The Autonomous Farm Equipment Global Market Report 2023 by The Business Research Company, provides autonomous farm equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Autonomous Farm Equipment Global Market Report 2023, the 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%.
The increasing use of autonomous tractors is a key factor driving the growth of the autonomous farm equipment market. 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.
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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
Companies in the autonomous farm equipment market are 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.
The autonomous farm equipment market report table of contents includes:
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
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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
Top Major Players:
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