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The global precision farming market is expected to grow from USD 8.5 billion in 2022 to USD 15.6 billion by 2030, at a CAGR of 7.9%.
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According to a recently published research report by Fact.MR the global market for electric tractors at present is valued at USD 94.04 Million in 2022.
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Global hunger is rising. The United Nations just reported that food insecurity has topped 29% worldwide, with more than a billion people facing moderate to severe food insecurity. And the demand for food is only going to grow, with the global population expected to hit 10 billion by 2050.
Tractor of the year 2023
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Electric drive is already here for some types of farm vehicles, but is it a practical reality for mainstream tractors or will it remain an engineer’s dream? Future Farming looks at the technology and whether they will soon be cultivating fields.
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Machinery is central to modern agriculture. Non-mechanized subsistence farming is of course still practiced in many countries, but most farmers today rely heavily on the machines that work their fields.
