Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Autonomous Tractors Market Report (2023-2028)," the market is estimated at USD 1 billion in 2023. It is expected to register a CAGR of 26.10% during the forecast period.
Autonomous tractors use GPS, sensors, and other devices for agricultural tasks and can be fully automated or semi-automated with remote control. The rising costs of farm labor are driving the adoption of agricultural mechanization. Semi-autonomous tractors are more viable for developing countries because they are more affordable and allow the intervention of farmers when needed.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1 billion |
| Market Size (2028) | USD 3.29 billion |
| CAGR (2023-2028) | 26.10% |
| Study Period | 2018-2028 |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The rising cost of farm labor. |
| Safety and practicality of autonomous tractors. |
Who are the Top Companies in the Global Autonomous Tractors Market?
The autonomous tractor market is dominated by a few key players who are actively introducing new products worldwide. As the market is relatively new, it is consolidated. Autonomous tractor companies engage in strategic activities like developing new products, expanding their operations, partnerships, and acquiring other businesses.
The significant players in the global autonomous tractors market with the majority market share in 2023 are:
- AGCO
- John Deere
- Mahindra and Mahindra Ltd
- Autonomous Tractor Corporation
- CNH Industrial
- Kubota Corporation
- Dutch Power Company
- Yanmar Co. Ltd
- Zimeno Inc. (DBA Monarch Tractor)
- AutoNext Automation
Other Reports That Might Be of Your Interest:
- Europe Agricultural Tractors Market Report - The European agricultural tractors market size is estimated at USD 14.75 billion in 2023. It is expected to reach USD 18.74 billion by 2028, registering a CAGR of 4.90% during the period 2023-2028.
- Southeast Asia Agricultural Tractors Market Report - The Southeast Asia agricultural market is projected to register a CAGR of 4.9% over the next five years.
Key Highlights from the Global Autonomous Tractors Market Report:
Decreasing Labor Force and Arable Land
- Developing economies, where a larger percentage of the population depends on agriculture, are experiencing a decline in agricultural employment as people migrate to urban areas.
- The shortage of skilled labor in agriculture is driving the adoption of technologies like autonomous tractors as farmers seek productive solutions to overcome the labor challenges they face.
Faster Growth in North America with Government Support
- North America leads the autonomous tractors market and is expected to continue growing due to higher farmer incomes, limited trained labor, and advanced technology.
- The United States has large farms and government support for sustainable production techniques, indicating positive growth in the coming years.
- Canadian farmers are also keen on adopting autonomous tractors to save time and operating costs.
What are the Latest Developments in the Global Autonomous Tractors Market?
- In January 2022, Deere & Co. developed a fully autonomous tractor designed for large-scale farming.
- In March 2021, CNH Industrial completed a minority investment in Monarch Tractor, a US-based agriculture technology company.
Mordor Intelligence has Segmented the Global Autonomous Tractors Market Based on Horsepower, Type of Automation, and Geography.
- Horsepower (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Up to 30 HP
- 31 HP to 100 HP
- Above 100 HP
- Automation (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Fully Automated
- Semi-automated
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Spain
- France
- Russia
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Africa
- South Africa
- Rest of Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Autonomous Tractors Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Turkey Agricultural Tractor Market Report - The Turkish agricultural tractor market is projected to register a CAGR of 6.1% over the next five years.
- United States Agricultural Tractor Machinery Market Report - The US agricultural tractor machinery market is set to grow at a CAGR of 3.8% in the next five years.
- India Agricultural Machinery Market Report - The Indian agricultural machinery market is projected to record a CAGR of 4.9% during the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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