The market for autonomous farm equipment was valued at US$ 841.9 million in 2022, and it is expected to grow at a CAGR of 15.3% to US$ 3,493.5 million by the end of 2032. The market for autonomous farm equipment is a growing industry that involves the development and deployment of advanced agricultural technologies. Autonomous farm equipment is defined as machines that can operate without human intervention, utilising various sensors, artificial intelligence, and other advanced technologies to perform tasks such as planting, harvesting, and irrigation.
The market for autonomous farm equipment is expected to expand significantly in the coming years, driven by several factors such as the need to improve agricultural efficiency and productivity, reduce labour costs, and increase crop yields. Precision agriculture techniques, which rely on data analytics and real-time monitoring, are also fueling demand for autonomous farm equipment.
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Key Takeaways from the Market Study
- Demand for autonomous farm equipment is increasing with mechanization of agriculture, availability of advanced technology, and sustainable agricultural practices.
- Sales of 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 autonomous farm equipment.
- By mode of operation, partial 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.
Segmentation of Autonomous Farm Equipment Industry
- By Equipment Type :
- Tractor
- Harvester
- Sprinkler & fertilizer Sprayers
- Seeder
- Planter
- Agriculture Drones
- By Technology :
- Fully Autonomous
- Partially Autonomous
- By Service Provider :
- Autonomous Farm Equipment Manufacturers (OEMs)
- 3rd-party Technology Providers
- By Application :
- Cultivation
- Harvesting
- Planting
- Spraying
- Monitoring
Targeted Acquisitions and Mergers by Key Players
- Important players like Trimble Inc. and CNH Industrial N.V. are focusing their acquisition strategies on enhancing connectivity with broad market outreach in order to gain significant market presence.
- A deal to buy Müller-Elektronik, a privately held German company that specialises in implement control and precision farming solutions, was announced by Trimble Inc. in May 2017.
- CNH Industrial N.V. completed the acquisition of a minority stake in Augmenta in March 2021. Augmenta is a provider of agricultural technology that automates farming processes by using computer vision and artificial intelligence ‘on the edge,’ where data is processed instantly by the system. With this acquisition, CNH Industrial will become Augmenta’s strategic partner in crop sensing and machinery automation. Future joint R&D cooperation is also anticipated.
Key players in the Autonomous Farm Equipment Market
- Deere & Company
- Agco corp.
- CNH Industrial N.V
- Zimeno Inc. (Monarch tractors)
- Autonomous tractor corp.
- Autonomous solution Inc.
- Trimble Inc.
- Agjunction Inc.
- Ag Leader Technology Inc.
- Raven industries
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