The global farm equipment rental market is anticipated to grow at a CAGR of 7.78% during the period 2018-2022, according to a report from ResearchAndMarkets.
One trend affecting this market is the rise in startups offering farm equipment on rent, according to the Equipment Leasing & Finance Foundation's 2018-2019 Vertical Market Series, Construction Report. The growing need to offer farm equipment on rent has encouraged many startup organizations to enter the global farm equipment rental market.
Another driver influencing the market is the increasing need to reduce the financial burden on farmers. Farmers can ensure many benefits by renting large farm equipment such as forage harvesters, tillers and mowers, as an upfront purchase and maintenance of such equipment conditions can be expensive and place a heavy financial burden on them.
Further, the report states that one challenge affecting this market is the growing support from the government to purchase new farm equipment. A key factor restraining the growth of the global farm equipment rental market is the increasing subsidies provided to farmers by the government on the purchase of agricultural equipment.