Farm Equipment Rental Market Size, Share, Growth Analysis, By Type(Tractors, Balers), By Application(Land Development & Seed Bed Preparation Equipment, Sowing & Planting) - Industry Forecast 2024-2031

Farm Equipment Rental Market size was valued at USD 54.7 billion in 2022 and is poised to grow from USD 58.09 billion in 2023 to USD 94 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Farm equipment rental market players can focus on expanding their reach to rural areas and maximize their revenue generation potential. Farm equipment rental companies can also partner or collaborate with agricultural machinery manufacturers to expand their fleets and maximize revenue generation capacity in the long run. Companies can also take advantage of several government subsidies and initiatives to promote their services and expand their business scope. 'Farm-Rite Equipment', 'Herc Rentals', 'Titan Machinery Inc. and Tractors', 'Deere & Company', 'AGCO Corporation', 'The Papé Group Inc.', 'Farm Equipment Limited', 'Friesen Sales & Rentals', 'Pacific Ag Rentals', 'AgDirect', 'BlueLine Rental', 'Escorts Limited', 'Pacific Tractor & Implement', 'Messick Farm Equipment Inc.', 'NESCO Rentals', 'Flaman Group of Companies', 'Sunbelt Rentals', 'Premier Equipment Ltd.', 'United Rentals', 'In October 2021, an India based tractor company called Tractors and Farm Equipment Limited (TAFE), announced the launch of new free tractor rental program for small-scale farmers based in India. ', 'In August 2021, Farmkart, an agritech start-up announced its foray into the equipment rental business with the launch of a new tech-enabled agriculture platform. The company intended to provide farmers with advanced equipment to maximize agricultural efficiency. '

Farmers get the flexibility of utilizing advanced agricultural equipment without having to spend a fortune on their ownership and maintenance. This flexibility and cost benefit of farm equipment rental boosts market growth.

Integration of Telematics and IoT: Farm equipment rental companies can integrate telematics solutions and new IoT technologies to improve the capabilities of their rental fleet. These technologies could also help them improve their maintenance and operational costs in the long run.

The Asia Pacific region is slated to account for a dominant share of the farm equipment rental market owing to the presence of robust agricultural activity in this region. Supportive government initiatives and subsidies for agricultural companies and farmers in this region are also slated to create new opportunities for farm equipment rental providers. China and India are estimated to be the top markets for farm equipment rental companies operating in the Asia Pacific region going forward.