The Farm Equipment Market is projected to reach USD 135.2 billion by 2025 from USD 102.5 billion in 2018, at a CAGR of 4.04% during the forecast period.
Innovation in the field of autonomous tractors
Technological advancements in agriculture have helped farmers increase production while using less input. For instance, the introduction of autonomous tractors is considered a significant step in the future of farming. Autonomous tractors employ the same approach as driverless vehicles. These tractors use advanced GPS systems, sensors (RADAR and LiDAR), and video cameras to remotely control the functions of the tractor using a tablet or smartphone. With auto-steering abilities, these tractors also have control abilities.
Benefits offered by autonomous tractors
- Enhanced accuracy: Autonomous tractors are equipped with automatic planting systems, which ensure high accuracy while planting. This assures farmers of seed conservation and guarantees high ROI since accuracy is enhanced, minimizing the number of seeds that go into waste.
- Advanced guidance systems and sensors: Autonomous tractors have automatic steering abilities and GPS technologies that enhance the control of the tractors’ course. The sensors help in the determination of soil moisture level, activities around planting and harvesting, present yield, as well as the amount of fuel needed for a given area of land. Also, some of these tractors can guide farmers on how to apply fertilizers.
- Reduction in workload: As lack of farm labor is a major concern globally, the adoption of driverless tractors addresses the problem of labor insufficiency by reducing the number of labor needed in the farmland.
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Constant R&D efforts by agriculture equipment manufacturers to modernize the industry are expected to offer favorable opportunities for manufacturers in the Farm Equipment Market and drive the autonomous tractor segment in the coming years. Leading players such as CNH Industrial, AGCO Corporation, John Deere, and Yanmar have launched various models of autonomous tractors. This presents itself as a promising opportunity for players in the Farm Equipment Market.
Lack of safety-related regulation in developing regions
Several government regulatory authorities have proposed plans to improve the mechanization rate of farm equipment and meet the growing demand for food. Therefore, there has been an increase in government investments and subsidies to support mechanization.
The North American countries are ahead of other countries in terms of adopting mechanization in the Farm Equipment Market. This region has a trend of using larger and higher horsepower equipment. Europe has high mechanization rate as a large number of agricultural machines are employed per hectare of land. Therefore, to increase safety, various regulations have been implemented in developed regions such as Europe and North America. For instance, the European Commission (EC) mandated ABS braking systems for tractors above 60kph to reduce road accidents. Also, trailers that are attached to tractors are fitted with a braking system to avoid an accident in case of sudden stopping of the tractors. However, developing countries do not have safety regulations, which can lead to road accidents. Therefore, the lack of safety regulations related to heavy farm equipment in developing countries can lead to an increase in crash fatality rates, which will have an adverse impact on the Farm Equipment Market.
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Some of the key players in the farm equipment market are John Deere (US), AGCO Corporation (US), CNH Industrial (UK), CLAAS (Germany), Kubota (Japan), Mahindra & Mahindra (India), SPF Group (Italy), J C Bamford Excavators (UK), and Iseki (Japan). John Deere
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