The global farm equipment rental market size is expected to reach USD 82.2 Billion by 2028, at a CAGR of 7.4%, according to the latest report by Reports and Data. Market revenue growth is being steadily driven by rapid shift to mechanization of farming and agriculture techniques and adoption of farming machinery, equipment, and services for agricultural operations, especially in developing economies. Farm equipment is not used regularly in every agricultural operation, is used seasonally, and remain idle for most of the time after seeds are deployed. Farmers are increasingly realizing the importance of rental equipment and the savings associated with these services as opposed to the investments required to purchase self-owned equipment. In addition, saving on maintenance costs and other related costs that come with owning farming equipment and vehicles are some other key factors supporting market growth.
In addition, rapid technological advancements in enhancing engine efficiency of vehicles and equipment used in agriculture and increasing tractor horsepower capacity are factors also influencing market growth.
Over the past years, a significant rise in the number of startups offering different farm equipment rental services has been observed. The rental services of farm equipment offer cost-saving advantages to end-users. Moreover, they also help to transform agriculture through mechanization. These factors are further supporting market growth.
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Major players in the farm equipment rental market include CNH Industrial (UK), John Deere (US), Kubota Corporation (Japan), Escorts Ltd. (India), Mahindra & Mahindra (India), AGCO Corporation (US), and JCB (UK).
Some key findings from the report
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Farm Equipment Rental market.
For the purpose of this report, Reports and Data has segmented the global farm equipment rental market on the basis of equipment type, power output, drive, and region:
Equipment Type Outlook (Revenue, USD Billion, 2018 – 2028)
Power Output Outlook (Revenue, USD Billion, 2018 – 2028)
Drive Outlook (Revenue, USD Billion, 2018 – 2028)
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