“Farm Tractor Rental Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on farm tractor rental market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Measure the impact of high global inflation on market growth.
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Where is the largest and fastest growing market for farm tractor rental? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The farm tractor rental market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Type: Internal Combustion Engine(ICE); Electric
- 2) By Operations: Manual Tractor Vehicle; Autonomous Tractor Vehicle
- 3) By Power Output: <30 HP; 31-70 HP; 71-130 HP; 131-250 HP; >250 HP
- 4) By Drive type: Two Wheel; Four Wheel
- 5) By Application: Harvesting; Seed Sowing; Irrigation; Other Applications
- Companies Mentioned: Deere & Company; Tractors and Farm Equipment Limited; Kubota Corporation; AGCO Corporation; Mahindra & Mahindra Limited
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the farm tractor rental market are Deere & Company, Tractors and Farm Equipment Limited, Kubota Corporation, AGCO Corporation, Mahindra & Mahindra Limited, Pacific Tractor & Implement, Pacific Ag Rentals LLC, CNH Industrial, Premier Equipment Rental, Flaman Group of Companies, The Pape Group Inc., Titan Machinery Inc., Farmease, Friesen Sales & Rentals, Messick's Farm Equipment Inc., and Escorts Limited.
The global farm tractor rental market is expected to grow from $46.17 billion in 2022 to $50.52 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The farm tractor rental market is expected to reach $69.21 billion in 2027 at a CAGR of 8.2%.
The farm tractor rental market includes revenues earned by entities by renting out farm tractors such as utility tractors, row crop tractors, garden tractors, orchard-type tractors, and implement carrier tractors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Farm tractor rental refers to the service of renting out farm tractors to individuals or companies for a specific period of time, usually for agricultural or construction work. This allows people to access the necessary equipment without having to purchase it, which can be expensive and require ongoing maintenance.
Asia-Pacific was the largest region in the farm tractor rental market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the farm tractor rental report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of farm tractor rental are internal combustion engines (ice), and electric. An electric tractor is a type of agricultural tractor powered by electricity from batteries, rather than a gasoline or diesel engine. The various operations include manual tractor vehicles, autonomous tractor vehicles with various power outputs such as <30 hp, 31-70 hp, 71-130 hp, 131-250 hp, >250 hp. It has various drive types such as two-wheel, four-wheel. These are used in various applications such as harvesting, seed sowing, irrigation and others.
An increase in farm mechanization is expected to propel the farm tractor rental market going forward. Farm mechanization refers to adopting more advanced machinery and technology in agricultural operations. The increased use of modern farm equipment such as tractors and other specialized machinery in agriculture can lead to improved efficiency, higher crop yields, and greater profitability for farmers, which increases the demand for farm tractors rental. For instance, in July 2022, according to the Farm Production Expenditure report published by the United States Department of Agriculture, a US-based federal agency, farm production expenditure for tractors and self-propelled farm machinery in US agriculture practices accounted for 17,600 million dollars in 2021, a 28% increase compared to 13,700 million dollars in 2020. The cost of tractors and self-propelled farm machinery expenditure stood at 8,784 dollars on average per farm in the US. Therefore, an increase in farm mechanization drives the farm tractor rental market.
Technological advancements have emerged as the major trend gaining popularity in the farm tractor rental market. Major companies operating in the farm tractor rental market are introducing technologically advanced farm tractor rental products and platform offerings to strengthen their position in the market. For instance, in May 2021, Proxecto, an India-based tractor company launched an innovative fully automatic hybrid tractor with advanced eco-friendly technology. This innovative tractor for agriculture works without battery packs and has the capability to run on multiple fuel options. Additionally, this is a unique tractor with all-wheel electric drive technology with easy three-mode operations without the clutch, and gear that reduces the human effort of the farmers.
In December 2022, Titan Machinery Inc. US-based manufacturer of farm machinery acquired the Idaho dealership assets of Pioneer Farm Equipment Co. for an undisclosed amount. With this acquisition, Titan company aims to include five full-line Case IH agriculture dealerships located in southeastern Idaho. The acquisition is expected to provide an excellent opportunity to expand on their recent Heartland acquisition, having a strong presence in the region with commercial application equipment customers. Pioneer Farm Equipment Co. is a US-based agriculture machinery manufacturing and rental service provider company.
