Autonomous farm equipment manufacturers are thriving on the adoption of cutting-edge technologies, while recovery of manufacturing units from various constraints due to the COVID-19 pandemic remains key to demand growth. With the adoption of advanced equipment such as unmanned aerial vehicles (UAVs), drones, and autonomous tractors equipped with highly efficient sensors and systems, stakeholders are projected to be highly benefitted in the post-pandemic years.
The latest report on the autonomous farm equipment market by Fact.MR thoroughly analysis the global industry potential and growth scope with special emphasis on the demand-supply trajectories in the United States, Germany, China, Japan, and a few others lucrative countries for the forecast period of 2024 to 2031. As stated in the report, recovery of the agriculture sector will be key for leading players, while a flurry of inventions by manufacturers will play an important role in raising industry value over the coming years.
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Key Takeaways from Market Study
- The global autonomous farm equipment market is set to expand at over 10% CAGR through 2031
- High demand for tractors and harvesters to fuel sales of suppliers
- Fully autonomous farm equipment to gain traction
- The United States to lead in the world’s largest autonomous farm equipment industry – North America
- Germany to maintain its lead in Europe for farm equipment
- Asia Pacific to register fastest growth, with its focal points in China and India
- The United Kingdom, Canada, France, Japan, Italy, and a few other countries to remain highly lucrative markets throughout the forecast period
“Inclination towards highly advanced technical equipment such as fully autonomous tractors, harvesters, and UAVs is bringing major changes to the outlook of the autonomous farm equipment industry, fuelling sales further,” says a Fact.MR analyst.
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How are Advancements in the Agriculture Sector Boosting Sales of Autonomous Farm Equipment?
As the agriculture industry is gaining back its potential after overcoming the restraining factors due to the COVID-19 pandemic, requirement for advanced farm monitoring and management solutions is rising again. As a result, autonomous farm equipment suppliers are witnessing high demand owing to various exclusive features of such equipment, such as-
- Fast & incessant operational capabilities
- Precise and reliable services
- Least impact of climate changes
- Long-term resolution for heavy and complex operations such as harvesting and plowing
According to a report titled “Performance of the Agricultural Sector- Statistics Explained”, published by the European Commission (EC), the European Union (EU)-27’s agricultural industry created gross value added of EUR 176.4 billion in 2019, while agriculture contributed 1.3% to the EU-27’s Gross Domestic Product (GDP) in 2019. These figures capture a glimpse of the growing opportunities for autonomous farm equipment manufacturers, not only in Europe, but across the world.
Who is Winning in this Space?
Key players manufacturing autonomous farm equipment are facing cut-throat competition. In order to secure their leading positions, they are launching wider variety of cost-effective, advanced products.
For instance,
- Bobcat North America partnered with SafeAI, a startup company located in Silicon Valley, in order to explore and incorporate advanced artificial intelligence in diverse categories of bobcat equipment, in 2018.
- Yanmar launched its new YT5113A Robot Tractor equipped with Yanmar’s innovative Information and Communication Technology (ICT) in June 2018.
More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the autonomous farm equipment market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2024-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (tractors, harvesters, UAVs, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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