Autonomous Farm Equipment Market to Witness Robust Expansion Throughout the Forecast Period

Stratview Research has launched a new report, titled Autonomous Farm Equipment Market segmented by Operation Type (Fully Autonomous and Partially Autonomous), by Product Type (Tractors, Harvesters, and UAV Drone), by Technology Type (Software and Hardware), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
According to the report, the autonomous farm equipment market was estimated at USD 64.24 billion in 2022 and is likely to grow at a CAGR of 5.96% during 2023-2028 to reach USD 92.66 billion in 2028.
What is autonomous farm equipment?
Autonomous farm equipment is a preferable choice for farming procedures as it saves the cost and time involved in the yielding process, as compared to standard farm equipment.
Market Dynamics
Some of the major factors fueling the growth of the market are-
• An Increase in the shortage of labor coupled with shifting trends towards the usage of autonomous equipment,
• High implementation of drones in agricultural applications.
Market Segments' Analysis
Based on the operation type, the market is segmented as fully autonomous and partially autonomous. The fully autonomous segment is estimated to register a higher growth rate in the market on account of the increasing implementation of precision farming systems, fueling the segment’s growth during the forecast period.
Based on the product type, the market is segmented as tractors, harvesters, and UAV drones. Tractors are estimated to account for the largest share of the market during the forecast period on account of their wide utilization in the agricultural sector. Further, the constant ability of these vehicles with higher ROI factors is expected to have a positive influence on the market. Also, harvesters are estimated to witness significant growth in the market owing to continuous development in robotics coupled with product availability at competitive prices, boosting the overall industry growth during the forecast period.
Based on the technology type, the market is segmented into software and hardware. Hardware is estimated to be the dominating segment of the market owing to the growing advancements and easy operation of the device, fueling the growth of the segment during the forecast period.
In terms of regions, North America is estimated to be the dominating region in the market during the forecast period owing to the presence of various major industry players and the growing utilization of tractors and combined harvesters in the region. On the other hand, Europe and Asia-Pacific are also estimated to witness significant growth in the market on account of events leading to increased productivity across both of the regions during the forecast period.
Key Players
The following are the key players in the Autonomous Farm Equipment Market.
• 3D Robotics
• ADAMA Ltd.
• AGCO Corporation
• Agribotix
• Agri-Tronix Corporation
• Autonomous Solutions, Inc.
• Autonomous Tractor Corporation
• Case IH
• Clearpath Robotics, Inc.
• Deutz-Fahr
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Autonomous Farm Equipment Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Autonomous Farm Equipment Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
Read More: https://www.stratviewresearch.com/1434/autonomous-farm-equipment-market.html
Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement or any further query related to the report, please send your inquiry to sales@stratviewresearch.com. You may also connect with our market experts at +1-313-307-4176.
About Stratview Research
Stratview Research is a global market research firm that provides high-quality market research reports, market entry strategies, growth strategies, and more. We in-depth market research studies, to help the users obtain grainy level clarity on present business trends and probable future developments. At Stratview Research, the market experts are committed to providing custom solutions best fit for strategy development and implementation to achieve visible growth.