Overview and Scope
Farm tractor rental refers to the service of renting out farm tractors to individuals or companies for a specific period of time, usually for agricultural or construction work. This allows people to access the necessary equipment without having to purchase it, which can be expensive and require ongoing maintenance.
Sizing and Forecast
The farm tractor rental market size has grown strongly in recent years. It will grow from $49.94 billion in 2023 to $54.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to cost-efficient farming practices, variable agricultural land sizes, flexibility in farm operations, reduced capital investment, specialized farming needs.
The farm tractor rental market size is expected to see strong growth in the next few years. It will grow to $75.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising adoption in developing regions, growing trend of precision farming, environmental sustainability initiatives, fluctuating agricultural cycles, government support and subsidies. Major trends in the forecast period include eco-friendly and electric tractor rentals, remote assistance and support services, collaborations with agtech providers, financial flexibility and pay-per-use models, training and skill development programs.
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Segmentation & Regional Insights
The farm tractor rental market covered in this report is segmented –
1) By Type: Internal Combustion Engine(ICE), Electric
2) By Operations: Manual Tractor Vehicle, Autonomous Tractor Vehicle
3) By Power Output: <30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250 HP
4) By Drive type: Two Wheel, Four Wheel
5) By Application: Harvesting, Seed Sowing, Irrigation, Other Applications
Asia-Pacific was the largest region in the farm tractor rental market in 2023. North America is expected to be the fastest-growing region in the global farm tractor rental market report during the forecast period. The regions covered in the farm tractor rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in farm mechanization is expected to propel the farm tractor rental market going forward. Farm mechanization refers to adopting more advanced machinery and technology in agricultural operations. The increased use of modern farm equipment such as tractors and other specialized machinery in agriculture can lead to improved efficiency, higher crop yields, and greater profitability for farmers, which increases the demand for farm tractors rental. For instance, in July 2022, according to the Farm Production Expenditure report published by the United States Department of Agriculture, a US-based federal agency, farm production expenditure for tractors and self-propelled farm machinery in US agriculture practices accounted for 17,600 million dollars in 2021. The cost of tractors and self-propelled farm machinery expenditure stood at 8,784 dollars on average per farm in the US. Therefore, an increase in farm mechanization drives the farm tractor rental market.
Key Industry Players
Major companies operating in the farm tractor rental market report are Messick’s Farm Equipment Inc., Deere & Company, CNH Industrial NV, Kubota Corporation, Mahindra & Mahindra Limited, AGCO Corporation, Titan Machinery Inc., Escorts Limited, The Papé Group Inc., Atlantic Tractor LLC, Sunsouth LLC, Birkey’s Farm Store Inc., Rocky Mountain Equipment, Agri-Service LLC, Flaman Group of Companies, Friesen Sales & Rentals Ltd., Van der Sluis Technische Bedrijven, Stotz Equipment, Hoober Inc., Green Diamond Equipment Ltd., Pacific Ag Rentals LLC, S&H Farm Supply Inc., Meade Tractor, Beard Implement Co., Tractors and Farm Equipment Limited, Pacific Tractor & Implement, Premier Equipment Rental Inc., Shearer Equipment, Chupp Implement Co., Dowda Farm Equipment Inc.
The farm tractor rental market report table of contents includes:
1. Executive Summary
2. Farm Tractor Rental Market Characteristics
3. Farm Tractor Rental Market Trends And Strategies
4. Farm Tractor Rental Market – Macro Economic Scenario
5. Global Farm Tractor Rental Market Size and Growth
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32. Global Farm Tractor Rental Market Competitive Benchmarking
33. Global Farm Tractor Rental Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Farm Tractor Rental Market
35. Farm Tractor Rental Market Future Outlook and Potential Analysis
36. Appendix
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