The global autonomous farm equipment market has reached a valuation of US$ 841.9 million in 2022 and is expected to progress at a CAGR of 15.3% to reach US$ 3,493.5 million by the end of 2032.
Sales of autonomous tractor accounted for nearly 60% share of the global autonomous farm equipment market at the end of 2022.
“Improved Agricultural Efficiency to Spur the Growth of Autonomous Farm Equipment Market”
Food waste is a global phenomenon that causes significant environmental harm and financial loss. Adopting autonomous agricultural equipment addresses this issue and in return provides benefits like increased yields and turnovers for farmers. Many precision agriculture techniques, such as strip-tilling and improved storage facilities are reducing food wastage. The smart technologies included in autonomous equipment like GPS enablers and crop sensors stand at the forefront of waste reduction.
Thus the benefits of low wastage and increased yields are to form the basis of increased demand of precision agricultural tools which forms a part of autonomous agriculture equipment’s. This is anticipated to propel the growth of the autonomous farm equipment market. Thus, the global market for autonomous farm equipment’s is anticipated to reach US$ 3,493.5 million by 2032.
Prominent autonomous farm equipment manufacturers are Trimble Inc., AGCO Corporation, CNH Industrial N.V., Yanmar Holdings Co., Ltd., Kubota Corporation, Iseki & Co., Ltd., Mahindra & Mahindra, Escorts Limited, Zimeno Inc (Monarch Tractor), Autonomous Tractor Corporation, Autonomous Solutions, Inc., Deere & Company, NovAtel Inc. (Hexagon), Agjunction, Inc., AG Leader Technology, Inc., Raven Industries (Applied Technology), Bear Flag Robotics
Key players in the autonomous farm equipment market should focus on developing advanced equipment to further enhance their market presence in the industry. Among the equipment type, tractors in North America & Europe harvester market are expected to have substantial opportunities for the manufacturers. Player operating in autonomous farm equipment should swivel their focus towards launching new products along with competitive price offering. This approach in the market is poised to provide exponential boost for the organization.
- In May 2017, Trimble Inc. announced an agreement to acquire privately-held Müller-Elektronik, a German company specializing in implement control and precision farming solutions.
- In January 2021, AGCO joined the NEVONEX partner network as part of AGCO’s continued strategy to make it easier for farmers to work seamlessly across their farms. Through this NEVONEX collaboration, AGCO joins other leading crop care, seed, Farm Management Information System (FMIS), and precision agriculture companies, including Corteva, MyEasyFarm, Syngenta, Topcon, and Xarvio, to offer enhanced digital services on AGCO equipment, while making these activities more sustainable through more efficient application of inputs.
Fact.MR has provided detailed information about the price points of key manufacturers of autonomous farm equipment positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
These insights are based on a report on Autonomous Farm Equipment Market by Fact.MR.