Farm Equipment Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Agricultural Equipment Rental Services and the Market is segmented by equipment type (tractors, harvesters, haying equipment, and other equipment types) and geography (North America, Europe, Asia-Pacific, and the rest of the world).

Farm Equipment Rental Market Size

Single User License
Team License
Corporate License
Book before:
Farm Equipment Rental Market Summary
share button
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR > 6.00 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Farm Equipment Rental Market

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

OFF

Team License

OFF

Corporate License

OFF
Book before:

Farm Equipment Rental Market Analysis

The Farm Equipment Rental market is currently valued at USD 46.72 billion and is expected to register a CAGR above 7% during the forecast period.

Increasing agriculture mechanization and the need to reduce the financial burden on farmers across the globe, in the wake of rising import and export of cereals, are expected to drive demand in the market. In addition, the growing inclination for farm equipment with innovative features, and the rise in startups offering farm equipment for rent, are some of the other vital factors which will likely augment the growth of the farm equipment rental market.

The COVID-19 pandemic had a very negative impact on the farm equipment rental market worldwide. Equipment rental stores were closed due to lockdowns. Farmers also could not travel to rental stores due to the strict imposition of traveling restrictions and social distancing norms. However, in late 2020 and early 2021, as the COVID-19 pandemic receded and the COVID-19 criteria were taken back, growth returned in the global farm equipment rental market. Many new players also entered the market to tap into this post-COVID-19 growth in farm equipment rentals in markets like India. For instance

  • In August 2021, Indian agritech startup FarmKart launched its tech-enabled platform rent4farm to offer farm equipment and tractor rental services in India.

The long-term factors, like the increase in the average farming machinery selling price, such as tractors and combine harvesters, Farming as a Service (FaaS) evolution, and increased mobile apps in offering farm equipment on rent and significant farm equipment manufacturers entry in the rental industry will likely drive the growth in farm equipment rental market.

Asia-Pacific dominates the farm equipment rental market due to the increasing demand for tractors and farming equipment such as harvesters, spraying, and threshing equipment for renting purposes. Small farmers in countries such as India need help to afford tractors. However, an Uber-like program is gradually expanding in the country, which makes it possible for farmers to get temporary access to tractors in demand.

Thus, the above factors are forecasted to produce significant growth in the farm equipment rental market.

Farm Equipment Rental Market Trends

This section covers the major market trends shaping the Farm Equipment Rental Market according to our research experts:

Rising Developments in Tractor Rental Service Likely to Drive Demand in the Market

Tractors are expected to occupy most of the market share during the forecast period. The rising demand for high horsepower tractors, especially those above 40 horsepower (HP), i.e., utility tractors and row crop tractors, from matured markets, like Europe and North America, tend to offer new opportunities for players operating in the market. In addition to these developments, key players offering tractor rental services are expected to augment developments in the market further. For instance,

  • In December 2021, Mahindra and Mahindra announced the expansion of Krish e, its farming as a service offering across 1600 dealerships in India.

Moreover, growing awareness of the benefits of farm mechanization and the low maintenance cost of the rental fleet is expected to attract several low and medium-scale farmers. So, these are some of the primary factors likely to create demand for tractor hiring in developing countries, majorly in Asia-Pacific and Africa. It allows tractor owners to fully utilize their machines while providing services to farmers who cannot afford their tractors. Due to the abovementioned instances and developments, the tractors segment is expected to gain significance over the forecast period.

Farm Equipment Rental Market: Tractor Production in India, Volume in Units, 2018-2021

Asia-Pacific Region Anticipated to Dominate the Market During Forecast Period

Growing awareness among the mid- and low-income farmers of the Asia-Pacific region about the benefits of farm mechanization is encouraging them to shift from labor-intensive farming techniques to advanced technological equipment in the agricultural sector. It is anticipated to increase demand for tractors and farming equipment such as harvesting, spraying, and threshing equipment for renting purposes in the region.

The government initiatives and active key players' engagement in the market focusing on reducing the farmers' financial burden in Asia-Pacific region countries like India and China act as significant growth drivers for the farm equipment rental market. The leading players in these markets are also engaging in mergers and acquisitions to bolster their market presence further. For instance,

  • In March 2022, Mahindra and Mahindra acquired a 69% stake in Carnot Technologies, the developer behind the Krish e app. Carnot Technologies includes over 25,000 tractors, harvesters, and sprayers working on over 3 million acres of land each season.
  • In May 2021, Tractors and Farm Equipment (TAFE), a significant tractor manufacturer in India, offered 16500 tractors and 26,800 implements on a 'free-of-cost' rental basis to small farmers in Tamil Nadu.

