Global Farm Tractor Rental Market, By Engine Power (Below 40 H.P., 40 H.P.–120 HP, 121 HP–180 HP, 181 HP–250 HP and More Than 250 HP), Application (Harvesting, Seed Sowing, Irrigation and others), Operation (Manual Tractor Vehicle and Autonomous Tractor Vehicle), Driver Type (2-Wheel Drive and 4-Wheel Drive) – Industry Trends and Forecast to 2029.
Farm Tractor Rental Market Analysis and Size
The high cost of purchasing new farm equipment and the associated maintenance services increases the demand for farm equipment rental services. Farmers are using rental services to make a profit by excluding the costs of farm equipment maintenance. Renting farm equipment allows farmers to harvest crops on time while avoiding large sums of money as a down payment on heavy farm equipment.
Data Bridge Market Research analyses that the farm tractor rental market which was growing at a value of 46.80 billion in 2021 and is expected to reach the value of USD 84.09 billion by 2029, at a CAGR of 7.60% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.
Farm Tractor Rental Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Engine Power (Below 40 H.P., 40 H.P.–120 HP, 121 HP–180 HP, 181 HP–250 HP and More Than 250 HP), Application (Harvesting, Seed Sowing, Irrigation and others), Operation (Manual Tractor Vehicle and Autonomous Tractor Vehicle), Driver Type (2-Wheel Drive and 4-Wheel Drive)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Dow (U.S.), BASF SE (Germany), Chr. Hansen Holding A/S (Denmark), DSM (Netherlands), DuPont (U.S.), Evonik Industries AG (Germany), NOVUS INTERNATIONAL (USA), Alltech (U.S.), Associated British Foods plc (U.K.), Charoen Pokphand Foods PCL (Thailand), Cargill, Incorporated (U.S.), Nutreco (Netherlands), ForFarmers. (Netherlands), De Heus Animal Nutrition (Netherlands), Land O'Lakes (U.S.), Kent Nutrition Group (U.S.), J. D. HEISKELL & CO. (U.S.), Perdue Farms (U.S.), SunOpta (Canada), Scratch and Peck Feeds (U.S.), De Heus Animal Nutrition (Netherlands), MEGAMIX (Russia), Agrofeed (Hungary)
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Opportunities
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Market Definition
Farm equipment rental is a type of service industry that rents out a variety of farm equipment to end users. The service includes a rental agreement that specifies a deposit amount, delivery date, and other terms and conditions and is signed by both parties prior to the transaction.
Farm Tractor Rental Market Dynamics
Drivers
- Government support to the growing trend of farm mechanisation
The growing involvement of private players and increased government initiatives are expected to drive the growth of the tractor rental market. Rising concern about farm productivity around the world is another factor that will boost market growth in the forecast period. As a result, the government is focusing on improving agriculture activities by increasing its expenditure on advanced technologies, which will accelerate market growth. Furthermore, private players are investing in agriculture by launching new initiatives.
- Growing prevalence of smart farming and growing farm training programmes
Precision farming and the increasing adoption of farm mechanisation to increase productivity are driving up demand for tractors. The growing number of farm training programmes promoting the use of agricultural machinery on a large scale is also driving the tractor market. Aside from that, the growing number of building and construction projects is increasing demand for tractors in the construction industry. Furthermore, various technological advancements have introduced advanced tractors equipped with GPS and telematics devices.
Opportunity
Furthermore, rental companies are focusing on expanding their rental product portfolio, which includes both new and used equipment. This factor will be a driving force in the future of the market.
Restraints
However, among other factors acting as a restraint, a lack of safety-related regulations in developing regions will further challenge the growth of the farm tractor rental market during the forecast period mentioned above.
This farm tractor rental market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the farm tractor rental market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Farm Tractor Rental Market
The COVID-19 pandemic has halted production of various farm equipment products, owing primarily to the prolonged lockdown in major global countries. This has significantly hampered the growth of the farm equipment rentals market in recent months, and it is expected to continue in 2020. After COVID-19 infection cases begin to decline, equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains in order to respond to immediate crises and find new ways of working.
Global Farm Tractor Rental Market Scope
The farm tractor rental market is segmented on the basis of engine power, application, type, operation, and driver type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Engine power
- Below 40 HP
- 40 H.P.–120 HP
- 121 HP–180 HP
- 181 HP–250 HP
- More than 250 HP
Type
- ICE
- Electric
Application
- Harvesting
- Seed Sowing
- Irrigation
- others
Operations
- Manual Tractor Vehicle
- Autonomous Tractor Vehicle
Driver type
- 2-Wheel Drive
- 4-Wheel Drive
Farm Tractor Rental Market Regional Analysis/Insights
The farm tractor rental market is analysed and market size insights and trends are provided by country, of engine power, application, type, operation, and driver type as referenced above.
The countries covered in the farm tractor rental market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the farm tractor rental market. Due to rising crop production, increased adoption of advanced technology, and rising demand for tractors and various farming equipment such as harvesters, spraying and threshing equipment for rental purposes.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Farm Tractor Rental Market Share Analysis
The farm tractor rental market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to farm tractor rental market.
Some of the major players operating in the farm tractor rental market are:
- Deere & Company (U.S.)
- Tractors and Farm Equipment Limited (India)
- Kubota Corporation (Japan)
- CLAAS KGaA GmbH (Germany)
- AGCO (U.S.)
- CNH Industrial (U.K.)
- Enerpac Tool Group (U.S)
- JCB (U.K.)
- Mahindra & Mahindra Ltd. (India)
- SDF Group (Italy)
- Bucher Industries (Switzerland)
- Alamo Group, Inc. (U.S.)
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