Global Autonomous Agriculture Equipment Market is Expected to Reach $28.90 Billion by 2026
The Global Autonomous Agriculture Equipment Market is projected to reach $28.90 billion, by 2026 reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 10% during the forecast period from 2021-2026.
Autonomous agricultural equipment are rapidly evolving across the globe. Digitalization, automation, and artificial intelligence are playing a major role in crop production, including weeding, harvesting, pest control, among others. This autonomous evolution offers various challenges and opportunities, such as advancing from animal-driven, manual technologies to mechanized and automated equipment in various countries.
USP of the Report
• This report covers major regions with an established autonomous agriculture equipment market.
• Porter’s Five Forces Analysis has been done for analyzing the competition in the autonomous agriculture equipment business. The five forces include the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitutes, and intensity of competitive rivalry.
• Extensive competitive benchmarking of top 15 players (including OEMs and equipment providers) offering a holistic view of the global autonomous agriculture equipment landscape.
According to this report, “The autonomous equipment has the capability of revolutionizing the global agricultural industry. Through advanced autonomous equipment, year-round food production is possible, and thus, agricultural production can be increased, and global food demand can be efficiently managed.”
Key Companies Operating in the Market
AGCO Corporation, AutoNext Automation Pvt. Ltd., Changzhou Dongfeng CVT Co Ltd, CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Escorts Limited, ISEKI & CO., LTD., Kubota Corporation, Mahindra & Mahindra Ltd., Monarch Tractor, Naïo Technologies, YTO Group Corporation, Yanmar Co. Ltd., Ztractor Inc.
The autonomous agriculture equipment market players have opted for partnerships, collaborations, mergers, acquisitions, and joint ventures, as well as product development strategies as a way of establishing dominance in the market.
Out of the total strategies and developments observed in this market from January 2018 till April 2021, almost 40% were related to product developments, followed by partnerships, collaborations, mergers, acquisitions, and joint ventures, with almost 32.5% share in total developments.
The only way to have a breakthrough in the market is by launching a product or component with unique capabilities. For instance, in January 2021, YTO Group Corporation launched the world’s first 5G driverless tractor. The tractor is majorly used to tow agricultural equipment for farm work.
Global Autonomous Agriculture Equipment Market Segmentation
Application: The autonomous agriculture equipment market by application is led by harvesting. Harvesting is mainly done for collecting ripe crops from the field. Harvesting activities include stacking, handling, threshing, reaping, cleaning, and hauling. These activities can be performed through harvesters alone or a combined harvester can be used to perform the operations simultaneously. Field and row crops such as potatoes, wheat, corn can be easily gathered by fully autonomous equipment such as tractors and planters. Thus, the demand for autonomous agriculture equipment for harvesting is highest amongst other applications.
Equipment: The global autonomous agriculture equipment market by equipment type is dominated by tractors. The autonomous tractor is witnessing an increase in demand, majorly owing to the growing concern of labor shortages and offering increased productivity and efficiencies, bringing higher yields. The technology used in the autonomous tractor allows working for 24-hour, round-the-clock operations and remote management of operations by the users.
Region : North America generated the highest revenue of $7.4 billion in 2020, which is attributed to the technological advancements in the North America region. With high food safety, labor shortage, and security concerns in the region, autonomous equipment in the region has offered a big solution to the food safety, labor shortage, and security concerns. The region is expected to witness high growth of CAGR 11.2% during the forecast period.
Key Questions Answered in the Report
• What is the estimated global autonomous agriculture equipment market size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to autonomous agriculture equipment?
• What are the major restraints inhibiting the growth of the global autonomous agriculture equipment market?
• What kinds of new strategies are being adopted by the existing market players to expand their market position in the industry?
• What is the competitive strength of the key players in the autonomous agriculture equipment market based on analysis of their recent developments, product offerings, and regional presence?
• How is the competitive benchmarking of the key autonomous agriculture equipment companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue each of the segments is expected to record during the forecast period and what is the estimated growth percentage?
• Which type of players and stakeholders are operating in the market ecosystem of autonomous agriculture equipment, and what is their significance in the global market?
• Which are the leading consortiums and associations in the global autonomous agriculture equipment market, and what are their roles in the market?
• How does the regulatory landscape differ in different regions for autonomous agriculture equipment?