Global Farm Equipment Rental Market set to double in value by 2033, driven by technological advances.
From GlobeNewswire: 2024-06-14 01:00:00
The Global Farm Equipment Rental Market is set to grow from USD 54.8 Billion in 2023 to USD 108.8 Billion by 2033, with a CAGR of 7.10%. Farmers can rent a variety of machinery such as plows, harvesters, tractors, and more to meet seasonal demand while reducing financial strain and environmental impact.
Harvesters are expected to drive the highest growth in the farm equipment rental market. The market is divided into tractors, harvesters, sprayers, balers, and other equipment, with the 71-130 HP segment leading in market share. Four-wheel drive equipment is anticipated to dominate the market due to their high pulling capability and power capacities.
Asia Pacific is predicted to hold the largest share of the global farm equipment rental market, with a shift towards technology-driven agricultural practices in countries like China and India. North America is expected to experience the fastest growth, thanks to significant technological advances in the industry. Major vendors in the market include companies like Koppert and Applied Bionomics Ltd.
In March 2023, CNH Industrial announced a contract to integrate One Smart Spray’s spraying system into its farming machinery lineup. The market is segmented by equipment type, power output, drive, and region, offering a comprehensive analysis of the industry. Overall, the farm equipment rental market is poised for substantial growth, driven by technological advancements and shifting agricultural practices worldwide.
Read more at GlobeNewswire: Global Farm Equipment Rental Market Size To Worth USD 108.8