Farm Equipment Rental Market Size - By Equipment Type (Tractors, Harvesters, Sprayers, Balers) By Drive (4WD, 2WD), By Power Output (<30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250HP) & Forecast 2023 - 2032

Farm Equipment Rental Market Size - By Equipment Type (Tractors, Harvesters, Sprayers, Balers) By Drive (4WD, 2WD), By Power Output (<30 HP, 31-70 HP, 71-130 HP, 131-250 HP, >250HP) & Forecast 2023 - 2032

Farm equipment rental market size is predicted to record more than 6% CAGR from 2023 to 2032 owing to the increasing cost of purchasing new farming machinery. With the escalating prices of modern agricultural equipment, many farmers are opting for a cost-effective alternative by turning to rental services. This has not only resulted in substantial cost savings but also ensured access to the latest and most advanced machinery.

According to the FAO of the United Nations, the livestock sector independently is responsible for nearly 18% of all greenhouse gas emissions. Also, clearing land for agriculture is leading to climate change and pollution. With the growing awareness of the environmental impact of agriculture among farmers, the adoption of sustainable and precision farming practices is increasing. These factors are also encouraging farmers to explore rental options that promote efficient resource utilization and reduced environmental footprint.

The overall farm equipment rental industry is classified as per equipment type, drive, power output, and region.

The harvesters segment is expected to witness substantial growth through 2032. Farmers are increasingly looking to rent specialized harvesting equipment to improve efficiency during peak harvesting seasons including, combine harvesters, forage harvesters, and cotton pickers, among others. Renting these specialized machines not only reduces the upfront capital investment but also allows farmers to access cutting-edge technology that can maximize their crop yields. The growing awareness of the importance of timely harvesting in optimizing crop quality and quantity is driving the demand for rental harvesters.

The 2-wheel drive segment is anticipated to generate high revenues during 2023 and 2032 as it has become popular among smaller and medium-sized farmers. These tractors are versatile, cost-effective, and ideal for a wide range of farming tasks, making them a preferred choice for many agricultural operations. The 2-wheel drive equipment is suitable for various terrains and can accommodate numerous attachments, offering flexibility and versatility in farm operations. Renting these equipment has proven to be an economical choice, allowing farmers to tailor their rentals to the specific needs of their operations.

North America farm equipment rental market will reach USD 12.3 billion by 2032 due to the increasing adoption of advanced farming technologies and precision agriculture practices. The United States and Canada are at the forefront of this growth, driven by a strong agricultural sector, a focus on sustainability, and an ever-increasing need for modern machinery. The availability of rental services in the region, offering farmers access to a wide range of equipment that can help them enhance productivity and reduce operational costs, will foster the market growth.