Farm Equipment Rental Market Regional Analysis:
Asia Pacific Market Insights
Asia Pacific industry is set to account for largest revenue share of 45% by 2035. In the region the demand for agricultural yields is increasing with the rise in population.
Additionally, there are many startups in India for instance EM3 Agri Services, that are providing cost-effective solutions such as rentals. As in India, land area is scattered ranging from small to large which becomes a hurdle for farmers to buy a full range of farming equipment just for a small piece of land. The agriculture machinery industry of Korea is set to level up with other competitors in developed countries.
With the introduction of advanced technology and smart farming, the farm equipment rental market in Korea is flourishing. As per a report, the market size of smart farming in South Korea reached USD 5.4 trillion won in 2020. In China, farmers find difficulty in purchasing high-cost agriculture machinery since they remain idle for a long time due to seasonal variations, therefore renting out a piece of farm equipment is the best choice as it increases the utilization rate and supports the economy.
North America Market Insights
North America region is projected to register substantial growth through 2035. The market in the North American region is growing due to technological developments in the agriculture field.
However, yearly increasing prices of agricultural equipment are supporting the market in the USA. As the farmers prefer renting equipment instead of buying them. As per an analysis, a particular tractor has also hiked nearly 50% from 2020 to 2023 in the US.
In Canada, the market is growing due to high interest rates and expensive equipment and drought. According to the National Agroclimatic Risk Report by the Government of Canada, an April- May analysis reports, more than 90% of the farmland available in Alberta is affected by the drought.
