Autonomous Farm Equipment Market Analysis | 2023-2028

Market Insights

The autonomous farm equipment market was estimated at USD 64.24 billion in 2022 and is likely to grow at a CAGR of 5.96% during 2023-2028 to reach USD 92.66 billion in 2028.

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Market Dynamics

Introduction

Autonomous farm equipment refers to advanced machines and vehicles used in agriculture that can operate and perform tasks without human intervention. Also referred to as autonomous agricultural machinery or farm robots, this equipment uses sensors, artificial intelligence algorithms, GPS technology, etc. to perform specific functions accurately. Autonomous farm equipment is designed to assist farmers in a wide range of tasks, including planting, harvesting, soil preparation, crop monitoring, etc.

Market Drivers

The autonomous farm equipment market is expected to grow owing to various growth factors. A few of them are:

• Use of drones in agricultural fields: The usage of drones in farms provides a multitude of benefits to the farmers, owing to which, its usage is growing rapidly. The Association for Unmanned Vehicle Systems International estimates that farms will eventually account for an 80% share of the commercial drone market.
• Governments supporting farmers to adopt autonomous farm equipment: Several governments across the globe, like China, the United States, etc. are providing financial support to farmers to encourage them to adopt autonomous farm equipment.
• Labor Shortage: The younger population is shifting to urban areas, leaving a gap in the agricultural workforce. To curb labor shortage across the globe, and to bridge the gap, autonomous farm equipment are preferred to be a helping hand to the farmers and this equipment are also performs tasks traditionally done by farmers, ensuring continuity in farm operations.
• Long-term cost savings: Initial investments in autonomous farm equipment might be significant, but the long-term savings can be substantial. Labor costs are a major expense in agriculture, and by using autonomous equipment in the agricultural fields, farmers can save on labor expenses.
• Need for Data-Driven Farming: Data-driven decision-making is becoming increasingly common in almost all sectors, now including farming too. Data-driven farming can help farmers to improve their crop yields, reduce their input costs, and make better decisions about their operations. Autonomous farm equipment is used to collect data on crop health, soil condition, water usage, etc.

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Key Players

Some of the key players in the market are:

• 3D Robotics
• ADAMA Ltd.
• AGCO Corporation
• Agribotix
• Agri-Tronix Corporation
• Autonomous Solutions, Inc.
• Autonomous Tractor Corporation
• Case IH
• Clearpath Robotics, Inc.
• Deutz-Fahr

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Operation Type

Based on the operation type, the market is segmented as fully autonomous and partially autonomous. The fully autonomous segment is estimated to register a higher growth rate in the market on account of the increasing implementation of precision farming systems, fueling the segment’s growth during the forecast period.

By Product Type

Based on the product type, the market is segmented as tractors, harvesters, and UAV drones. Tractors are estimated to account for the largest share of the market during the forecast period on account of their wide utilization in the agricultural sector. Further, the constant ability of these vehicles with higher ROI factors is expected to have a positive influence on the market. Also, harvesters are estimated to witness significant growth in the market owing to continuous development in robotics coupled with product availability at competitive prices, boosting the overall industry growth during the forecast period.

By Technology Type

Based on the technology type, the market is segmented into software and hardware. Hardware is estimated to be the dominant segment of the market owing to the growing advancements and easy operation of the device, fueling the growth of the segment during the forecast period.

Regional Insights

In terms of regions, North America is estimated to be the dominating region in the market during the forecast period owing to the presence of various major industry players and the growing utilization of tractors and combined harvesters in the region. On the other hand, Europe and Asia-Pacific are also estimated to witness significant growth in the market on account of events leading to increased productivity across both of the regions during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects autonomous farm equipment market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The autonomous farm equipment market is segmented into the following categories:

By Operation Type

• Fully Autonomous
• Partially Autonomous

By Product Type

• Tractors
• Harvesters
• UAV Drone

By Technology Type

• Software
• Hardware

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by technology type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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