Dublin, April 08, 2024 (GLOBE NEWSWIRE) -- The "Autonomous Farm Equipment - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Autonomous Farm Equipment Market to Reach $231.8 Billion by 2030
The global market for Autonomous Farm Equipment estimated at US$89.4 Billion in the year 2023, is projected to reach a revised size of US$231.8 Billion by 2030, growing at a CAGR of 12.7% over the analysis period 2023-2030.
The market is characterized by strong competition, with players categorized based on their market presence. Recent market activity underscores ongoing developments and advancements in autonomous farming technologies. Key market trends and drivers include the growing global population, rising concerns about food security, and the long-term focus on mechanized farm equipment to meet the challenges of feeding a growing population sustainably.
Partially Autonomous Farm Equipment, one of the segments analyzed in the report, is projected to record 11.4% CAGR and reach US$142.1 Billion by the end of the analysis period. Growth in the Fully Autonomous Farm Equipment segment is estimated at 15% CAGR for the next 8-year period.
The U.S. Market is Estimated at $26.4 Billion, While China is Forecast to Grow at 15.6% CAGR
Autonomous Farm Equipment, including autonomous tractors, is gaining prominence in the agricultural sector due to its potential to revolutionize farming operations. These technologies are expected to experience high growth, particularly in developed regions, while emerging economies offer substantial growth opportunities.
The Autonomous Farm Equipment market in the U.S. is estimated at US$26.4 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$45.4 Billion by the year 2030 trailing a CAGR of 15.6% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.7% and 10.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 11.1% CAGR.
Exciting New Report Features
- Full access to influencer engagement stats
- Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
- Complimentary report updates for one year
- Competitor coverage with global market shares of major players
- Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
- Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes
MARKET OVERVIEW
- Autonomous Farm Equipment - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- An Introduction to Autonomous Farm Equipment
- Types of Autonomous Farm Equipment
- Benefits of Autonomous Machinery to Farmers
- Global Market Prospects & Outlook
- Autonomous Tractors to Experience High Growth
- Developed Regions Lead, Developing Economies Poised for High Growth
- Competition
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Growing Population & Rising Food Security Concerns Drive Demand for Autonomous Tractors
- Long-term Focus on Feeding the World's Expanding Population to Sustain the Growth of Mechanized Farm Equipment: World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Food Demand Growth Worldwide: Demand Growth in Million Tonnes for Select Foods for the Period 2008-2017 and 2018-2027
- Climate Change Adds Fuel to the Already Burning Issue of Food Security
- Increasing Mechanization of Agricultural Operations Boosts Autonomous Farm Equipment Market
- Percentage of Mechanization in Agriculture in Select Countries
- Declining Agricultural Land Productivity Sets the Stage for Transformation in Farming
- Growing Investments in Smart Farming & Increased Use of IoT in Agriculture Preps the Market for Robust Growth
- Rise of Smart Agriculture Sets the Stage for Adoption of Automated Farming Techniques: Global Smart Agriculture Market Worldwide (In US$ Billion) by Region/Country for the Years 2020 & 2027
- Increased Deployment of IoT in Agriculture Strengthens the Business Case for Autonomous Farm Equipment: Global Agricultural IoT Market (In US$ Billion) for the Years 2020, 2023 & 2026
- Innovation in Advanced Robotics Plays a Key Role in the Commercialization of Autonomous Farm Equipment
- Continuous R&D in Robotics & the Ensuing Expansion of the Robotics Market Fuels Market for Agricultural Robotic Solutions: Global Market for Agricultural Robotics (In US$ Million) for the Years 2020, 2022 & 2024
- Autonomous Robotics Find Growing Use in Farms
- GPS Systems & Navigation Emerge to Be Indispensable in Autonomous Farm Equipment
- ISOBUS ISO11783 Standard Streamlines Development of Smart Farming Equipment
- Developments in Artificial Intelligence (AI), Machine Vision & Machine Learning Remain Critical to Commercialization & Growth
- Emerging Opportunities for AI in Agriculture to Push Up the Innovation Index in the Market: Artificial Intelligence (AI) in Agriculture Worldwide (In US$ Million) for the Years 2019, 2022 and 2025
- Rising Significance of Precision Agriculture: Potential Opportunities for Autonomous Farm Equipment
- Global Precision Farming Market (in US$ Million) for the Years 2020, 2022, 2024 and 2026
- Government Budgets for Autonomous Agricultural Technology in Support of Food Security Goals to Benefit Market Growth
- Worsening Labor Shortages & Rising Labor Costs Drives Interest in Autonomous Equipment
- Shrinking Labor for Agriculture Raises the Need for Automation: Percentage (%) of Agricultural Workers in the Global Workforce for the Years 1992, 2019 & 2022
- Growing Farm Sizes and Increase in Corporate Farming Raises Importance of Autonomous Farm Equipment
- Farm Consolidation & Increase in Average Size of Farm Pave the Way for the Deployment of Autonomous Farm Equipment: Percentage Breakdown of Farm Land by Size and Region
- As a Bridge to Fully Autonomous Vehicles, Partially Autonomous Vehicles Enjoy Significant Market Dominance
- Driverless Tractors: The Future of Farming on Large Farmlands
- Efficiency and Productivity Benefits of Autonomous Tractors Translate into Better Crop Yields, Driving Market
- Autonomous Vineyard Tractors to Provide Assistance to Growers
- Increasing Need to Minimize Greenhouse Gas Emissions Fuel Demand for Sustainable Autonomous Tractors
- Advances in Autonomous Tractor Technologies to Fuel Market Prospects
- Agricultural Drones & Robots Emerge to Revolutionize Farming in the 21st Century
- Expanding Applications of Commercial Drones Supported by Progressive Improvements in Functionality to Help Autonomous Farm Equipment Cross the Chasm Between Early Adoption to Mass Adoption: Global Commercial Drone Market (In US$ Billion) for the Years 2019, 2022 and 2024
- Myriad Benefits Drive the Popularity of Automated Harvesters
- Grain Loss During Harvesting Caused by Current Generation Machines Drives Demand for Smart Autonomous Harvesting Machines: Corn Head Kernel Loss While Harvesting With a Combine Harvester
- Technological Advancements in Autonomous Technologies to Boost Market Prospects
- Tractor Autopilot for Enhancing Farmer Productivity & Efficiency
- Key Challenges Facing Autonomous Farm Equipment Market
FOCUS ON SELECT PLAYERS(Total 66 Featured)
- AGCO Corporation
- CNH Industrial NV
- CLAAS KGaA mbH
- AGCO GmbH (Fendt)
- Amazone-Werke H. Dreyer GmbH & Co. KG
- AgEagle Aerial Systems, Inc.
- Autonomous Solutions, Inc.
- Autonomous Tractor Corporation
- Bobcat Company
- AgJunction, Inc.
- AG Leader Technology
- Agmechtronix
- AutoNxt Automation Pvt. Ltd.
- Agritronics
- Bear Flag Robotics
For more information about this report visit https://www.researchandmarkets.com/r/xcd3gt
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