Global autonomous farm equipment market share is anticipated to exceed 7.5 million units by 2024. Shifting trends towards usage of advanced systems, precision farming, adaptation of GNSS system and IoT implementation will drive the business growth during the forecast timeframe. Usage of tractors, drones and harvesters offering superior productivity and reducing labor intensive work will further support the industry growth.
Frequent labor shortage coupled with increasing penetration of self-driven devices offering higher productivity and enhanced efficiency will fuel the autonomous farm equipment market demand. Auto driving along with self-steering techniques owing to technological advancement in tractors will further support the product demand.
Increasing trends of startups focusing on implementation of robotics in farming and reduction of operational cost of farming process along with boosting yield will support autonomous farm equipment usage in the industry. Implementation of driverless tractors, drones and harvesters offering precise data collection and smooth functioning will further boost the autonomous farm equipment market growth.
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High cost required for the product may hamper the business growth of autonomous farm equipment market. Moreover, requirement of training for proper usage of product may act as challenge. Industry players are focusing on reducing cost and improving the product affordability.
Fully autonomous equipment will witness robust growth of over 40% up to 2024. Implementation of advanced systems such as GPS and precision farming, avoiding obstacles and offering remote monitoring of the devices will positive influence the product penetration. Partially autonomous equipment dominates the volume share owing to competitive price of products along with commercialization, particularly in developed economies.
Tractors segment dominated the autonomous farm equipment market share accounting over 60% in 2016. Superior efficiency of the product owing to implementation of self-steering system will drive the business demand. Harvesters is poised to witness significant growth during the forecast timeframe. Avoiding path overlap, optimum path selection along with availability of product at competitive price will further drive the autonomous farm equipment market growth.
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UAV segment is projected to witness significant growth at over 35% up to 2024. The product is widely used for agricultural processes such as spraying pesticides and fertilizers. In addition, implementation of thermal imaging, and need to detect scarcity of crop supplements will influence the product landscape. Software compatibility of the devices with user friendly interface offers smooth functioning of product. Proliferating digitalization and superior precision will positively impact the autonomous farm equipment market share from 2017 to 2024.
In 2016, North America holds significant industry share owing to strong presence of major manufacturers. This can be attributed to higher penetration rate of tractors and harvesters installed with autosteering functions. Usage of drones for mapping and spraying operations will further support the regional demand.
Europe led by Germany, Italy, France, Russia and UK is estimated to witness significant growth during forecast timeframe. Shifting trends towards products with higher efficiency, reduced emissions and enhanced productivity will drive the autonomous farm equipment market growth.
Agribotix, AGCO, Harvest Automation, Mahindra, Case IH, Agrobot, John Deere, ATC, and CLAAS are among the key players for component manufacturing and service of the product. M&A of the manufacturers, depending upon the adaptation of advanced technologies is the main strategy adopted by the industry players.