Agricultural efficiency across the globe has been significantly increasing over the last two decades. With the exponential growth of the global population, the subsequent increase in global food demand, the decrease in agricultural land, and the depletion of limited natural resources, the need to improve agricultural yield has become critical. The rise in the urban population in developing countries, with the improvement of quality of living due to high-income levels and the demand for fresh farm produce and animal protein, is bolstering the demand for crop production. The finite presence of natural resources, such as arable land and freshwater, along with falling farm yield trends in many crop categories, have encouraged the growers and agricultural companies to introduce innovative and advanced agriculture equipment to boost farm profitability.
Read Report Overview: Global Autonomous Agriculture Equipment Market
The farming industry has witnessed numerous revolutions over decades, starting from the domestication of livestock and crops to the organized use of crop rotation with the introduction of advanced farming technologies. To address the rising demand for food from the limited agricultural land and labor available, technology providers are introducing innovative solutions in the farming arena. In recent years, the autonomous agriculture equipment market has witnessed sharp growth in terms of technological advancements and cost reduction. Moreover, the rapid growth of the practice of contract farming services and corporate partnerships has led to the increased demand for autonomous agriculture equipment across the globe.
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. Autonomous equipment in the agriculture sector support environmentally sustainable practices. Such equipment allow spot weeding and precision management of pests, nutrients, weeds, and diseases, through mechanical removal or spot application of chemicals. Autonomous equipment also helps to substitute labor shortage, particularly when there is limited availability, therefore increases social sustainability.
Tractors Segment Dominates the Global Autonomous Agriculture Equipment Market
Autonomous agriculture equipment consists of tractors, planters, unmanned ariel vehicles, among others. The tractors segment is the largest segment in the global autonomous agriculture equipment market. A large number of farms across the globe have been picking tractors as they can be used in various applications such as seeding and harvesting. Owing to the wide range of applications offered by the tractors, their demand is increasing across the globe.
Autonomous Segment to Dominate the Global Autonomous Agriculture Equipment Market
There are two types in the agriculture sector, namely, semi-autonomous and autonomous equipment. The demand for autonomous equipment is likely to witness positive growth, mostly in developed countries. This is due to autonomous equipment providing more productivity and efficiency in the agriculture farm. Also, the semi-autonomous type is likely to witness more growth in developing countries as the horsepower in tractors used in developing countries is quite low compared to developed countries.
North America to Register Highest Demand for the Global Autonomous Agriculture Equipment Market
North America, Europe, and Asia-Pacific, and China region are expected to dominate the global autonomous agriculture equipment market during the forecast period. The high agricultural growth in these regions, along with the increased emphasis on smart farming and digitization in agriculture, is expected to boost the development of autonomous equipment in these regions.
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Key Market Players
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.