Pune, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The global Autonomous Tractors Market Size was USD 1007.01 million in 2021 and is expected to register a robust revenue CAGR of 13.23% during the forecast period. Key factors such as rapidly expanding agricultural sector, rising automation in farms, farm labor shortage, and increasing awareness about importance of autonomous tractors are expected to drive global market revenue growth during the forecast period.
An autonomous tractor is a piece of self-driving farm equipment to maximize efficiency and automatically operates without the requirement of human presence inside the tractor. These tractors are equipped with GPS systems, sensors, vision systems, and other advanced technologies. These tractors use advanced technologies to perform farm activities such as ploughing, tilling, sowing, and harrowing and offer numerous advantages such as safety, more productivity, and better fuel efficiency. These tractors are widely gaining traction owing to increasing global population, rising demand for high-quality crops, fruits, and vegetables, shortage of farm labor, and rapidly decreasing arable land.
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Factors such as rising adoption of modern agricultural techniques, shortage of farm laborers government initiatives to support farmers, and increasing investments in developing autonomous tractors are expected to drive global market revenue growth going ahead.
However, factors such as high initial investments, lack of awareness and technical knowledge about autonomous tractors among farmers in developing economies, and budget constraints to deploy advanced equipment are expected to hamper overall market growth during the forecast period.
List of Key Companies Operating in the Autonomous Tractors Market:
- AGCO
- Kinze Manufacturing
- New Holland
- Yanmar
- Case IH
- John Deere
- Kubota
- Mahindra and Mahindra
Autonomous Tractors Industry Recent Developments:
- In January 2021, Monarch Tractor announced the launch of fully electric, driver optional, smart tractor that can perform pre-programmed tasks equipped with Monarch’s interactive automation features such as gesture and shadow modes
- In January 2022, John Deere announced the launch of a fully autonomous tractor equipped with TruSet-enabled chisel plow, GPS guidance systems along with advanced technologies. The tractor is expected to reach the market in the next year.
Radar Segment To Register Rapid Revenue CAGR:
The radar segment is expected to register rapid revenue CAGR between 2021 and 2028. This can be attributed to growing adoption of autonomous tractors in many parts of the globe, rapid advancements in radar technology, high preference for radar sensors for precise distance control, and usage of tractors regardless of the time of day and weather conditions
Tillage Segment to Account for Largest Revenue Share:
The tillage segment is expected to account for largest revenue share over the forecast period owing to increasing need for crops and food to cater to rising global population, rising automation in farms, and high usage of autonomous tractors for broad acre and row crop farming.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share during the forecast period owing to increasing disposable incomes of farmers, large farmlands, growing adoption of well-developed technologies, rising automation in the agriculture sector, and presence of leading manufacturers. In addition, increasing awareness about benefits of autonomous tractors and rising investments in developing advanced tractors and farm equipment are expected to boost North America market growth during the forecast period.
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The global autonomous tractors market has been segmented based on type, application, and region:
Market Segment by Type:
- LiDAR
- Radar
- GPS
- Camera/Vision Systems
- Ultrasonic Sensors
- Hand-Held Devices
Market Segment by Application:
- Tillage
- Seed Sowing
- Harvesting
- Others
Autonomous Tractors Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
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Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global autonomous tractors market?
- What is the expected market size of the global autonomous tractors market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Table of Content:
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Autonomous Tractors
1.2 Key Market Segments
1.2.1 Autonomous Tractors Segment by Type
1.2.2 Autonomous Tractors Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Autonomous Tractors Market Overview
2.1 Global Market Overview
2.1.1 Global Autonomous Tractors Market Size (M USD) Estimates and Forecasts (2018-2028)
2.1.2 Global Autonomous Tractors Sales Estimates and Forecasts (2018-2028)
2.2 Market Segment Executive Summary
2.3 Global Market Size by Region
3 Autonomous Tractors Market Competitive Landscape
3.1 Global Autonomous Tractors Sales by Manufacturers (2018-2023)
3.2 Global Autonomous Tractors Revenue Market Share by Manufacturers (2018-2023)
3.3 Autonomous Tractors Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4 Global Autonomous Tractors Average Price by Manufacturers (2018-2023)
3.5 Manufacturers Autonomous Tractors Sales Sites, Area Served, Product Type
3.6 Autonomous Tractors Market Competitive Situation and Trends
3.6.1 Autonomous Tractors Market Concentration Rate
3.6.2 Global 5 and 10 Largest Autonomous Tractors Players Market Share by Revenue
3.6.3 Mergers & Acquisitions, Expansion
4 Autonomous Tractors Industry Chain Analysis
4.1 Autonomous Tractors Industry Chain Analysis
4.2 Market Overview and Market Concentration Analysis of Key Raw Materials
4.3 Midstream Market Analysis
4.4 Downstream Customer Analysis
5 The Development and Dynamics of Autonomous Tractors Market
5.1 Key Development Trends
5.2 Driving Factors
5.3 Market Challenges
5.4 Market Restraints
5.5 Industry News
5.5.1 New Product Developments
5.5.2 Mergers & Acquisitions
5.5.3 Expansions
5.5.4 Collaboration/Supply Contracts
5.6 Industry Policies
6 Autonomous Tractors Market Segmentation by Type
6.1 Evaluation Matrix of Segment Market Development Potential (Type)
6.2 Global Autonomous Tractors Sales Market Share by Type (2018-2023)
6.3 Global Autonomous Tractors Market Size Market Share by Type (2018-2023)
6.4 Global Autonomous Tractors Price by Type (2018-2023)
7 Autonomous Tractors Market Segmentation by Application
7.1 Evaluation Matrix of Segment Market Development Potential (Application)
7.2 Global Autonomous Tractors Market Sales by Application (2018-2023)
7.3 Global Autonomous Tractors Market Size (M USD) by Application (2018-2023)
7.4 Global Autonomous Tractors Sales Growth Rate by Application (2018-2023)
8 Autonomous Tractors Market Segmentation by Region
8.1 Global Autonomous Tractors Sales by Region
8.1.1 Global Autonomous Tractors Sales by Region
8.1.2 Global Autonomous Tractors Sales Market Share by Region
To be Contitnued....
Key Reasons to Purchase:
- Estimates 2023 to 2028 autonomous tractors market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the autonomous tractors market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global Autonomous Tractors market
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