Could hit a value of USD 46.8 billion in 2020
There has been an increase in the adoption of renting farm equipment across the world because of crucial aspects of upsurge in global population and a simultaneous shortage of skilled labor.
An increased reliance on technological advancements made in mechanization and massive increase in demand for food grain products have also contributed to the shift towards renting farm equipment.
Globally, the farm equipment rental market is projected to account for a value of USD 46.8 billion in 2020 and is projected to grow at a CAGR of 7.3% from 2020, to reach a value of USD 66.4 billion by 2025.
Governments, worldwide, are indirectly helping the farm equipment rental market by providing subsidies for the equipment. Leading farming equipment manufacturers who have forayed into the rental space include Mahindra & Mahindra (India), Escorts Ltd (India), JCB (UK), John Deere (US), CNH Industrial (UK), Kubota Corporation (Japan), AGCO Corporation (US).
Tractors, harvesters, sprayers and balers are some of the primary farm equipment rented from these leading agri-machinery manufacturers.
