Farm Equipment Rental Global Market Report 2023
Major players in the farm equipment rental market are Deere And Company, AGCO Corporation, Escorts Kubota Limited, Tractors and Farm Equipment Limited, CNH Industrial, Kubota Corporation, Mahindra And Mahindra Limited, JCB, Messick Farm Equipment Inc.
New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Farm Equipment Rental Global Market Report 2023" - https://www.reportlinker.com/p06479832/?utm_source=GNW
, Pacific Tractor, Premier Equipment Rentals, Paper Group Inc., JFarm Services (TAFE), Flaman Group of Companies and Friesen Sales And Rentals.
The global farm equipment rental market is expected to grow from $51.82 billion in 2022 to $55.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.36%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The farm equipment rental market is expected to reach $71.20 billion in 2027 at a CAGR of 6.61%.
The farm equipment rental market consists of revenues earned by entities by providing rental app services, commercial farming rentals, and dairy farming rental services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The farm equipment rental market also includes sales of dozers, excavators, skid loaders, compact track loaders, and trenchers, which are used in providing farm equipment rental services.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Farm equipment rental refers to the service of providing agricultural equipment for a temporary purpose through a renting or leasing process.The rental agreement is established and executed prior to the contract by all parties, subject to particular terms and restrictions.
Farm equipment rentals are used for cultivating, harvesting, carrying crops, and other agricultural activities.
Asia-Pacific was the largest region in the farm equipment rental market in 2022.It is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of equipment involved in farm equipment rental are tractors, harvesters, sprayers, balers, and others. A tractor is a vehicle with big rear wheels or one that travels on tracks that are used specifically to tow farm equipment. Various types of power units are involved, such as <30 HP, 31–70 HP, 71–130 HP, 131-250 HP, and 250 HP, with several modes of drive, including two-wheel drive and four-wheel drive.
A shortage of skilled labor is expected to propel the growth of the farm equipment rental market going forward.A shortage of labor means there aren’t enough qualified people available for a given occupation.
Due to the increased shortage of skilled labor, the demand for farm equipment rentals is extremely helpful for agriculture as the labor shortage prevails, and getting this rental equipment is even more useful for farmers as it is affordable, so these factors boost the farm equipment rental market.For instance, in January 2021, according to a report shared by the Turkish Statistical Institute, a Turkey-based government agency commissioned with producing official statistics on Turkey, when compared to the same period in the prior year, the number of people employed in agriculture fell by 242 thousand in the month of October 2020.
Furthermore, according to reports shared by the Guardian News and Media Limited, a UK-based media company, to cover the labor shortfalls in the agricultural sector, almost 22,000 additional people are still required.Additionally, COVID-19 struck, making it difficult to find workers in agriculture.
Less interest in skilled jobs and an increase in smart technology in agriculture may be the root of the labor crisis. Therefore, the shortage of skilled labor is driving the growth of the farm equipment rental market.
Technological advancements are a key trend gaining popularity in the farm equipment rental market going forward.Major companies operating in the farm equipment rental market are developing innovative technologies to strengthen their position in the market.
For instance, in March 2023, Carnot Technologies, an India-based agro-tech company backed by Mahindra & Qualcomm, launched Krish-e Smart Kit, an IoT device for farm equipment that provides owners with data on their tractors and other agricultural machinery through the use of a smartphone and GPS-enabled time tracking.It enables owners of machinery and rental companies to decrease tractor downtime, stop unlawful use of their tractors, boost revenue, and effectively manage maintenance costs.
The sophisticated trip replay feature of the Smart Kit allows for the monitoring of trolley and commercial transportation activities.The program offers on-demand access to a fleet of high-tech agricultural vehicles in addition to tracking and monitoring.
The Krish-e Smart Kit, a market-first aftermarket IoT solution, offers farmers and companies a convenient, cost-effective, and sustainable method to connect with and monitor their farm equipment wherever they are.
In February 2023, Titan Machinery Inc., a US-based agricultural machinery company, acquired Pioneer Farm Equipment Inc. for an undisclosed amount. With this acquisition, Titan Machinery Inc. aims to strengthen its position in the US agricultural market and provide agriculture equipment services to customers. Pioneer Farm Equipment Inc. is a US-based manufacturer of agricultural machinery and equipment and a provider of farm equipment rental and leasing services.
The countries covered in the farm equipment rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The farm equipment rental market research report is one of a series of new reports that provides farm equipment rental market statistics, including farm equipment rental industry global market size, regional shares, competitors with a farm equipment rental market share, detailed farm equipment rental market segments, market trends and opportunities, and any further data you may need to thrive in the farm equipment rental industry. This farm equipment rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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