Autonomous Farm Equipment Market Forecasts to 2028 – Global Analysis By Product (Tractors, Seed Drill), Technology (Hardware, Software), Application, and By Geography

Autonomous Farm Equipment Market Forecasts to 2028 – Global Analysis By Product (Tractors, Seed Drill), Technology (Hardware, Software), Application, and By Geography

According to Stratistics MRC, the Global Autonomous Farm Equipment Market is accounted for $58.30 billion in 2021 and is expected to reach $99.92 billion by 2028 growing at a CAGR of 8.0% during the forecast period. Automation of farm equipment provides many advantages such as precise and fast operations, incessant operation, regardless of the climatic conditions and time, and long-term resolutions for heavy and complex operations such as harvest and plow.

Market Dynamics:

Driver:

Government support with farm loan waivers/ credit finance

The implementation of farm loan waiver schemes encourages farmers to buy farm equipment. Governments launched various schemes in different parts of the world to relieve farmers from their loans and encourage farm mechanization. Government subsidies play an essential role in the agriculture sector of a country. Farm service agency loans can also be used to purchase land, livestock, equipment, feed, seed, and supplies. This has helped the farm equipment market to grow significantly.

Restraint:

Growth of the rental market

The purchase of farm equipment such as tractors and harvesters is a major investment in agricultural activities and accounts for the maximum share of the global market. All the steps involved in the equipment need a huge investment, which is reflected in the cost of the machinery made available to farmers. The inability of small farmers to invest a high amount results in the low penetration of farm equipment in emerging countries. The high cost of agricultural machinery limits their sales and thereby slows down the growth of the electric farm tractor market, especially in emerging countries.

Opportunity:

The agriculture industry is under pressure to produce agricultural products to cater to the increasing population, forcing farmers to focus on efficiency and productivity to drive business growth. Precision farming is becoming familiar among farmers who want to produce more with limited resources. This farming method could effectively tackle the issue of high demand for food across geographies. This technique also allows farmers to advance their operational efficiency and increase production, thereby minimizing the gap between the supply and consumption of agricultural products. Precision farming technology facilitates the efficient use of water, seeds, land, fertilizers, and agricultural equipment, which, in turn, improves the overall quantity and quality of yields.

Threat:

Rapidly changing emission norms and mandates

Many companies have expressed concerns about emission regulations in different parts of the world. The implementation of emission norms may limit the sales of construction and agricultural machinery. With amendments in emission regulations, significant investments are required in R&D. Each market has its emission norms that increase complexity while designing components. Many governments implemented regulations, which apply to diesel engine equipment, including agricultural tractors and construction equipment. So, changing emission regulations to comply with government regulations may challenge the sale of tractors.

The 31–100 HP segment is expected to be the largest during the forecast period

The 31–100 HP segment is estimated to have a lucrative growth owing to the increasing farm mechanization in emerging countries largely driven by government policies such as loan waivers/schemes/policies. The rising demand for high-powered tractors and the growing network of dealers with proper marketing are other factors likely to boost the segment growth globally.

The agriculture segment is expected to have the highest CAGR during the forecast period

The agriculture segment is anticipated to witness the fastest CAGR growth during the forecast period due to growing population demand for food safety is boosting the usage of innovative agricultural technologies to efficiently increase farm productivity and increase the income of farmers in the regional agriculture sector providing significant growth opportunities.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to increasing Gross Domestic Product (GDP), infrastructure investments, rising per capita income, growing inclination toward mechanization, and government initiatives for FDI have creating more opportunities for the farming business.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to technological advancements and government support. In addition, leading players in the electric farm tractor market are operating in the North American region, which gives a wide range of options to the growers purchasing electric farm tractors.

Key players in the market

Some of the key players profiled in the Autonomous Farm Equipment Market include Agritronics, Robert Bosch GmbH, Naio Technologies, Mahindra and Mahindra, Kinze Manufacturing, John Deere, Farmdroid ApS, Energid, AgXeed, DJI, American Robotics (ONDAS), CNH Industrial NV, Deutz-Fahr, Bobcat Company, Autonomous Solutions Inc., Clearpath Robotics, Ecorobotix, Agribotix (AgEagle), AGCO and 3D Robotics.
Key Developments:

In Nov 2021, John Deere launched a new material collection system and a mechanical grapple to its compact utility tractor line-up frontier equipment. The new PTO-driven Frontier MC2014 and MC2120 material collection systems offer 14- and 20-bushel capacity respectively for John Deere 1, 2SC, 2LC, and 3R compact utility tractors. The new Frontier MG20F mechanical grapple is compatible with John Deere 120R, 220R, and 300E loaders.

In August 2021, AGCO Corporation launched the Massey Ferguson® VE Series planters. This full line of planters from rigid and folding-frame planters to narrow transport and track planters offers growers straightforward, dependable, durable planters that deliver consistent, accurate seed placement for optimum yields.

Products Covered:
• Unmanned Ground Vehicle (UGVs)
• Unmanned Aerial Vehicle (UAVs)
• Tractors
• Tiller
• Seed Drill
• Harvesters

Operations Covered:
• Partially Autonomous
• Fully Autonomous

Technologies Covered:
• Hardware
• Software

Output Powers Covered:
• Up to 30 HP
• 31–100 HP
• 101 HP and Above

Applications Covered:
• Horticulture
• Animal Husbandry
• Agriculture
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances