The Global Farm Equipment Rental Market is anticipated to reach 68.8 billion USD by 2027, up from an expected 46.8 billion USD in 2020 at a 7.6% CAGR for the said period. This growth of the Farm Equipment Rental Market can be said, would be a result of factors such as shortage of skilled labour, increasing demand for food-grain products, increasing global population and increasing mechanization trends which are fuelling technological advancement across the globe.

The rising demand for operational efficiency and increasing mechanization of farm processes in developing countries increases the demand for farm equipment rental.

1. Shortage of skilled labour and an increase in mechanization in developing countries
2. Rising demand for productivity and operational efficiency
3. Need to decrease farmer’s financial burden
4. High cost of agriculture equipment
5. Limited availability of arable land
6. Growing government subsidies for farming equipment
7. Growing number of companies offering farm equipment rental

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GEOGRAPHICAL ANALYSIS

a. North America – U.S.A, Canada
b. Europe – Germany, the U.K, France, Italy, Spain, Rest of Europe
c. Asia Pacific (APAC) – India, Japan, China, Rest of APAC
d. Rest of the World

The farm equipment rental market growth is expected to be driven by the growing demand for renting harvesters and tractors in the Asia Pacific (APAC) region
According to the FAO, in 2016, approximately 40% of the global arable land is accounted for by the Asia Pacific. The farmers in this region are rapidly producing rice and crops like cotton and palm. Also, a shift to the advanced technological equipment in the agricultural sector from the adoption of labour-intensive farming techniques all over the Asia Pacific countries has driven to increasing demand for various farming equipment like sprayers, harvester, tractor and other threshing equipment for the purpose of renting. Also, investments in many agricultural types of machinery have resulted in increased crop production, especially in developing countries like China, India, Thailand and Vietnam.

COMPETITIVE ANALYSIS - The key players
• John Deere (U.S.A)
• CNH Industrial (U.K)
• Kubota Corporation (Japan)
• AGCO Corporation (U.S.A)
• Mahindra & Mahindra (India)
• JCB (U.K)
• Escorts Ltd (India)
• Tractors and farm equipment’s ltd. (India)

Source: VynZ Research