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Autonomous Farm Equipment Market Outlook, Trends, Growth Analysis, Share And Forecast To 2032
Autonomous Farm Equipment Market Analysis
The Business Research Company's Autonomous Farm Equipment Global Market Report 2023 identifies increasing use of autonomous tractors as the major driver for the autonomous farm equipment market's growth in the forecast period. Autonomous tractors use several sophisticated systems and sensors which would possess an effective self-driving vehicle, and by incorporating these advanced systems into run-of-the-mill farming, farmers will experience positive technological effects in the workplace. Alternatively, autonomous tractors can be set up to function as mobile hotspots to collect data from sensors in the field.
The global autonomous farm equipment market size will grow from $67.53 billion in 2022 to $72.63 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global autonomous farm equipment is expected to grow to $94.59 billion in 2027 at a CAGR of 6.8%.
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Major competitors in the autonomous farm equipment market are Claas KGaA GmbH, Deutz Fahr, AGCO Corporation, John Deere, Case IH.
A key trend in the autonomous farm equipment market includes focusing on the use of artificial intelligence (AI) for the development of farm equipment. AI enables machines to do a variety of tasks without the assistance of humans. Machines are programmed to accomplish particular activities independently after being developed with high-level computing capability. For example, in June 2020, Kubota Corporation, a Japanese multinational corporation, launched a driverless tractor, equipped with artificial intelligence and electrification technology. It is a fully autonomous tractor for smart agriculture with advanced technology. Similarly, in February 2022, Verdant Robotics, a US based company that manufactures robotics systems, has expanded its robot-as-a-service (RaaS) model with autonomous farm robot including computer vision, artificial intelligence, robotics, GPS (global positioning system)-denied navigation, chemistry, and soil and plant sciences to achieve the next generation of crop production.
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The autonomous farm equipment market is segmented -
1) By Product Type: Tractors, Harvesters, Unmanned Aerial Vehicles (UAVs), Other Product Types
2) By Technology: Partially Autonomous, Fully Autonomous
3) By Application: Agriculture, Horticulture, Animal husbandry, Forestry, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the autonomous farm equipment market.
The Business Research Company's "Global Autonomous Farm Equipment Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Autonomous Farm Equipment Market Include:
1. Executive Summary
2. Autonomous Farm Equipment Market Characteristics
3. Autonomous Farm Equipment Market Trends And Strategies
4. Autonomous Farm Equipment Market - Macro Economic Scenario
5. Autonomous Farm Equipment Market Size And Growth
…….
26. Africa Autonomous Farm Equipment Market
27. Autonomous Farm Equipment Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Autonomous Farm Equipment Market
29. Autonomous Farm Equipment Market Future Outlook and Potential Analysis
30. Appendix
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