Asia Pacific Farm Equipment Rental Market Size & Outlook
Asia Pacific farm equipment rental market highlights
- The Asia Pacific farm equipment rental market generated a revenue of USD 18,391.9 million in 2023.
- The market is expected to grow at a CAGR of 7.2% from 2024 to 2030.
- In terms of segment, tractors was the largest revenue generating equipment type in 2023.
- Tractors is the most lucrative equipment type segment registering the fastest growth during the forecast period.
Asia Pacific data book summary
| Market revenue in 2023 | USD 18,391.9 million |
| Market revenue in 2030 | USD 29,944.0 million |
| Growth rate | 7.2% (CAGR from 2023 to 2030) |
| Largest segment | Tractors |
| Fastest growing segment | Tractors |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Tractors |
| Key market players worldwide | Deere & Co, CNH Industrial NV, AGCO Corporation, Kubota Corp, Mahindra & Mahindra Ltd DR |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 34.2% of the global farm equipment rental market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 29,944.0 million by 2030.
Tractors was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the Asia Pacific farm equipment rental market based on tractors covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is home to diverse agricultural landscapes ranging from large-scale commercial farms to smallholder operations. The region's agricultural sector encompasses a wide variety of crops and farming practices, including rice, wheat, sugarcane, fruits, and vegetables.
This diversity creates a robust demand for a wide range of farm equipment, driving the rental market's growth. Additionally, many countries in the Asia Pacific, particularly emerging economies such as India, Japan, and South Korea, have significant agricultural sectors that contribute significantly to their GDPs.
However, access to capital for purchasing expensive farm equipment can be limited. Renting provides a cost-effective alternative for farmers to access modern machinery without the upfront investment and ongoing maintenance costs associated with ownership.
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Farm Equipment Rental Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| AGCO Corporation | View profile | 10001+ | Beloit, Kansas, United States, North America | https://www.sunflowermfg.com/ |
| Kubota Corp | View profile | 65532 | 2-47, Shikitsuhigashi 1-Chome, Naniwa-ku, Osaka, Japan, 556-8601 | http://www.kubota.co.jp |
| Mahindra & Mahindra Ltd DR | View profile | 61874 | Dr. G. M. Bhosale Marg, Mahindra Towers, 5th Floor, Worli, Mumbai, MH, India, 400 018 | https://www.mahindra.com |
| CNH Industrial NV | View profile | 40496 | Cranes Farm Road, Basildon, Essex, London, United Kingdom, SS14 3AD | https://www.cnhindustrial.com |
| Deere & Co | View profile | 83000 | One John Deere Place, Moline, IL, United States, 61265 | https://www.deere.com |
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