The market for autonomous farm equipment was valued at US$ 841.9 million in 2022, and by the end of 2032, it is anticipated to have grown at a CAGR of 15.3% to reach US$ 3,493.5 million. The autonomous farm equipment market is a growing industry that involves the development and deployment of advanced technologies in agriculture. Autonomous farm equipment refers to machines that are able to operate without the need for human intervention, using various sensors, artificial intelligence, and other advanced technologies to perform tasks such as planting, harvesting, and irrigation.
The market for autonomous farm equipment is expected to grow significantly in the coming years, driven by several factors, including the need to increase efficiency and productivity in agriculture, reduce labor costs, and improve crop yields. The adoption of precision agriculture techniques, which rely on data analytics and real-time monitoring, is also driving the demand for autonomous farm equipment.
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Key Takeaways from the Market Study
- Demand for autonomous farm equipment is increasing with mechanization of agriculture, availability of advanced technology, and sustainable agricultural practices.
- Sales of autonomous farm equipment such as full and partial autonomous tractors are increasing all over the world. Rising electrification trend as well as high demand for sustainability, remote sensing, and ease of operationare driving demand.
- Gradual increase in raw material costs and tariff prices are some of the challenges impacting market growth.
- North America and Europe hold a significant share in the global market. Inthese regions, high disposable income combined with rise in population growth, high investments in agriculture infrastructure, and increasing trend of farm automation have led rising demand for autonomous farm equipment.
- By mode of operation, partial autonomous farm equipment is expected to hold a majority of the market share by 2021.
- By equipment, tractors to be widely used because of their usage in a wide range of application at farms.
- The market in the U.S. and Canada is expected to progress at around 11% and 9% CAGR, respectively, while that in the U.K. and Germany at around 9% and 10% CAGR respectively, through 2031.
Segmentation of Autonomous Farm Equipment Industry
- By Equipment Type :
- Sprinkler & fertilizer Sprayers
- Agriculture Drones
- By Technology :
- Fully Autonomous
- Partially Autonomous
- By Service Provider :
- Autonomous Farm Equipment Manufacturers (OEMs)
- 3rd-party Technology Providers
- By Application :
Targeted Acquisitions and Mergers by Key Players
- Important players like Trimble Inc. and CNH Industrial N.V. are focusing their acquisition strategies on enhancing connectivity with broad market outreach in order to gain significant market presence.
- A deal to buy Müller-Elektronik, a privately held German company that specialises in implement control and precision farming solutions, was announced by Trimble Inc. in May 2017.
- CNH Industrial N.V. completed the acquisition of a minority stake in Augmenta in March 2021. Augmenta is a provider of agricultural technology that automates farming processes by using computer vision and artificial intelligence ‘on the edge,’ where data is processed instantly by the system. With this acquisition, CNH Industrial will become Augmenta’s strategic partner in crop sensing and machinery automation. Future joint R&D cooperation is also anticipated.
Key players in the Autonomous Farm Equipment Market
- Deere & Company
- Agco corp.
- CNH Industrial N.V
- Zimeno Inc. (Monarch tractors)
- Autonomous tractor corp.
- Autonomous solution Inc.
- Trimble Inc.
- Agjunction Inc.
- Ag Leader Technology Inc.
- Raven industries
- Bear Flag robotics
Regional Analysis of Autonomous Farm Equipment Market
- North America: North America is expected to be a major market for autonomous farm equipment due to the high level of technology adoption and large-scale agriculture operations in the region. The United States is a major contributor to the growth of the market in this region, with companies such as John Deere and AGCO Corporation leading the way in the development of autonomous farm equipment.
- Europe: Europe is also expected to be a significant market for autonomous farm equipment, driven by the need to improve efficiency and reduce costs in agriculture. Germany and France are among the leading countries in this region in terms of adoption of autonomous farm equipment, with companies such as CNH Industrial and Kubota Corporation playing key roles in the market.
- Asia-Pacific: The Asia-Pacific region is expected to experience significant growth in the autonomous farm equipment market due to the large-scale agriculture operations in countries such as China and India. The growing adoption of precision agriculture techniques and increasing focus on food security are also contributing to the growth of the market in this region.
- Latin America: The Latin America region is also expected to see growth in the autonomous farm equipment market due to the increasing adoption of advanced technologies in agriculture. Brazil is one of the leading countries in this region in terms of adoption of autonomous farm equipment, with companies such as Mahindra & Mahindra playing a key role in the market.
While the autonomous farm equipment market presents many opportunities, there are also challenges that must be addressed, such as the high cost of equipment, the need for skilled technicians to maintain and repair the machines, and the potential for job losses in the agriculture industry. However, many experts believe that the benefits of autonomous farm equipment will outweigh these challenges, leading to a more sustainable and productive agriculture industry in the future.