In addition, increasing demand for farm implements due to the labor shortage in agriculture is expected to support the market's growth during the forecast period. Based on the abovementioned factors, the Asia-Pacific region is expected to hold a dominant market share over the forecast period.

Farm Equipment Rental Market - Growth By Region (2022 - 2027)

Farm Equipment Rental Industry Overview

The Farm Equipment Rental Market is moderately consolidated due to several major and local players in the market. Some of the major players in the market are Deere & Company, JFarm Services (TAFE), Messick's, Pacific Tractor, Premier Equipment Rentals, and The Pape Group. Several players are focusing on strategies, such as mergers, acquisitions, partnerships, etc., to cement their market positions. For instance,

  • In January 2022, Messick's opened its new 2230,000 sq ft headquarters in Pennsylvania, US.
  • In December 2021, Papé Machinery Agriculture & Turf completed the asset purchase of Valley Truck & Tractor, a nine-store John Deere dealership in Northern California's Sacramento Valley.

Farm Equipment Rental Market Leaders

  1. Deere & Company

  2. Flaman Group of Companies

  3. Mahindra Trringo

  4. Pacific AG Rentals LLC

  5. CNH industrial NV

*Disclaimer: Major Players sorted in no particular order

Farm Equipment Rental Market Concentration
bookmark Need More Details on Market Players and Competitors?
Download PDF

Farm Equipment Rental Market News

  • August 2022- Deere and Co. invested in Hello Tractor, a Nigerian startup that offers marketplace and fleet management technology for African farmers to rent tractors.
  • July 2022- The state government of Bihar in India announced to launch of mobile app-based farm equipment rental services for small farmers in the state who cannot afford to buy their farm equipment.
  • May 2022- India-based agriculture equipment rental and agro e-commerce startup KhetiGaadi launched its agro advisory services for farmers in Pune.
  • March 2022- etHekwini Municipality in South Africa acquired tractors to rent for free to the farmers. The eThekwini Municipality's Agro-Ecology Unit managed the free tractor-hiring initiative.
  • September 2021- Sonalika Group launched its Sonalika Agro Solutions App to offer high-tech agro machinery on rent to farmers in India.

Farm Equipment Rental Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Equipment Type

      1. 5.1.1 Tractors

      2. 5.1.2 Harvestors

      3. 5.1.3 Haying Equipment

      4. 5.1.4 Others

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 India

        2. 5.2.3.2 China

        3. 5.2.3.3 Japan

        4. 5.2.3.4 South Korea

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 Rest of the World

        1. 5.2.4.1 South America

        2. 5.2.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles

      1. 6.2.1 Farmease

      2. 6.2.2 Mahindra & Mahindra Limited (Trringo)

      3. 6.2.3 JFarm Services

      4. 6.2.4 Pacific AG Rental LLC

      5. 6.2.5 Messick's

      6. 6.2.6 Flaman Group of Companies

      7. 6.2.7 Premier Equipment Rental

      8. 6.2.8 The Papé Group, Inc

      9. 6.2.9 CNH Industrial

      10. 6.2.10 Titan Machinery

      11. 6.2.11 KUBOTA Corporation

      12. 6.2.12 AGCO Corporation

      13. 6.2.13 Friesen Sales & Rentals

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
bookmark You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Farm Equipment Rental Industry Segmentation

Farm equipment rental is defined as renting or leasing farm equipment processes like tractors and combine harvesters for a short period.

The Farm Equipment Rental Market is segmented by equipment type (tractors, harvesters, haying equipment, and other equipment types) and geography (North America, Europe, Asia-Pacific, and the rest of the world). The report also provides market sizing and forecasts in value (USD billion) for all the abovementioned segments.

By Equipment Type
Tractors
Harvestors
Haying Equipment
Others
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
customize-icon Need A Different Region Or Segment?
Customize Now

Farm Equipment Rental Market Research FAQs

The Farm Equipment Rental Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Deere & Company, Flaman Group of Companies, Mahindra Trringo, Pacific AG Rentals LLC and CNH industrial NV are the major companies operating in the Farm Equipment Rental Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Farm Equipment Rental Market.

The report covers the Farm Equipment Rental Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Farm Equipment Rental Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Farm Equipment Rental Industry Report

Statistics for the 2024 Farm Equipment Rental market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Farm Equipment Rental analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Farm Equipment Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)