The global autonomous farm equipment market is expected to post a CAGR of close to 15% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global autonomous farm equipment market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing labor shortage in agriculture. The US Bureau of Labor Statistics has projected a steep decline in the number of people getting employed in salaried agricultural jobs in the US. With increasing urbanization, more people migrate to urban areas to seek employment. Furthermore, the labor shortage in agriculture has led to a scarcity of skilled personnel such as drivers in farms. For instance, New Zealand faced a shortage of tractor drivers, especially in the horticultural sector, during the harvesting season in 2018. These drivers also face the risk of hearing impairment due to exposure to higher noise levels from tractor engines. As these laborers find jobs elsewhere with better wages, the demand for autonomous technology in farm equipment is expected to increase.
This market research report on the global autonomous farm equipment market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the R&D efforts towards fully autonomous farm equipment as one of the key emerging trends in the global autonomous farm equipment market:
Global autonomous farm equipment market: R&D efforts towards fully autonomous farm equipment
Fully autonomous tractors are in the developmental stage. Many vendors have announced the concept models, while the production is still underway. Development of fully automated farm equipment such as tractors is under research by major companies such as Deere & Company, CNH Industrial, and Mahindra & Mahindra and startups such as Bear Flag Robotics. CNH Industrial developed its Case IH magnum model of autonomous tractors, in which there is no cabin for the driver. Besides single autonomous farm equipment, research also aims to achieve fully automated farm operations. A project called Hands-Free Hectare by Harper Adams University was successful in operating a combine harvester and a tractor without human drivers in 2017. These factors drive the market.
“Along with R&D efforts, some other factors boosting the growth of the global autonomous farm equipment market are the increasing government support for developing autonomous farm technology and the growth of automated urban farms,” says a senior analyst at Technavio for research on agricultural equipment.
Global autonomous farm equipment market: Segmentation analysis
This market research report segments the global autonomous farm equipment market by product (tractor, harvester, and UAVs) and geographical regions (APAC, EMEA, and the Americas).
The tractor segment led the market in 2018 with a market share of more than 64%, followed by harvester and UAVs respectively. However, during the forecast period, the UAV segment is expected to register the highest incremental growth, followed by the harvesters segment.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181212005513/en/
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