (HP) rating of 40 or more, from developed markets like Europe and North America, tractors made up a significant portion of the agricultural machinery rental market in 2018 and are predicted to remain a significant machinery segment during the forecast period. The primary drivers of the demand for tractor hiring in Ghana and other African nations, particularly in the countries south of the Sahara, are the rising demand for mechanization and the rise in the number of medium-scale farmers. Tractor hiring enables tractor owners to utilize their equipment to its fullest potential while providing services to farmers who cannot afford their tractors.

Restraints

Increased Government Support for the Acquisition of New Farm Equipment

The increased government support for the acquisition of new farm equipment is one of the primary barriers to the worldwide farm equipment rental industry's expansion. In India, for example, the Agriculture and Farmers Welfare Department provides farmers with subsidies for the purchase of straw management equipment. Similarly, as part of a subsidy program, the Chinese government offers farmers up to 30% off the purchase of new agricultural machinery. Such a government program makes technologically superior equipment available to farmers at a reduced cost. Government subsidies for agricultural equipment will enhance demand for new farm equipment types. As a result, such government assistance enables farmers to buy rather than rent modern agricultural equipment models. Such obstacles may impede future progress. All these factors hinder the growth of the Global Farm Equipment Rental Market.

Impact of COVID-19 on Global Farm Equipment Rental Market

Due to the government shutdown and low demand from farmers, the demand for farm equipment rentals is anticipated to decline in 2020. The COVID-19 epidemic has halted the production of several farm equipment products, mostly as a result of the extended lockdown in important international markets. This has severely slowed the market's growth for renting farm equipment during the past few months, and it will probably do so throughout 2020. Equipment and machinery sales have already been impacted by COVID-19 in the first quarter of 2020, and the market growth is projected to suffer throughout the year. The United States, Germany, Italy, the United Kingdom, and other large manufacturing nations have already noted the significant demand for equipment and machinery.

Global Farm Equipment Rental Market - By Type

Based on the Type, the Global Farm Equipment Rental Market is segmented into Balers, Sprayers, Harvesters, and Tractors. Among these, Passenger Car accounts for the largest share in the India Brake Pad Market. Harvesters are expected to develop at the fastest CAGR in the farm equipment rental market during the forecast period, according to the equipment type. Harvesters are adaptable, self-propelled equipment designed to efficiently harvest a variety of grain crops. The three different harvesting procedures integrated into a single process using a harvester are reaping, threshing, and winnowing. As a result, high labor prices and a shortage of harvesters in the market for farm equipment rental are the primary driving forces for the increase in demand for harvesters. All these factors propel the growth of the Global Farm Equipment Rental Market during a forecast period (2022-2028).

Farm Equipment Rental Market Share

Global Farm Equipment Rental Market – By Power Output

Based on power output, the Global Farm Equipment Rental Market is segmented into >250 HP, 131-250 HP, 71-130 HP, 31-70 HP, <30 HP. Among these, the 71-130 Hp segment holds the largest market share. Most 4WD tractor models and a few 2WD tractor models make up the 71-130 HP group. The market for these tractors is rising as more nations in the Asia-Pacific area work to enhance farm mechanization rates. Due to considerations including increasing consumption rates, the need for more food production increased power needs on farms, and the size of agricultural holdings, there is a growing demand for these tractors from developed countries. All these factors boost the growth of the Global Farm Equipment Rental Market during the forecast period (2022-2028).

Global Farm Equipment Rental Market – By Region

Geographically, the Global Farm Equipment Rental Market is segmented into North America, Europe, The Asia Pacific, Latin America, The Middle East and Africa. The Asia Pacific region's rising demand for rental tractors and harvesters is anticipated to fuel market expansion. Nearly 40% of the world's arable land, according to the FAO, was located in Asia and the Pacific in 2016. Rice and other crops like cotton and palm are being grown by farmers more and more throughout the Asia Pacific region. Additionally, the agricultural industry in Asia-Pacific nations has seen a transition away from labor-intensive farming methods and toward high-tech equipment, which has increased demand for tractors and other farming equipment, including harvesters, sprayers, and threshing equipment, for rental purposes. Crop output has increased as a result of investments in diverse agricultural gear, notably in developing nations like India, China, Vietnam, and Thailand.

Competitive Landscape

The leading market players in the Global Farm Equipment Rental Market are John Deere, AGCO Corporation, CNH Industrial, Kubota Corporation, CLAAS Company, Zector Tractors, Valmont Industries, SAME Deutzfahr Group, Kuhn Group S.A, Manitou Group, and Other Prominent Players.

