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“The autonomous tractors market is projected to grow at a CAGR of 24.89%.”
The autonomous tractors market is projected to witness demand for 12,508 units in 2019 and 60,901 units by 2025, at a CAGR of 24.89%. The market is primarily driven by factors such as improved efficiency and productivity of crop yield offered by these tractors and growth in initiatives by governments for the adoption of new technologies. The increase in the average age of farmers in developed countries and decline in the availability of labor are also the major factors driving the demand for autonomous tractors in the near future.
Factors such as high initial capital investment and lack of technical knowledge among farmers act as a major restraint for the growth of the autonomous tractors market.
“The up to 30 HP segment is projected to grow at the highest rate during the forecast period.”
The up to 30 HP segment is projected to grow at the highest CAGR among other power output ranges. The increase in narrow gaps between rows in farming will drive the demand for low HP tractors in the forecast period.
“GPS segment is projected to be the fastest-growing during the forecast period.”
Based on component, the market for GPS is projected to be the fastest-growing during the forecast period. The high accuracy of GPS which allows autonomous tractors to create farm maps with precise acreage for field areas, road locations, and distances between points of interest is the major factor driving the market.
“On the basis of farm application, tillage is projected to form the largest market during the forecast period.”
Based on farm applications of autonomous tractors, tillage is projected to form the largest segment. Tillage refers to the preparation of land for growing various types of crops. With the advancements in technology and various research & development activities by agronomists, tillage activities are increasingly being made autonomous for broad acre and row crop farming.
“Europe is projected to register the highest growth rate during the forecast period.”
Europe is projected to be the fastest-growing market over the forecast period years. The high-income level of European farmers is an important driver for farmers opting for heavy and expensive machinery such as autonomous tractors. Highly efficient innovations, coupled with continuous improvement in agricultural technologies may boost the demand for autonomous tractors in the region.
Break-up of Primaries:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: Manager-level – 60%, C-level – 15%, and Others – 25%
- By Region: Americas – 20%, Europe –30%, Asia Pacific – 40%, and RoW – 10%
The key players profiled in this report are as follows:
• AGCO (US)
• CNH (UK)
• MAHINDRA & MAHINDRA (India)
• DEERE (US)
• KUBOTA CORPORATION (Japan)
• YANMAR (Japan)
• AUTONOMOUS TRACTOR CORPORATION (US)
• TRIMBLE (US)
• AGJUNCTION (US)
• RAVEN INDUSTRIES (US)
• AG LEADER TECHNOLOGY (US)
• DUTCH POWER COMPANY (Netherlands)
The report segments the autonomous tractors market on the basis of power output, component, crop type, farm application, and region. In terms of insights, this research report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles, which together comprise and discuss the basic views on the emerging & high-growth segments of the autonomous tractors market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
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