The new, pre-owned, and rental agriculture equipment market was valued at $236.56 billion in 2020 and is estimated to reach $434.20 billion by 2032, exhibiting a CAGR of 5.2% from 2023 to 2032.
New, pre-owned, and rental agriculture equipment offers new, used or renting agriculture equipment, tools, and machinery to individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for farming by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Consumers who do not require the equipment continuously or temporarily choose to rent it rather than buy it owing to the high cost of agriculture equipment. In addition, not all consumers can afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
Agricultural equipment assists in various agricultural operations to obtain high crop productivity with minimum effort and time. It includes diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. For applications such as tilling, plowing, harrowing, planting, disking, and other operations, various implements are attached to the tractors.
Rise in mechanization in agricultural activities is a key factor driving the growth of the global new, pre-owned, and rental agriculture equipment market. In addition, the surge in population propels the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers have switched toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward the market growth.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, owing to modern technologies such as IoT embedded in construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of agriculture equipment.
The new, pre-owned, and rental agriculture equipment market is segmented into sales type, equipment category, and region. By sales type, the market is classified into new, pre-owned, and rental. By equipment category system, it is bifurcated into heavy and compact. Region wise, the new, pre-owned, and rental agriculture equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Rest of Latin America, Saudi Arabia, UAE, Rest Of Middle East, South Africa, Nigeria, and Rest Of Africa).
New, pre-owned, and rental agriculture equipment offers new, used or renting agriculture equipment, tools, and machinery to individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for farming by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Consumers who do not require the equipment continuously or temporarily choose to rent it rather than buy it owing to the high cost of agriculture equipment. In addition, not all consumers can afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
Agricultural equipment assists in various agricultural operations to obtain high crop productivity with minimum effort and time. It includes diversified products such as plows, tractors, cultivators, and harvesters as per the requirement of various agricultural activities. For applications such as tilling, plowing, harrowing, planting, disking, and other operations, various implements are attached to the tractors.
Rise in mechanization in agricultural activities is a key factor driving the growth of the global new, pre-owned, and rental agriculture equipment market. In addition, the surge in population propels the need for crop cultivation. Thus, to sustain the demand of agricultural produce, farmers have switched toward the use of automated and semi-automated agricultural equipment on fields globally, which significantly contributes toward the market growth.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, owing to modern technologies such as IoT embedded in construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of agriculture equipment.
The new, pre-owned, and rental agriculture equipment market is segmented into sales type, equipment category, and region. By sales type, the market is classified into new, pre-owned, and rental. By equipment category system, it is bifurcated into heavy and compact. Region wise, the new, pre-owned, and rental agriculture equipment market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Rest of Latin America, Saudi Arabia, UAE, Rest Of Middle East, South Africa, Nigeria, and Rest Of Africa).
COMPETITION ANALYSIS
Key companies profiled in the new, pre-owned, and rental agriculture equipment market report include Agrostroj Pelhimov A.s., Alamo Group Inc., CNH Industrial, Deere & Company, J C Bamford Excavators Ltd. (JCB), Kubota Corporation, Mahindra & Mahindra, Pacific Ag Rentals, SDF S.p.A., and Tractors and Farm Equipment Limited. Major companies in the market have adopted several key developmental strategies such as product launch, acquisition, investment, and expansion, to offer better products and services to customers in the new, pre-owned, and rental agriculture equipment market.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the new, pre-owned, and rental agriculture equipment market analysis from 2020 to 2032 to identify the prevailing new, pre-owned, and rental agriculture equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the new, pre-owned, and rental agriculture equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global new, pre-owned, and rental agriculture equipment market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly update (only available with the purchase of an enterprise license)
- 5 additional company profiles of your choice, pre- or post-purchase, as a free update.
- Free updated version (once released) with the purchase of a 1-5 or enterprise user license.
- 16 analyst hours of support (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% free customization (in case the scope or segment of the report does not match your requirements, 20% is equivalent to 3 working days of free work, applicable once)
- Free data pack (Excel version) with the purchase of a 1-5 or enterprise user license.
- Free report update, if the report is 6-12 months old or older.
- 24-hour priority response
- Free industry updates and white papers.
Key Market Segments
By Sales Type
- New
- Pre-owned
- Seller Type
- Dealers
- Rental Companies
- Auction and Listing Sites
- Direct Sell
- Rental
By Application
- Heavy
- Compact
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East
- Saudi Arabia
- Egypt
- Rest Of Middle East
- Africa
- South Africa
- Nigeria
- Rest Of Africa
Key Market Players
- Pacific Ag Rentals LLC
- Mahindra & Mahindra Limited
- J C Bamford Excavators Ltd. (JCB)
- Tractors and Farm Equipment Limited
- SDF S.p.A.
- CNH Industrial N.V.
- KUBOTA Corporation
- Alamo Group Inc.
