Press release
Rise In Demand For Sustainable Agriculture Is Expected To Boost Fully Autonomous Farm Equipment Market Growth
The global autonomous farm equipment market is projected to expand at a CAGR of close to 10% over the 2021 to 2031 assessment period. Though tractors are the most widely used, emergence of partially autonomous harvesters, fully autonomous harvesters, autonomous UAVs, and other autonomous farm equipment is lending impetus to market growth.Fact MR's latest industry analysis predicts that Fully Autonomous Farm Equipment sales will grow at the pushed CAGR through 2031 as automotive sales gradually pick up around the world. The report aims to present insights into hidden growth opportunities and challenges. It also offers advice to help companies prepare for unforeseen challenges.
The market intelligence study therefore includes demographic analysis so that market participants can plan their product and marketing strategy. It offers sales prospects in over 20 countries. Identify the most profitable segments to assist companies in creating winning strategies for the future.
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Key Take aways from Market Study
• Demand for Fully Autonomous Farm Equipment is increasing with mechanization of agriculture, availability of advanced technology, and sustainable agricultural practices.
• Sales of Fully 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 Fully Autonomous Farm Equipment.
• By mode of operation, partial Fully 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.
"Rising demand for partial Fully Autonomous Farm Equipment will have a positive impact on market growth over the coming years,'' says a Fact.MR analyst.
Targeted Acquisitions and Mergers by Key Players
Key players such as Trimble Inc. and CNH Industrial N.V are hinging their growth strategieson enhancing connectivity with a wide market out reach through targeted acquisitions, so as to enjoy substantial market presence.
• In May 2017, Trimble Inc. announced an agreement to acquire privately-held Müller, a German company specializing in implement control and precision farming solutions.
• In March 2021, CNH Industrial N.V. completed its acquisition of a minority stake in Augmenta, an agricultural technology company focused on automating farming operations using computer vision and artificial intelligence 'on the edge', whereby data is processed in real time, directly by the system. This acquisition will see CNH Industrial become Augmenta's strategic partner in crop sensing and machinery automation, and also foresees future joint research and development collaboration.
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Key Market Segments Covered
Mode of Operation
• Fully Fully Autonomous Farm Equipment
• Partially Fully Autonomous Farm Equipment
By Equipment
• Autonomous Farm Tractors
• Autonomous Farm Harvesters
• Others
Technology Provider
• Fully Autonomous Farm Equipment Manufacturers (OEMs)
• 3rd-party Technology Providers
Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa
What is the Commercial Potential of Fully Autonomous Farm Equipment?
Automation of farm equipment offers several benefits, including precise and reliable operations, incessant operation regardless of weather or time, and long-term solutions for heavy and complex operations, including harvesting and ploughing.
When compared to traditional farm equipment, Fully Autonomous Farm Equipment saves time and cost in the yielding process, making this advanced equipment a preferable choice for farming procedures. Manufacturers are focused on introducing new and advanced models of autonomous equipment as technology continues to advance.
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Which Recent Trends are Shaping Fully Autonomous Farm Equipment Sales?
Demand growth for Fully Autonomous Farm Equipment is being aided by increasing emphasis on sustainable solutions, advanced technology, and operation-efficient farm equipment in many countries. Agriculture industry has witnessed several technological changes over the years, and manufacturers are still investing in research & development to enhance technologies.
Incorporation of artificial intelligence and IOT in agriculture is expected to shape the future of Fully Autonomous Farm Equipment. Usage of artificial intelligence has numerous benefits, including precision farming capabilities, advanced solutions for timely harvesting, optimal planting, soil management, and the use of predictive analysis to enhance quality crop production.
Fully Autonomous Farm Equipment, especially fully and partial autonomous tractors, are undergoing drastic technological developments. These trends are expected to drive demand for Fully Autonomous Farm Equipment, globally.
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Automotive Rack Market : https://www.factmr.com/report/automotive-steering-rack-market
Automotive Steering Shafts Market : https://www.factmr.com/report/automotive-steering-shaft-market
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