Tractor Rental Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The tractor rental market is segmented by Tractor Type(Utility Tractors, Row Crop Tractors, Industrial Tractors, Earth Moving Tractors), Power Source (IC Engine, and Electric), Power(Less than 100 hp, 100-200 hp, More than 200 hp), and Geography

Market Snapshot

Market_Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >8 %

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Market Overview

The global tractor rental market is anticipated to register a CAGR of about 8% during the forecast period (2020 - 2025).

  • In the current market scenario where everything can be rented from bicycle to home, from car to workplace sharing or renting a tractor is much-needed service as most of the tractors are just parked in the garage. Tractor rental companies offer tractors as per the requirements of the farmers.
  • Purchasing any farming machinery always requires a huge amount of money and in addition to that, it needs maintenance but in case of renting there is no hassle of any maintenance.
  • The increasing demand for mechanization and the rising number of low and medium-scale farmers are the primary factors that are creating a huge demand for tractor rental in underdeveloped countries such as Ghana and other African countries, majorly in the south of the Sahara, tractor rental firm allows tractor owners to fully utilize their machines, and additionally providing services to farmers, who cannot afford their tractors.

Scope of the Report

The tractor rental market report covers the increasing demand for tractor rental solutions, new players entering the market, the impact of mobile-based applications on the market, and initiatives taken by market players to gain competitive advantage. The market has been segmented by tractor type, power source type, power type and Geography, The scope of the report include:

By Tractor Type
Utility Tractors
Row Crop Tractors
Industrial Tractors
Earth Moving Tractors
By Power Source
IC Engine
Electric
By Power Type
Less than 100 hp
100-200 hp
More than 200 hp
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Mexico
United Arab Emirates
Other Countries

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Key Market Trends

Increase in Online Rental Services is driving the Market

Tractor rental market has created the best solution to the middle-class farmers’ who can’t afford and maintain the tractor as now they can rent a vast variety of tractors on basis of location, type, feature, and duration. Farmease one of the leading rental service providers in the United States connects the farmers to share their spare farm machinery to the needy farmers who can’t afford the machinery. Tractor owners can earn from their tractor which adds a second income source to them, and on the renters front, they get access to the tractor on demand by that they get the latest technology at affordable prices according to the need. Major rental service providers are tapping on the unexplored market as the developing countries have huge potential for tractor rental as compared to matured markets such as North America and Europe.

For instance, in 2018, Aeris, the United State based technology company is coming together with Hello Tractor, an agriculture technology company that has previously worked with farmers in Nigeria and Kenya, to launch a tractor rental service in India.

key market trend 1

Asia Pacific is Expected to grow at the fastest rate in Tractor Rental Market

One of the key factors for the growth of the Asia-Pacifictractor rental market is to provide the best technology and reduce the financial burden on farmers. Renting a tractor allows the farmers to cultivate their crops on time without investing large sums of money on tractors, it also provides them a convenient way of enhancing their operations.

In India, According to the survey by the National Bank For Agriculture and Rural Development (NABARD), there is a very low penetration of farm machinery. In NABARD All-India Rural Financial Inclusion Survey (NAFIS) just 5.2% of agricultural households have a tractor and just 1.8% owned a power tiller.

In April 2020, TAFE, announced a free tractor rental scheme in Uttar Pradesh, India through its JFarm platform, for 90 days duration. This initiative of TAFE is announced under its CSR in which the company will offer 3,000 tractors on a free rental basis to reduce the impact of COVID-19 on small farmers.

key market trend 2

Competitive Landscape

The global tractor rental market is moderately fragmented, has several active players, and also the market is witnessing the emergence of many new startups. Some of the major players in the market are John Deere, Farmease, Trringo, and JFarm Services amongst others. The companies are expanding their presence by acquiring other market participants, increasing their tractor counts, tapping in new and unexplored markets. For instance,

  • In 2019, John Deere entered into an agreement with the Plooua mobile application, The platform makes the renting process easy and convenient it formalizes the contract and carries out the payment process by a secure payment platform.
  • In 2020, John Deere announced that it is teaming up with Hello Tractor, an agritech tractor-hailing startup. They are currently in the testing phase of the technology where a small black box is fitted beneath dashboards on around 400 tractors in Ghana and Kenya.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    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 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Tractor Type

      1. 5.1.1 Utility Tractors

      2. 5.1.2 Row Crop Tractors

      3. 5.1.3 Industrial Tractors

      4. 5.1.4 Earth Moving Tractors

    2. 5.2 By Power Source

      1. 5.2.1 IC Engine

      2. 5.2.2 Electric

    3. 5.3 By Power Type

      1. 5.3.1 Less than 100 hp

      2. 5.3.2 100-200 hp

      3. 5.3.3 More than 200 hp

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Rest of Europe

      3. 5.4.3 Asia Pacific

        1. 5.4.3.1 India

        2. 5.4.3.2 China

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Mexico

        3. 5.4.4.3 United Arab Emirates

        4. 5.4.4.4 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Kwipped Inc.

      2. 6.2.2 John Deere

      3. 6.2.3 EM3 Agri Services

      4. 6.2.4 Titan Machinery

      5. 6.2.5 The Pape Group, Inc.

      6. 6.2.6 Premier Equipment Rental

      7. 6.2.7 Flaman Group of Companies

      8. 6.2.8 Pacific Tractor & Implement

      9. 6.2.9 JFarm Services

      10. 6.2.10 Farmease

      11. 6.2.11 Trringo

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Tractor Rental Market market is studied from 2018 - 2026.

The Tractor Rental Market is growing at a CAGR of >8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Premier Equipment Rental, Flaman Group of Companies, Titan Machinery, John Deere, Kwipped Inc. are the major companies operating in Tractor Rental Market.

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