Posted 4/11/2024, 5:00:00 PM
Farm Equipment Rental Market to Nearly Double by 2033 Driven by Asia Pacific Growth
- Global farm equipment rental market projected to grow from $50 billion in 2023 to $98.35 billion in 2033 at a CAGR of 7%
- Asia Pacific to dominate the market due to varied agriculture, rapid urbanization, and government support
- Agriculture tractors segment accounted for the largest 37% market share and $18.50 billion revenue in 2023
- Cultivation segment dominated with 39% market share and $19.50 billion revenue in 2023
- Technological advancements presenting opportunities while rental costs remain a restraint