The autonomous tractor market is projected to grow at a CAGR of 13.14% between 2025 to 2030.
Autonomous tractors are driverless tractors used which use advanced sensors and systems for operating purposes. The demand for autonomous tractors is expected to increase on account of improvement in overall productivity and the trend towards the adoption of modern farming techniques. Further, the rising demand to increase the efficiency and effectiveness of farmland is expected to boost the market for autonomous tractors in the coming years. In addition, favorable government conditions regarding the development of the agricultural sector are anticipated to fuel the market. Furthermore, the 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, a growing number of product launches along with technological advancements is estimated to widen up the growth opportunities for the market in the next five years. However, the high initial cost associated with autonomous tractors is expected to restrict the growing demand for autonomous tractors. The market has been segmented on the basis of components, power type, application, and geography. Geographically, North America is estimated to hold a significant share of the market owing to the early adoption along with the rising research and development activities.
DRIVERS
Rising adoption of automation in the agricultural sector.
Supportive government initiatives.
RESTRAINTS
High capital investment.
INDUSTRY UPDATES
In June 2018, Yanmar Co. Ltd. Launched its new autonomous tractors with labor-saving ICT.
The major players profiled in the Autonomous Tractor market include Yanmar Co. Ltd.[1], 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.
Segmentation
The autonomous tractor market has been analyzed through the following segments: