Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of autonomous tractors positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the worldwide autonomous tractors market is set to hit US$ 13 billion by the end of 2033, expanding rapidly at 24% CAGR from 2023 to 2033.
Autonomous tractors are agricultural machines that operate without the involvement of a human inside the tractor. Autonomous tractors are equipped with modern agricultural technologies such as laser diodes, sensors, vision systems, GPS systems, and other systems, allowing them to work without the need for constant human input.
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As the world population has risen tremendously over the last few decades, there is a pressing need to enhance the effectiveness of agricultural operations to meet the world's food needs. In addition, growing urbanization has resulted in a significant drop in agricultural labor. These considerations prompted farmers to seek processes and alternatives to increase yields and productivity to fulfill demand. Moreover, since cultivable land is finite and farm productivity depends on environmental conditions, there is a growing need to improve the efficacy of agricultural activities. This, combined with farmers' expanding emphasis on increasing agricultural production, is one of the primary reasons driving the demand for autonomous tractors.
Autonomous tractors boost labor productivity by allowing farmers to handle many farming tasks at the same time. Furthermore, investments in the agricultural industry have risen as a consequence of government initiatives to enhance the sector, causing the autonomous tractor market to continue to develop in a positive direction. Moreover, the increasing use of autonomous tractors to ensure sustainable food security, backed by self-sustaining agricultural mechanization plans around the world, is driving market expansion.
Key Takeaways from Market Study
- The global autonomous tractors market is valued at US$ 1.5 billion in 2023.
- Worldwide demand for autonomous tractors is anticipated to surge at a CAGR of 24% during the forecast period (2023 to 2033).
- The market is estimated to achieve a valuation of US$ 13 billion by 2033.
- North America accounted for 38% share of the global market in 2022.
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Competitive Landscape
Key players in the autonomous tractors market are pursuing strategies such as collaborations, acquisitions, investments, R&D activities, and new developments to maintain and expand their overseas footprint. Furthermore, many start-ups operating in the global market are concentrating on developing electric autonomous tractors.
- Monarch, a U.S.-based start-up, manufactures AI-powered electric autonomous tractors. The start-up is engaged in the design and development of electric self-driving tractors for farming. The tractors are outfitted with a comprehensive camera and sensor suite that maps and tags each crop while providing real-time alerts. The vehicle has AI-powered full-body awareness, swappable batteries, and slope stability.
- Deere & Company acquired Bear Flag Robotics for US$ 250 million in August 2022. The acquisition will speed up the development and deployment of farm automation equipment. It will also assist John Deere in meeting its long-term aim of developing more creative tractors with advanced technologies to fulfill unique customer demands.
- In April 2022, Mahindra & Mahindra and Kubota joined forces in Japan to deliver products, services, and solutions to fulfill customer needs via resource sharing. Under the terms of the agreement, the companies will broaden their current field of original joint equipment manufacturing supply, concentrating on tractors, combine harvesters, rice transplanters, and implements and supporting equipment.
- Deere & Company stated in January 2022 that it had developed a completely driverless tractor for large-scale farming.
- Massey Ferguson revealed The MF NEXT, a spectacular new concept tractor, in January 2022. It is a vehicle that incorporates Massey Ferguson's DNA and aims to make tractor technology more user-friendly, accessible, and cost-efficient.
Winning Strategy
Major market players are focusing on collaborations to develop innovative solutions and acquire market share.
- AGCO and Carl Geringhoff Vertriebsgesellschaft MbH & Co. KG decided to collaborate on the distribution and development of headers for combined harvesters in 2022. Gering Hoff is a massive corporation that has played a significant role in developing harvester headers that help farmers enhance production.
- Kubota collaborated with Nvidia, a US chipmaker, in 2022. Both firms collaborated to develop fully autonomous tractors.
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Key Segments of Autonomous Tractors Industry Research
- By Type :
- Fully Autonomous Tractors
- Semi-autonomous Tractors
- By Component :
- LiDAR
- Radar
- Ultrasonic Sensors
- GPS
- By Power Output :
- Up to 30 HP
- 31 to 100 HP
- 101 HP & Above
- By Application :
- Tillage
- Seed Sowing
- Harvesting
- Other Applications
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global autonomous tractors market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (fully autonomous tractors, semi-autonomous tractors), component (LiDAR, radar, ultrasonic sensors, GPS), power output (up to 30 HP, 31 to 100 HP, 101 HP & above), and application (tillage, seed sowing, harvesting, other applications), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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