The countries covered in the farm tractor rental market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The farm tractor rental market research report is one of a series of new reports from The Business Research Company that provides farm tractor rental market statistics, including farm tractor rental industry global market size, regional shares, competitors with a farm tractor rental market share, detailed farm tractor rental market segments, market trends, and opportunities, and any further data you may need to thrive in the farm tractor rental industry. This farm tractor rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Farm Tractor Rental Market Characteristics
3. Farm Tractor Rental Market Trends And Strategies
4. Farm Tractor Rental Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Farm Tractor Rental Market
- 4.2. Ukraine-Russia War Impact On Farm Tractor Rental Market
- 4.3. Impact Of High Inflation On Farm Tractor Rental Market
5. Farm Tractor Rental Market Size And Growth
- 5.1. Global Farm Tractor Rental Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Farm Tractor Rental Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Farm Tractor Rental Market Segmentation
- 6.1. Global Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Internal Combustion Engine(ICE)
- Electric
- 6.2. Global Farm Tractor Rental Market, Segmentation By Operations, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Manual Tractor Vehicle
- Autonomous Tractor Vehicle
- 6.3. Global Farm Tractor Rental Market, Segmentation By Power Output, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- <30 HP
- 31-70 HP
- 71-130 HP
- 131-250 HP
- >250 HP
- 6.4. Global Farm Tractor Rental Market, Segmentation By Drive type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Two Wheel
- Four Wheel
- 6.5. Global Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Harvesting
- Seed Sowing
- Irrigation
- Other Applications
7. Farm Tractor Rental Market Regional And Country Analysis
- 7.1. Global Farm Tractor Rental Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Farm Tractor Rental Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Farm Tractor Rental Market
- 8.1. Asia-Pacific Farm Tractor Rental Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Farm Tractor Rental Market
- 9.1. China Farm Tractor Rental Market Overview
- 9.2. China Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Farm Tractor Rental Market
- 10.1. India Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Farm Tractor Rental Market
- 11.1. Japan Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Farm Tractor Rental Market
- 12.1. Australia Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Farm Tractor Rental Market
- 13.1. Indonesia Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Farm Tractor Rental Market
- 14.1. South Korea Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Farm Tractor Rental Market
- 15.1. Western Europe Farm Tractor Rental Market Overview
- 15.2. Western Europe Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Farm Tractor Rental Market
- 16.1. UK Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Farm Tractor Rental Market
- 17.1. Germany Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Farm Tractor Rental Market
- 18.1. France Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Farm Tractor Rental Market
- 19.1. Eastern Europe Farm Tractor Rental Market Overview
- 19.2. Eastern Europe Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Farm Tractor Rental Market
- 20.1. Russia Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Farm Tractor Rental Market
- 21.1. North America Farm Tractor Rental Market Overview
- 21.2. North America Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Farm Tractor Rental Market
- 22.1. USA Farm Tractor Rental Market Overview
- 22.2. USA Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Farm Tractor Rental Market
- 23.1. South America Farm Tractor Rental Market Overview
- 23.2. South America Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Farm Tractor Rental Market
- 24.1. Brazil Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Farm Tractor Rental Market
- 25.1. Middle East Farm Tractor Rental Market Overview
- 25.2. Middle East Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Farm Tractor Rental Market
- 26.1. Africa Farm Tractor Rental Market Overview
- 26.2. Africa Farm Tractor Rental Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Farm Tractor Rental Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Farm Tractor Rental Market Competitive Landscape And Company Profiles
- 27.1. Farm Tractor Rental Market Competitive Landscape
- 27.2. Farm Tractor Rental Market Company Profiles
- 27.2.1. Deere & Company
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. Tractors and Farm Equipment Limited
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Kubota Corporation
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. AGCO Corporation
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Mahindra & Mahindra Limited
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Farm Tractor Rental Market
29. Farm Tractor Rental Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer