The autonomous tractor market was valued at US$3.099 billion in 2018 and is projected to expand at a CAGR of 21.27% over the forecast period to reach US$9.857 billion by 2024. Autonomous tractors are driverless tractors used which use advanced sensors and systems for the operating purpose. The demand for autonomous tractors is expected to increase on account of improvement in overall productivity and the trend towards adoption of modern farming techniques. Further, the rising demand to increase the efficiency and effectiveness of the farmland is expected to boost the market for autonomous tractors in the coming years. In addition, favorable government conditions regarding development of the agricultural sector is anticipated to fuel the market. Furthermore, rising population has prompted increased demand for food which in turn has emphasized the focus on increasing the yield which is further anticipated to bolster the Autonomous Tractor industry.
Moreover, growing number of products launches along with technological advancements is estimated to widen up the growth opportunities for the market in next five years. However high initial cost associated with autonomous tractors is expected to restrict the growing demand for autonomous tractors. The market has been segmented by component, power type, application, and geography. Geographically, the North America is estimated to hold a significant share in the market owing to the early adoption along with the rising research and development activities.
Rising adoption of automation in agricultural sector.
Supportive government initiatives.
High capital investment.
In June 2018, Yanmar Co. Ltd. Launched its new autonomous tractors with labour saving ICT.
The major players profiled in the Autonomous Tractor market include Yanmar Co. Ltd., AGCO Corporation, Deere & Company, Trimble Inc., Autonomous Tractor Corporation, Mahindra & Mahindra Ltd., Ag Leader Technology, CNH Industrial N.V., Kubota Corporation, and Alamo Group Inc.
The Autonomous Tractor market has been analyzed through the following segments:
By Power Output
Upto 30 Hp
100 Hp and above
Middle East and Africa