Rockville, June 29, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the Farm Equipment Rental Market is projected to reach a valuation of US$ 106.2 billion by 2033, with a CAGR of 6.2%. The agricultural sector has witnessed rapid technological advancements in farm equipment, leading to enhanced productivity, efficiency, and yield. Renting farm equipment allows farmers to access the latest technology without significant capital investment, promoting the adoption of advanced machinery.
Farm equipment rental offers flexibility for farmers to match equipment needs to varying tasks and workloads throughout the year, optimizing equipment utilization. With government support and a rising population, the agriculture sector is experiencing growth, leading to opportunities for rental service providers.
For More Insights into the Market, Request a Sample of this Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8641
Agriculture's significance in global economic growth accounts for 4% of global GDP. Expanding cultivated land is crucial to meet food demand, and rental services play a vital role in providing farmers with efficient machinery for agricultural expansion.
Government initiatives and schemes promote farm mechanization and productivity, including subsidized rental services, making equipment rental more affordable and accessible.
Key Takeaways from Market Study
- The US market for farm equipment rental is lucrative growing at a CAGR of 6.5% during the forecast period
- Agriculture tractors type is likely to create an absolute $ opportunity of US$ 25.5 billion during the forecast period
- Cultivation application is a prominent contributor to the growth of the farm equipment rental market growth is estimated to account for a market share of 33.2% in 2023
- German farm equipment rental market registered a growth rate of 5.4% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% during the forecast period
- China is estimated to project a valuation of US$ 12.7 billion in 2023 and is expected to reach a valuation of US$ 25.4 billion by 2033
“Government Support and Economic Growth to Fuel the Farm Equipment Rental Market Expansion” says a Fact.MR analyst.
Competitive Landscape
Rental firms are collaborating and developing strategic alliances with agribusinesses, farming cooperatives, and input suppliers. Mutual benefits from these alliances include enhanced access to new tenants, shared client bases, and cooperative marketing initiatives.
Additionally, rental service providers frequently give value-added services to improve the customer experience in order to set themselves apart from rivals. These services, which include equipment setup, training courses, technical assistance, maintenance services, and online booking and management tools, give market participants room to flourish.
Key Companies Profiled
- AgDirect
- BlueLine Rental
- Farm-Rite Equipment
- Herc Rentals
- NESCO Rentals
- Sunbelt Rentals
- United Rentals
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8641
Market Growth Stratagems
Prominent players operating in the farm equipment market are AgDirect, BlueLine Rental, Farm-Rite Equipment, Herc Rentals, NESCO Rentals, Sunbelt Rentals, and United Rentals.
Rental service providers operating in the farm equipment rental market are adopting various growth strategies to expand their businesses and meet the evolving needs of farmers. Rental companies aim to offer a wide range of farm equipment to cater to different agricultural tasks and varying customer requirements. By diversifying their equipment inventory, rental service providers are likely to attract a larger customer base and capture a larger market share.
Segmentation of Farm Equipment Rental Industry Research
- By Type:
- Agriculture Tractors
- Compact Utility Tractors
- Upto 21.5 HP
- 21.5 HP to 50 HP
- 50 HP to 80 HP
- Row Crop Tractors
- Upto 110 HP
- 110 HP to 250 HP
- 250 HP to 350 HP
- Above 350 HP
- Compact Utility Tractors
- Agriculture Harvesters
- Combine Harvester
- Forage Harvesters
- Others
- Agriculture Planting Equipment
- Row Crop Planters
- Air Seeder
- Grain Drills
- Others
- Irrigation & Crop Processing Equipment
- Sprinkler
- Drip
- Others
- Agriculture Spraying Equipment
- Hay & Forage Equipment
- Mower-Conditioners
- Balers
- Others
- Cultivation and Plowing Equipment
- Tiller
- Rotary Tiller
- Bedtiller
- Rototiller
- Power Tiller
- Harrows
- Plows
- Rotavator
- Others
- Tiller
- Planting Equipment
- Planters
- Seed Drill
- Spreaders
- Others
- Cutter and Shredders Equipment
- Rotary Cutters
- Grooming Mowers
- Other Agriculture Equipment
- Agriculture Tractors
- By Application:
- Land Development & Seed Bed Preparation Equipment
- Sowing & Planting
- Cultivation
- Plant Protection
- Harvesting & Threshing
- Post-Harvest & Agro-Processing
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
For In-depth Competitive Analysis, Buy Now:
https://www.factmr.com/checkout/8641
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the farm equipment rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the type (agriculture tractors, agriculture harvesters, agriculture planting equipment, irrigation & crop processing equipment, agriculture spraying equipment, cultivation, and plowing equipment, planting equipment, cutter, and shredders equipment, and other agriculture equipment), application (land development & seedbed preparation equipment, sowing & planting, cultivation, plant protection, harvesting & threshing, and post-harvest & agro-processing), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Check Out More Related Studies Published by Fact.MR Research:
Construction Equipment Rental Market: The global construction equipment rental industry is expected to be worth US$ 121 billion in fiscal 2022, up from US$ 115 billion in fiscal 2021. The industry grew 4.3% year over year last year.
Gardening Equipment Market: The global gardening equipment market has reached a valuation of US$ 109.64 billion in 2023 and is projected to climb to US$ 200 billion by 2033. Fact.MR has predicted worldwide sales of gardening equipment to increase at a CAGR of 6.2% over the next 10 years.
Gas Detection Equipment Market: The global gas detection equipment market is estimated at USD 1.5 Billion in 2022 and is forecast to reach USD 2.6 Billion by 2032, growing with a CAGR of 5.3% from 2022 to 2032.
Industrial Knitting Equipment Market: Currently, the global industrial knitting equipment market is valued at US$ 1.26 billion and is anticipated to reach US$ 1.78 billion by the end of 2032. Worldwide consumption of industrial knitting equipment is predicted to increase at a CAGR of 3.5% between 2022 and 2032
Pressure Control Equipment Market: Surging demand for oil and gas equipment along with the rising need for higher safety norms by well drilling contractors is expected to accelerate the growth of pressure control equipment market.
About Us:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Connect to Author: Mr. Shubham Patidar
Email : shubham@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
