Farm Equipment Rental Market to reach USD 63.9 Billion by 2032, Says Global Market Insights inc.
Farm Equipment Rental Industry size is expected to register 6% CAGR between 2023 and 2032 propelled by the high cost of new farm equipment.
Selbyville, Delaware , Jan. 17, 2024 (GLOBE NEWSWIRE) — Farm equipment rental market size is predicted to reach USD 63.9 billion by 2032, as per a recent study by Global Market Insights Inc.
The market is witnessing growth owing to the escalating cost of new agricultural machinery, the need for specialized equipment for specific tasks, and a growing awareness among farmers about the benefits of renting over ownership. This shift towards rental solutions is empowering farmers to access cutting-edge equipment without the substantial upfront investment, thereby optimizing operational costs and enhancing overall productivity.
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According to PIB, the Indian agriculture sector has been recording an annual growth rate of 4.6% over the past six years. The fluctuating nature of agriculture and the seasonal demand for specific equipment make renting a more economically viable choice for many farmers. As sustainability becomes a central theme in modern agriculture, the resource-efficient and environmentally friendly farming practices will push the farm equipment rental market growth.
Precision farming to promote uptake of 2 wheel drive rental equipment
The 2 wheel drive (2WD) segment is expected to witness substantial growth through 2032 owing to their versatility and maneuverability, making them well-suited for a wide range of farming activities. 2WD equipment is particularly attractive for small and medium-sized farms where the flexibility to navigate tight spaces and perform various tasks is crucial. The rising trend of precision farming, coupled with the need for cost-effective solutions, is driving the demand for 2WD tractors. Agricultural professionals are recognizing the advantages of renting these equipment to optimize their operations during different stages of the cultivation process.
Seasonal nature of harvesting to influence the adoption of harvesters
The farm equipment rental market from harvesters equipment type segment to gain traction in the market over 2023 to 2032 as these equipment play a vital role in streamlining the harvesting process, ensuring efficiency and reducing manual labor. Farmers are turning to rental solutions to access advanced and specialized harvesters without the substantial financial commitment associated with ownership. This trend is reshaping the dynamics of agricultural practices by allowing farmers to optimize their harvesting operations while minimizing costs.
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Well-established agriculture sector to bolster North America market growth
North America farm equipment rental market size is anticipated to expand significantly through 2032 owing to the well-established agricultural sector in the region. A diverse range of crops and farming practices are influencing the adoption of farm equipment rental services. The farmers are increasingly recognizing the benefits of flexibility and cost-effectiveness offered by rental solutions. Additionally, stringent environmental regulations and a growing emphasis on sustainable farming practices are further driving the demand for advanced and eco-friendly farm equipment in North America, favoring the market progression.
Some of the key players in the global farm equipment rental market are Friesen Sales & Rentals, Pacific Ag Rentals, Messick Farm Equipment Inc., Cedar Street Sales & Rentals, Deere & Company, Escorts Limited, The Papé Group Inc., Titan Machinery Inc., Mahindra Trringo, Flaman Group of Companies, AGCO Corporation, CNH Industrial NV, Pacific Tractor & Implement, JCB, and Tractors and Farm Equipment Limited.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
CONTACT: Aashit Tiwari Corporate Sales, USA Global Market Insights Inc. Toll Free: +1-888-689-0688 USA: +1-302-846-7766 Europe: +44-742-759-8484 APAC: +65-3129-7718 Email: [email protected]
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