Rising Farmers Income Enables the Global Agriculture Equipment Market to Reach Around USD 250 Bn by 2027: Ken Research
Global Agriculture Equipment Market Ecosystem
The Global Equipment Market is fragmented and has high intensified competition within industry players. The top ten competitors in the market made up to one third of the total market in 2020. Major players in the market include Deere & Company, AGCO Corporation, Agro Centre ESCORTS and Mahindra are the key players in Global Agriculture Services Market. The market is largely driven by growing awareness about modernized agriculture equipment among people along with the rising income of farmers.
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1. Worldwide Growing Population Becomes the Cause to Worry about Food Security; Farm Machinery Comes with Producing More in Less Time.
World population as of 2022 is at around 8 bn, further expected to touch to 9 bn by 2030. Such rapid growth is associated with rising demand for resources such as food and water, energy, and space, as well as better sanitation, education, and better access to healthcare. To maintain balance agriculture equipment aids in the cultivation of more crops in less time and effort, resulting in an increased food supply for the growing population. Consequently, as the worldwide population grows, so does the demand for agricultural equipment, which propels the agriculture equipment market to move ahead. In addition to this Population growth is fastly accelerating, intensifying the pressure on food production. This, in turn, leads to higher food insecurity, more greenhouse gas emissions, and large-scale environmental degradation. Food production, therefore, needs to adapt to accommodate a growing population and a changing climate. Globally, the market is showing substantial traction due to the growing population and the resulting need for improved productivity to meet the food demand.
2. Farmers’ Income Has Doubled Since Last Decade Worldwide: Sets The Path For The Agriculture Equipment Market to Grow Enormously.
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According to the world bank- Global agricultural productivity and rural income have been increasing in recent years, but there are still significant disparities between regions and within countries. In many low-income countries farmers continue to face challenges such as limited access to credit technologies and markets which can impede their ability to increase their incomes and livelihoods. In addition, climate change and other environmental factors are impacting agricultural production and income, particularly for smallholder farmers who rely on rain-fed agriculture. The report suggests that climate change could reduce global agricultural income by up to 30% by 2080, with the greatest impacts expected in low-income countries.
Overall, while there have been some improvements in farmers’ incomes globally, there is still much work to be done to ensure that all farmers have the resources and support they need to thrive.
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