The Autonomous Farm Equipment Market is projected to reach $112.8 billion by 2031

According to the latest report by Meticulous Research®, the global autonomous farm equipment market is forecasted to reach $112.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.4% during the forecast period. The expansion of this market is primarily driven by advancements in agricultural technology, an increasing global population, growing demand for high-quality agricultural products, and supportive government initiatives in the agriculture sector. However, the high costs associated with implementing advanced farming equipment pose a significant challenge to market growth.

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Furthermore, the rising adoption of precision farming techniques and the growing integration of artificial intelligence (AI) in agricultural equipment are expected to create lucrative opportunities in the global autonomous farm equipment market. Conversely, a lack of technical knowledge among farmers and concerns about data privacy could hinder market growth.

Market Segmentation
The report segments the global autonomous farm equipment market based on offering, product, technology, automation type, application, and geography, providing an in-depth analysis of the industry. The study also evaluates competitors and provides a regional and country-level market analysis.

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Based on Offering
The market is categorized into hardware, software, and services. In 2024, the hardware segment is expected to dominate the global autonomous farm equipment market. This dominance is attributed to factors such as the increasing adoption of livestock management equipment, rapid automation of agricultural processes, a growing global population, rising labor costs, and the need to improve production yields. The hardware segment is also projected to register the highest CAGR during the forecast period.

Based on Product
The market is divided into tractors, harvesting equipment, irrigation equipment, fertilizing equipment, livestock equipment, haying and forage equipment, spraying equipment, and other products. The tractor segment is expected to hold the largest market share in 2024, driven by the increasing sales of tractors by key market players, labor shortages, lower production costs, and the rising automation in agriculture. Additionally, this segment is anticipated to register the highest CAGR over the forecast period.

Based on Technology
The market is segmented into remote sensing, GPS, IoT, AI/ML, computer vision, and other technologies. The remote sensing segment is projected to account for the largest share of the market in 2024, driven by the declining prices of sensors, rapid automation of agricultural processes, and increased government spending to promote farm automation systems. Meanwhile, the AI/ML segment is expected to witness the highest CAGR during the forecast period, fueled by the growing adoption of artificial intelligence and machine learning technologies in agriculture and the increasing integration of AI/ML in farm equipment by key players.
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Based on Automation Type
The market is segmented into fully autonomous and partially autonomous farm equipment. In 2024, the partially autonomous segment is anticipated to hold the larger market share due to lower production costs and the increasing use of semi-autonomous equipment to enhance productivity. However, the fully autonomous segment is expected to register the highest CAGR, driven by the rapid adoption of technologies such as digitalization, automation, and artificial intelligence, as well as rising labor costs and labor shortages.

Based on Application
The market is segmented into farming and livestock. In 2024, the farming segment is projected to account for the larger market share. This growth is attributed to factors such as population growth, increasing labor costs, and the growing need to improve the quality and productivity of agricultural yields. The farming segment is also expected to achieve the highest CAGR over the forecast period.

Based on Geography
Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Europe is expected to hold the largest market share in 2024 due to factors like innovation in the agri-tech industry, growing pressure on the food supply chain, increasing adoption of precision farming, and government initiatives to implement advanced technologies in agriculture. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period, driven by the increasing adoption of smart agricultural devices, rising demand for enhanced food quality, growing government initiatives to promote precision farming, and a surge in the number of start-ups in the region.

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Key Players
Key companies operating in the global autonomous farm equipment market include Deere & Company (U.S.), Yanmar Holdings Co., Ltd. (Japan), Naio Technologies (France), Clearpath Robotics Inc. (U.S.), Agrobot (Spain), CNH Industrial N.V. (U.K.), KUBOTA Corporation (Japan), GEA Group Aktiengesellschaft (Germany), Lely (Netherlands), Robert Bosch GmbH (Germany), AGCO Corporation (U.S.), American Robotics, Inc. (U.S.), DJI (China), Ecorobotix SA (Switzerland), Mahindra & Mahindra Ltd. (India), and Harvest Automation (U.S.).

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This release was published on openPR.