A recent report from The Business Research Company shows the farm equipment rental market size has grown strongly in recent years. It will grow from $55.12 billion in 2023 to $58.63 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%.

The growth in the historic period can be attributed to cost savings for farmers, seasonal demand, flexibility and accessibility, variability in land size, avoidance of depreciation costs and diverse crop types.

The farm equipment rental market size is expected to see strong growth in the next few years. It will grow to $76.88 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to environmental sustainability, government support and subsidies, shortage of skilled labor, market entry of rental platforms, rising land fragmentation and global trade dynamics.

Major trends in the forecast period include collaborations with agricultural technology, smart farming technologies, flexible rental solutions and models, collaboration platforms for equipment sharing and integration of IOT in equipment, according to the report.