 

The Global Farm Equipment Rental Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

  • In January 2020, AGCO Corporation launched its new Fendt momentum planter in North America to provide better accuracy and proper positioning of seeds while sowing activities. It has raised the standards for seed placement.
  • In January 2020, Mahindra and Mahindra inaugurated its newly established manufacturing facility in Telangana (India), with INR 250 crore investment. This initiative was taken to increase the overall production output of the business by 92,000 units on an average per annum.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Product Service/Segmentation By Type, By Power Output, By Drive, By Region 
Key Players John Deere, AGCO Corporation, CNH Industrial, Kubota Corporation, CLAAS Company, Zector Tractors, Valmont Industries, SAME Deutzfahr Group, Kuhn Group S.A, Manitou Group, and Other Prominent Players.

 

 

 

By Type

  • Balers
  • Sprayers
  • Harvesters
  • Tractors

By Power Output

  • >250 HP
  • 131-250 HP
  • 71-130 HP
  • 31-70 HP
  • <30 HP

By Drive

  • Four-Wheel Drive
  • Two-Wheel Drive

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
  1. Research Framework
    1. Research Objective
    2. Drive Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4.  Global Farm Equipment Rental Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Farm Equipment Rental Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Balers
        2. Sprayers
        3. Harvesters
        4. Tractors
      2. By Power Output
        1. >250 HP
        2. 131-250 HP
        3. 71-130 HP
        4. 31-70 HP
        5. <30 HP
      3. By Drive
        1. Four-Wheel Drive
        2. Two- Wheel Drive
      4. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Farm Equipment Rental Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Power Output
      3. By Drive
      4. By Country
        1. United States
        2. Canada
  7. Europe Farm Equipment Rental Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Power Output
      3. By Drive
      4. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. The Netherlands
        7. Rest of Europe
  8. The Asia Pacific Farm Equipment Rental Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Power Output
      3. By Drive
      4. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Indonesia
        6. Philippines
        7. Singapore
        8. Australia
        9. Rest of Asia Pacific
  9. Latin America Farm Equipment Rental Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Power Output
      3. By Drive
      4. By Country
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  10. The Middle East & Africa Farm Equipment Rental Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Power Output
      3. By Drive
      4. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Qatar
        5. Kuwait
        6. Iran
        7. Egypt
        8. Turkey
        9. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  12. Impact of Covid-19 on Global Farm Equipment Rental Market Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. John Deere
    2. AGCO Corporation
    3. CNH Industrial
    4. Kubota Corporation
    5. CLAAS Company
    6. Zector Tractors
    7. Valmont Industries
    8. SAME Deutzfahr Group
    9. Kuhn Group S.A
    10. Manitou Group
    11. Other Prominent Players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List Of Figures

 

Figure 1: Global Farm Equipment Rental Market Segmentation

Figure 2: Global Farm Equipment Rental Industry Value Chain Analysis

Figure 3: Global Farm Equipment Rental Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 5: Global Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028

Figure 6: Global Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 7: Global Farm Equipment Rental Market Share (%), By Region, By Value, 2018-2028

Figure 8: North America Farm Equipment Rental Market Size, By Value (USD Million), 2018-2028

Figure 9: North America Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 10: North America Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028

Figure 11: North America Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 12: North America Farm Equipment Rental Market Share (%), By Country, By Value, 2018-2028   

Figure 13: Europe Farm Equipment Rental Market Size, By Value (USD Million), 2018-2028

Figure 14: Europe Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 15: Europe Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028

Figure 16: Europe Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 17: Europe Farm Equipment Rental Market Share (%), By Country, By Value, 2018-2028

Figure 18: The Asia-Pacific Farm Equipment Rental Market Size, By Value (USD Million), 2018-2028

Figure 19: The Asia-Pacific Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 20: The Asia-Pacific Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028  

Figure 21: The Asia-Pacific Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 22: The Asia-Pacific Farm Equipment Rental Market Share (%), By Country, By Value, 2018-2028

Figure 23: Latin America Farm Equipment Rental Market Size, By Value (USD Million), 2018-2028

Figure 24: Latin America Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 25: Latin America Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028

Figure 26: Latin America Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 27: Latin America Farm Equipment Rental Market Share (%), By Country, By Value, 2018-2028

Figure 28: The Middle East & Africa Farm Equipment Rental Market Size, By Value (USD Million),2018-2028

Figure 29: The Middle East & Africa Farm Equipment Rental Market Share (%), By Type, By Value, 2018-2028

Figure 30: The Middle East & Africa Farm Equipment Rental Market Share (%), By Power Output, By Value, 2018-2028

Figure 31: The Middle East & Africa Farm Equipment Rental Market Share (%), By Drive, By Value, 2018-2028

Figure 32: The Middle East & Africa Farm Equipment Rental Market Share (%), By Country, By Value, 2018-2028

Figure 33: Global Farm Equipment Rental Market Share Analysis, 2021

 

List Of Tables

 

