Autonomous Farm Equipment Market

Autonomous Farm Equipment Market Size, Growth & Forecast (2022 - 2027)

The Autonomous Farm Equipment Market is anticipated to cross USD 3 million by 2026. The Autonomous Farm Equipment Market is estimated to experience reasonable growth to record a CAGR of 4.0% throughout the estimated period (2022 - 2027)

The automation of agricultural equipment offers several advantages such as precise and fast operations, uninterrupted operation regardless of weather and weather conditions, as well as long-term resolutions for heavy and complex operations such as harvesting and harvesting. Self-contained farm equipment helps reduce the costs and time involved in yield compared to standard farm equipment, making this advanced equipment a preferable choice for agricultural procedures. Technology is constantly developing, and manufacturers are focusing on introducing new and advanced types of independent equipment. However, the self-contained farming equipment production method is still in its emerging phases, and the price of existing self-contained farming equipment is quite steep.

As a result, the aforementioned problems are likely to affect the development of the world market for Autonomous Farm Equipment. Leading manufacturers are involved in the development of advanced autonomous agricultural equipment to increase reliability and efficiency while reducing costs. In addition, the remarkable production of advanced robotics and electronics combined with navigation and GPS systems allows the creation of fully autonomous, efficient, and more accurate agricultural equipment. 

Impact of covid-19 on Autonomous Farm Equipment Market:

COVID 19 has impacted negatively on the shares of every market. Lockdown restrictions and a ban on flights have mainly disrupted the global economy in several ways. Autonomous farm equipment shares took a pause for few months in 2020, but with the increasing demand from the agriculture sector, the demand for the autonomous farm equipment market started rising. A growing tendency to increase the production rate of farming is expected to level up the demand for the autonomous farm equipment market. 

Recent Developments:

In November 2019, Raven Industries wastes no period initiation its lately announced strategic plan to capitalize in autonomous farming technology. The company announced that it had acquired Smart Ag Inc. that advances autonomous farming solutions for agriculture.

A company called “Raven Industries” has acquired Smart Ag, an operatorless tractor technology, and the majority of autonomous farm equipment maker Dot Technology Corp. Terms of the acquisitions were not disclosed. Smart modernizes existing agricultural machinery with driverless technology.        

Drivers and Restraints of Autonomous Farm Equipment Market:

Growing labor shortages coupled with changing trends toward the use of independent equipment are among the key drivers in the size of the independent agricultural equipment market from 2017 to 2024. The development of self-steering systems in tractors with higher productivity will stimulate further growth of the company. The growth of new companies mainly focused on the implementation of robotics in agriculture through higher productivity and lower operating costs. The mass adoption of agricultural machinery guidance systems in tractors, drones, and combines will mainly stimulate the growth of the industry. Industry players are constantly focusing on increasing the penetration of tractors with automatic guidance applications. Farmers and contractors are constantly focused on a profitable solution and increasing agricultural yield. The application of GPS systems and the development of IoT have revolutionized the agricultural industry. The high cost required for the product can affect the penetration of the product. Additionally, the additional training required for product use can be challenging at the request of the industry. Industry players are focused on lowering the overall cost by making it affordable and therefore increasing product penetration. However, the farm equipment habilitation process is still in its early stages, and the cost of the current standalone equipment is quite outrageous.

REPORT COVERAGE:

Autonomous Farm Equipment Market Segmentation:

Autonomous Farm Equipment Market – By Type of Product:

• tractors

• harvesters
• others

The tractor segment represents the significant market share as it is the main equipment commonly used in agricultural operations, such as plowing, grading, and others. The tractor segment growth is estimated to have continued to grow over the forecast period.

Autonomous Farm Equipment Market – By Type of Operation:

• fully autonomous
• semi-autonomous

The fully-independent agricultural equipment segment is expected to show a strong increase over the forecast period to 2026. The growth will be supported by its advantages, such as precise and efficient operations, as well as minimal human supervision and other labor expenses.

Regional Analysis:

North America dominates the freestanding farm equipment market with over $ 26 billion in 2016. Strong revenue generation can be attributed to the presence of several industry players in the region. The intensive use of tractors and combines with self-steering capabilities in the country will further enhance the growth of the industry. Europe, dominated by Germany, Italy, France, and Russia, will show significant growth of around 20% during the forecast period. The cost-effective solution offered, which in turn improves productivity, will drive industry demand. Asia-Pacific, led by China, Japan, South Korea, and Australia, is expected to grow more than 25% through 2024. Population expansion will require smart and efficient devices that provide higher productivity and minimize waste to meet the growing demand for food. In addition to this, the government plans to implement advanced solutions that provide greater precision, and precise operations will further drive product penetration.

Leading Company:

Bobcat (a Doosan company) had the largest share of the Autonomous Farm Equipment Market in terms of sales revenue in 2021.

Key Players:

The Autonomous Farm Equipment Market is concentrated with well-established players. Key players in the Autonomous Farm Equipment Market include New Holland, Bobcat (a Doosan company), Case IH, John Deere, AGCO Corporation, Yanmar, Iseki & Co., Deutz Fahr, Kubota, and Claas KGaA GmbH.