The global smart tractor market was valued at US$2.226 billion in 2017 and is projected to expand at a CAGR of 25.67% over the forecast period to reach US$8.767 billion by 2023. A Smart Tractor is referred to an autonomous driverless tractor which is controlled by a remote. This offers great advantages to many farmers and farm workers across different regions. It allows the farmers to supervise while simultaneously focus on the managing other tasks. The tractor’s progress is checked via controls in a room or through a mobile tablet interface. Also, detectors which form a part of the advanced obstacle detection system or intelligent detection system can save the tractor from onsite accidents. With a weather monitoring system, farmers can be alerted on their mobile interface and thus can set the tractor to comply with the instructions best suited to their requirements.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the smart tractor value chain. Last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the smart tractor market.
Major industry players profiled as part of the report are CNH Industrial, Deere & Company, and Yanmar Co., Ltd among others.
The smart tractor market has been analyzed through following segments:
By End User
Middle East and Africa