Farm Equipment Market Expected to Eclipse $126 Billion by 2027
August 9, 2022
As agricultural producers begin to invest in new machinery to improve efficiency and sustainability, new research predicts significant growth in the farm equipment market. According to a report conducted by MarketsandMarkets, the farm equipment market is projected to rise in value to $126 billion by 2027. This is a significant increase from the $99.4 billion estimated value recorded in 2021.
In general, the demand for electric and autonomous farming equipment is expected to create more opportunity for the entire farming industry. Partnerships that companies like John Deere continue to establish with developers in this industry are also helping it continue to evolve, reports Farms.com.
The world’s population is expected to increase to almost 10 billion people by 2050, resulting in increased food demand. Global food demand is predicted to increase by as much as 70% by 2050, leaving agricultural producers to seek new ways to keep up with the surge.
John Deere has already begun establishing the necessary framework to develop more sustainable farm equipment for the future.
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