Autonomous Farm Equipment Market by Offering, Product (Tractor, Harvesting Equipment, Irrigation Equipment, Livestock Equipment), Technology (IoT, GPS), Automation Type, Application (Farming, Livestock), & Geography - Global Forecast to 2031

Autonomous Farm Equipment Market Size & Forecast

The Autonomous Farm Equipment Market is projected to reach $112.8 billion by 2031, at a CAGR of 9.4% from 2024 to 2031. The growth of the autonomous farm equipment market is attributed to the technological advancement in farm equipment, rising population and growing demand for high-quality agriculture products, and increasing government initiatives supporting the agriculture sector. However, the high costs of implementing advanced agricultural equipment restrain the market’s growth.

Moreover, the growing adoption of precision farming techniques and increasing integration of AI into agriculture equipment offer significant opportunities for the growth of the global autonomous farm equipment market. However, a lack of technical knowledge among farmers and data privacy concerns may hinder the market's growth.

Increasing Integration of AI into Agriculture Equipment Offers Growth of the Global Autonomous Farm Equipment Market

With the consistently increasing adoption of advanced equipment for farming, agro-tech companies are now integrating disruptive technologies, such as artificial intelligence, into their offerings. For instance, in February 2023, MetoMotion (Israel) launched an AI robot for picking tomatoes to help farmers solve the labor shortage problem of fruit and vegetable pickers. Also, in August 2020, Root AI (U.S.) invested USD 7.2 million in developing AI-enhanced robotic harvesters to enhance the capabilities of agricultural equipment and automate agricultural processes. Industry experts believe that pairing AI with agriculture equipment can pave the way for sustainable agricultural processes and mitigate the ill effects of agriculture on the environment.

Farmers are implementing high-tech farming techniques and technologies, including IoT, robotics, and drones combined with AI and ML, to increase the quantity and quality of agricultural products while optimizing the labor required for production. This allows farmers to control different aspects of raising crops automatically and through remote monitoring and control methods. Some of the most common agricultural applications of AI-enabled equipment are precision farming, drone operations, livestock management, and pesticide application. Such factors increase companies' new offerings to make AI integration more sustainable and cost-effective for farmers and the environment, creating market growth opportunities.

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Key Findings in the Global Autonomous Farm Equipment Market Study:

In 2024, the Hardware Segment is Expected to Dominate the Global Autonomous Farm Equipment Market

Based on offering, the global autonomous farm equipment market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of the global autonomous farm equipment market. The large market share of this segment is attributed to the increasing adoption of livestock management equipment, rapid automation of agricultural processes, growing population, increasing labor cost, and increasing need to improve production yield.

The Tractor Segment to Register the Highest CAGR During the Forecast Period

Based on product, the tractor segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing sales of tractors by key players, labor shortage, lower production costs, and increasing automation in the agriculture sector.

In 2024, the Remote Sensing Segment is Expected to Dominate the Global Autonomous Farm Equipment Market

Based on technology, the global autonomous farm equipment market is segmented into remote sensing, GPS, IoT, AI/ML, computer vision, and other technologies. In 2024, the remote sensing segment is expected to account for the largest share of the global autonomous farm equipment market. The large market share of this segment is attributed to the reduction in the prices of sensors, rapid automation of agricultural processes, and increasing government spending promoting farm automation systems.

The Fully Autonomous Segment to Register the Highest CAGR During the Forecast Period

Based on automation type, the fully autonomous segment is projected to register the highest CAGR during the forecast period. The growth of the segment is attributed to the rapid adoption of technology such as digitalization, automation, and artificial intelligence and increasing pay of labor and shortage of labor.

In 2024, the Farming Segment is Expected to Dominate the Global Autonomous Farm Equipment Market

Based on application, the global autonomous farm equipment market is segmented into farming and livestock. In 2024, the farming segment is expected to account for the larger share of the global autonomous farm equipment market. The large market share of this segment is attributed to the increasing population growth, rising labor costs, and increasing need to improve the quality and productivity of yield.

Asia-Pacific is Expected to Register the Highest CAGR During the Forecast Period

Based on geography, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this region is attributed to the increasing adoption of smart devices for agriculture, rising demand for enhanced food quality, growing government initiatives for the adoption of precision farming, and the growing number of start-ups in the region. Countries such as China, India, and Japan have adopted advanced agriculture equipment to automate agricultural processes, transforming agriculture earnings with increased profitability.

Autonomous Farm Equipment Market: Key Companies

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by major market players in the last three to four years. The key players profiled in the global autonomous farm equipment market study are Deere & Company (U.S.), Yanmar Holdings Co., Ltd. (Japan), Naio Technologies (France), Clearpath Robotics Inc. (U.S.), Agrobot (Spain), CNH Industrial N.V. (U.K.), KUBOTA Corporation (Japan), GEA Group Aktiengesellschaft (Germany), Lely (Netherlands), Robert Bosch GmbH (Germany), AGCO Corporation (U.S.), American Robotics, Inc. (U.S.), DJI (China), Ecorobotix SA (Switzerland), Mahindra & Mahindra Ltd. (India), and Harvest Automation (U.S.).

Autonomous Farm Equipment Market Report Summary:

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