- AGROSTROJ Pelhrimov, a.s. (Wilhelm STOLL Maschinenfabrik GmbH)
- Deere & Company
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: NEW, PRE-OWNED, AND RENTAL AGRICULTURE EQUIPMENT MARKET, BY SALES TYPE
CHAPTER 5: NEW, PRE-OWNED, AND RENTAL AGRICULTURE EQUIPMENT MARKET, BY APPLICATION
CHAPTER 6: NEW, PRE-OWNED, AND RENTAL AGRICULTURE EQUIPMENT MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the new, pre-owned, and rental agriculture equipment market was valued at $236.6 billion in 2020, and is estimated to reach $434.1 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.Agricultural equipment is a term used to describe a machine, a part of a machine, or an attachment to a machine that is primarily designed to be used for farming. 'Agricultural equipment' can refer to products used in agricultural production, horticulture, or floriculture. A service called 'rental agriculture equipment' enables customers to enter into agreements with terms and conditions and rent agricultural equipment for a set amount of time. Customers can choose between new and used agricultural equipment depending on their budget.
Agricultural equipment aids in a variety of agricultural processes to achieve maximum crop output with minimal labour and time. In order to meet the needs of various agricultural operations, it contains a variety of products such as ploughs, tractors, cultivators, and harvesters. Various implements are attached to the tractors for purposes like tilling, ploughing, harrowing, planting, disking, and other tasks.
The global new, preowned, and rented agriculture equipment market is expanding as a result of the increasing automation of agricultural activities. The necessity for crop production is also fueled by population growth. Farmers have turned to using automated and semi-automated agricultural equipment on fields around the world in order to sustain the demand for agricultural products, which greatly supports market expansion.
Most countries in Asia-Pacific and LAMEA earn the majority of their income from agriculture. Due to an upsurge in the adoption of agricultural equipment, it is projected that nations like India, China, Indonesia, and Brazil, will experience significant growth. Due to the government incentives offered to encourage the use of agricultural equipment, farmers in these regions have accepted it even on small farms. Many agricultural equipment producers concentrate on new product introductions and product developments to help with various agricultural tasks like fruit gathering, irrigation, and crop processing.
Heavy and advanced agriculture equipment needs trained operators to operate the equipment as they are equipped with various levers and gears. However, one wrong move can lead to several problems such as failure in carrying out the desired operations. Thus, the dearth of trained operators acts as a major restraint for the growth of the global new, pre-owned, and rental agriculture equipment market.
However, huge cranes are inexpensive to rent rather than purchase, easy to disassemble, and practical to transport to other construction sites. Moreover, because of modern innovations like IoT incorporated in construction equipment, rental companies can now simply track the whereabouts and operations of equipment. The Internet of Things (IoT) helps to handle issues with a shortage of skilled labour, improves job precision, guarantees on-time & budget delivery, and tackles concerns with equipment safety. As a result, it is projected that the introduction of new internet-connected equipment will fuel market growth for the leasing of construction equipment throughout the forecast period.
Developing nations like India provide a range of subsidies, debt relief programmes, and other similar services to boost agricultural production. For instance, the Indian government offers a number of programmes for agricultural machinery, such as Central Farm Machinery Training & Testing, online farm machinery monitoring, loan-cum-subsidy for the purchase of tractors, pump sets, and power tillers, as well as engineering training services for the use of cutting-edge agricultural machinery. Therefore, it is anticipated that all of these variables, when combined, will offer lucrative opportunities for the expansion of the global new, pre-owned, and rental agriculture equipment marketthroughout the forecast period.
The major players profiled in the new, pre-owned, and rental agriculture equipment market include Agrostroj Pelhimov A. s., Alamo Group Inc., CNH industrial, Deere & Company, J C Bamford Excavators Ltd. (JCB), Kubota Corporation, Mahindra & Mahindra, Pacific Ag Rentals, SDF S. p.A., and Tractors and Farm Equipment Limited.
For instance, In February 2023, TAFE, manufacturer of Massey Ferguson tractors, has launched TAFE, manufacturer of Massey Ferguson tractors, has launched its brand-new DYNATRACK Series, an innovative line of tractors that combine potent power with dynamic performance, smart technology, unrivalled usefulness, and versatility.
In June 2023, Mahindra & Mahindra ltd has launched India's new Sarpanch Plus Tractor series. This tractor comes with a 6-year warranty from Mahindra and has 2 HP (1.49 kW) more power, a higher maximum torque, and back-up torque to quickly cover more ground.
In November 2022, New Holland launched its first driverless grain cart harvest machine T8 tractor with Raven Autonomy, for harvesting application. It makes use of OMNiDRIVE, the first driverless farming technology in the world for harvesting grain carts. Thanks to a cutting-edge technological stack, the farmer may operate, synchronize, and monitor an autonomous tractor from the harvester's cab.
Key Market Insights
By sales type, the new segment was the highest revenue contributor to the market and is estimated to reach $2,00,273 million by 2032. Moreover, the preowned segment is estimated to be the fastest-growing segment with a CAGR of 5.7% during the forecast period.By application, the heavy segment dominated the global market. However, the compact segment is expected to be the fastest-growing segment with a CAGR of 5.8% during the forecast period.
By region Asia-Pacific held the largest revenue share in 2020 and, LAMEA is anticipated to grow at the highest CAGR of 6.2% during the forecast period.
Companies Mentioned
- Pacific Ag Rentals LLC
- Mahindra & Mahindra Limited
- J C Bamford Excavators Ltd. (JCB)
- Tractors and Farm Equipment Limited
- SDF S.p.A.
- CNH Industrial N.V.
- KUBOTA Corporation
- Alamo Group Inc.
- AGROSTROJ Pelhrimov, a.s. (Wilhelm STOLL Maschinenfabrik GmbH)
- Deere & Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
