Global Farm Equipment Rental Market to Reach USD 69.36 Billion by 2028

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Farm Equipment Rental Market was worth USD 45.82 billion in the year 2021. The market is projected to grow at a CAGR of 6.1%, earning revenues of around USD 69.36 billion by the end of 2028. The Global Farm Equipment Rental Market is booming because the need to ease farmers' financial burdens is one of the main causes fueling the growth of the farm equipment rental market. Agricultural equipment rental market development is being driven mostly by the need to ease farmers' financial burdens. During the projection period, the market will be favorably driven by the growing need to reduce financial constraints on farmers. Larger farming tools like tillage equipment, mower conditioners, and forage harvesters are not only more expensive but also take longer to produce the required outcomes. As a result, farm equipment rental firms are offering heavy equipment at competitive rental rates. However other factors, such as rising government support for the purchase of new farm equipment, could restrain market expansion.

New Products to Support Market Growth

Countries like China and India have low rental penetration rates when compared to the global average. The CHC farm machinery app, which enables farmers to hire tractors and other farm machinery, was launched by the Indian government in October 2019. Small and marginal farmers can easily rent farm equipment thanks to this software. Mahindra, a pioneer in the farm machinery market, has also unveiled TRRINGO.com as a farm machinery hiring company. The TRRINGO is the first technology-based model in tractor rental services for farmers who are unable to purchase their tractors and other agricultural equipment.