Table 1: Global Farm Equipment Rental Market Size, By Type, By Value (USD Million), 2018-2028

Table 2: Global Farm Equipment Rental Market Size, By Power Output, By Value (USD Million), 2018-2028

Table 3: Global Farm Equipment Rental Market Size. By Drive, By Value (USD Million), 2018-2028

Table 4: Global Farm Equipment Rental Market Size. By Region, By Value (USD Million), 2018-2028

Table 5: North America Farm Equipment Rental Market Size, By Type, By Value (USD Million), 2018-2028

Table 6: North America Farm Equipment Rental Market Size, By Power Output, By Value (USD Million), 2018-2028

Table 7: 28 North America Farm Equipment Rental Market Size (USD Million), By Drive, By Value 2018-2028 

Table 8: 28 North America Farm Equipment Rental Market Size (USD Million), By Country, By Value 2018-2028 

Table 9: Europe Farm Equipment Rental Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 10: Europe Farm Equipment Rental Market Size, By Power Output, By Value (USD Million), By Value 2018-2028

Table 11: 40 Europe Farm Equipment Rental Market Size (USD Million), By Drive, By Value 2018-2028

Table 12: 40 Europe Farm Equipment Rental Market Size (USD Million), By Country, By Value 2018-2028

Table 13: The Asia-Pacific Farm Equipment Rental Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 14: The Asia-Pacific Farm Equipment Rental Market Size (USD Million), By Power Output, By Value 2018-2028

Table 15: The Asia-Pacific Farm Equipment Rental Market Size (USD Million), By Drive, By Value 2018-2028

Table 16: The Asia-Pacific Farm Equipment Rental Market Size (USD Million), By Country, By Value 2018-2028

Table 17: Latin America Farm Equipment Rental Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 18: Latin America Farm Equipment Rental Market Size, By Power Output, By Value (USD Million), 2018-2028

Table 19: Latin America Farm Equipment Rental Market Size (USD Million), By Drive, By Value 2018-2028

Table 20: Latin America Farm Equipment Rental Market Size (USD Million), By Country, By Value 2018-2028  

Table 21: The Middle East & Africa Farm Equipment Rental Market Size, By Type, By Value (USD Million), 2018-2028

Table 22: The Middle East & Africa Farm Equipment Rental Market Size, By Power Output, By Value (USD Million), 2018-2028

Table 23: The Middle East & Africa Farm Equipment Rental Market Size (USD Million), By Drive, By Value 2018-2028

Table 24: The Middle East & Africa Farm Equipment Rental Market Size (USD Million), By Country, By Value 2018-2028 

Table 25:  List of Key Players and Their Offerings

Table 26:  Competitive Benchmarking, by Operating Parameters

Table 27      John Deere Company Overview

Table 28       John Deere Financial Overview

Table 29        AGCO Corporation Company Overview

Table 30        AGCO Corporation Financial Overview

Table 31        CNH Industrial Company Overview

Table 32        CNH Industrial Financial Overview

Table 33        Kubota Corporation Company Overview

Table 34        Kubota Corporation Financial Overview

Table 35        CLAAS Company Overview

Table 36        CLAAS Company Financial Overview

Table 37        Zector Tractors Company Overview

Table 38        Zector Tractors Financial Overview

Table 39        Valmont Industries Company Overview

Table 40        Valmont Industries Financial Overview

Table 41        SAME Deutzfahr Group Company Overview

Table 42        SAME Deutzfahr Group Financial Overview

Table 43        Kuhn Group S.A Company Overview

Table 44        Kuhn Group S.A Financial Overview

Table 45        Manitou Group Company Overview

Table 46        Manitou Group Financial Overview

 

Market Segmentation

By Type

  • Balers
  • Sprayers
  • Harvesters
  • Tractors

By Power Output

  • >250 HP
  • 131-250 HP
  • 71-130 HP
  • 31-70 HP
  • <30 HP

By Drive

  • Four-Wheel Drive
  • Two-Wheel Drive

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
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Frequently Asked Questions (FAQs):

Ans: 71-130 HP has the largest share in Global Farm Equipment Rental Market.
Ans: The harvesters segment accounted for the largest share in the Global Farm Equipment Rental Market.
Ans: The Global Farm Equipment Rental Market reached USD 45.82 billion in 2021.
Ans: The major factors driving the growth of the Global Farm Equipment Rental Market are the growing world population, a lack of skilled labor, rising mechanization trends, and a rise in the demand for food grain products.
Ans: The key players in the Global Farm Equipment Rental Market are John Deere, AGCO Corporation, CNH Industrial, Kubota Corporation, CLAAS Company, Zector Tractors, Valmont Industries, SAME Deutzfahr Group, Kuhn Group S.A, Manitou Group, and Other Prominent Players. 
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