June 10, 2020
As per the report titled ‘Global Farm Equipment Rental Market Size study, by Equipment Type (Tractors, Harvesters, Sprayers, Balers & Other Equipment Types) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global farm equipment rental market was worth USD 43.7 billion in 2018 and is expected to record a y-o-y growth rate of 7.5% over 2019-2026.
Increase in arable land across the globe and soaring demand for food are the primary growth driving factors of global farm equipment rental market. These services allow farmers to rent farming machinery for a specific tenure to perform various tasks such as ploughing, harvesting, and more to cultivate crops.
Farm equipment rental is particularly beneficial for carrying out certain tasks in the farm which are performed once in every season, thereby reducing investment costs and maximizing farmers’ profits. Besides this, maturing agricultural mechanization and advancements in farm machine operations are boosting the demand for farm equipment rental solutions.
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Furthermore, growing demand from medium scale farmers for farming on vast areas of lands is expected to present new opportunities for the industry expansion. On the contrary, government initiatives which aid farmers in buying new equipment may hinder the industry growth over the forecast period.
Based on the equipment type, the market is categorized into tractors, harvesters, sprayers, balers, and others. Tractor segment is expected to gain decent traction over the estimated timeframe, claim researchers.
Considering the geographical outlook, global farm equipment rental market is divided into North America, Europe, Asia Pacific, Latin America and Rest of the World. Asia Pacific is expected accrue significant market share over the forecast timeline, owing to the availability of vast arable land in the region, accounting for 40% of the global arable land as stated by Food Association Organization. Moreover, shift from traditional labor-intensive farming techniques to advanced technological equipment, along with increasing per capita income and rising investments in various agriculture machineries are other factors favoring the regional industry expansion.
Key players operating in global farm equipment rental market are CNH Industrial, John Deere, Kubota Corporation, Mahindra & Mahindra, AGCO Corporation, JCB, Tractors and farm equipment’s Ltd., Escorts Ltd., Premier Equipment Rentals, and Flaman Group of Companies.