Global Agriculture Machinery Market: A Rundown
Improving and expanding agriculture is a global priority, one that every country needs to embrace as early as possible. According to the Food and Agriculture Organization of the United Nations, agriculture in the 21st century will be subjected to a plethora of changes. The world population is estimated to grow by 2.3 billion by the year 2050. Needless to say, global demand for food will be on an exponential rise. Agricultural activities hence need to be completely revamped and require an overhauled machinery that speeds up the process, while maintaining environment sustainability goals at the same time.
Agricultural equipment is immensely significant to a farmer’s life. A farmer can speed up the process through the employment of proper machinery as it will help him harvest crops faster. Usage of agricultural equipment is also cost-effective as a farmer is able to save up on salaries given to wage earners working under him. The economy grows rapidly when the agricultural sector is booming as imports and exports generate more revenue and help in attaining a better GDP.
IndustryARC analysts have analyzed the agricultural equipment market and estimated the market size in 2018 to be between $170 billion to $175 billion. The market is also set to experience global growth at a normal CAGR lesser than 6% during the forecast period of 2019-2025.
Global Agriculture Machinery Market: Key Drivers and Important Trends
According to the Food and Agriculture Organization of the United Nations, in 2050, the world will have an estimated world population of 9.1 billion people. That will demand an escalated production of food throughout the world. The overall food production needs to be raised by over 70% by 2050. These statistics point towards the necessity for agriculture machinery in order to spur the farming process.
- The World Depends on Agriculture
According to the World Bank, approximately 800 million people in the world, which is 78% of the world’s population live in rural areas. They depend on agriculture as their primary occupation and rely on it for earnings. They perform various kinds of agriculture activities like organic farming, aquaculture, livestock, etc. to earn money. An economy of this size dependent on agriculture demands high productivity from the agricultural machinery market. Employing proper mechanized agriculture machinery is a clear pathway out of destitution for them.
- Agriculture Machinery Market Disrupted by Automation Trend
Most of the farming activities are labor intensive and require farmers to work on the field day and night. This is where agriculture machinery takes center stage as it helps in easing up the process. The field of agriculture machines is undergoing major changes, and automation is being equipped into it. The concept of smart farms has taken birth and is using vehicles like driverless tractors which require close to no manpower.
Agriculture machinery market will flourish on the essential need for reducing the manual workload on farms. Farmers depend a lot on the agriculture machinery market because it helps them in acquiring more wealth while making sure that their money isn’t spent on giving salaries to employees working under them.
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