Global Agricultural Machinery Market to Grow at a CAGR of 7.29% During 2016-2020
Growing global population and increase in per capita income in emerging economies lead to a rise in the demand for food products. The world population is estimated to reach 9.48 billion by 2050 from 7.4 billion in 2016. As a result, farmers are shifting toward mechanization through the use of agricultural machinery, to gain efficiency and effectiveness in farming and crop production. Globally, most governments are encouraging farmers by providing easy credit availability and various loans to buy agricultural machinery.
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