According to a market report by Lucintel, the future of the global farm equipment rental market looks promising with opportunities in the tractors, harvesters, balers, and sprayers markets. The global farm equipment rental market is expected to reach an estimated $81.2 billion by 2030 with a CAGR of 5.4% from 2024 to 2030. The major drivers for this market are growing mechanization trend in the agriculture industry, increasing demand for renting different self-propelled equipment to lessen farmers' financial burdens, as well as, introduction of high horsepower (HP) tractors for use in arid soil.
In this market, 250 HP are the major segments of farm equipment rental market by power output.
Lucintel forecast that 71-130 HP is expected to witness highest growth over the forecast period because the tractors and other pieces of machinery in this power range are highly valued by farmers owing to their versatility and efficiency in a range of agricultural tasks.
Within this market, tractors will remain the largest segment because the tractors are versatile and can be used for a variety of tasks, such as plowing, planting, and harvesting.
APAC is expected to witness highest growth over the forecast period due to growing need for rental tractor and other agricultural equipment, including harvesters, sprayers, and threshers in the region.
John Deere, CNH Industrial, Kubota, Agco, Mahindra & Mahindra, JCB, Escorts, and Tractors & Farm Equipment’s are the major suppliers in the farm equipment rental market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]