They offer several advantages over conventional tractors such as reduced time, fuel consumption and increased yield. With increasing adoption of precision agriculture and integration of latest technologies, autonomous tractors are gaining prominence in the agriculture industry.
The global Autonomous Tractor Market is estimated to be valued at US$ 1248.24 Mn in 2023 and is expected to exhibit a CAGR of 23. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements is one of the key trends driving the growth of the autonomous tractor market. Key players in the market are focusing on developing more advanced autonomous tractors integrated with latest technologies such as AI, IoT, telematics and advanced algorithms for obstacle avoidance, path planning and precision farming. For instance, Mahindra and Mahindra launched its autonomous tractor 'TRAECTOR' integrated with technologies such as machine vision, AI, advanced algorithms and sensors for location accuracy within 2.5 cm. Such continuous innovations are expected to enhance the functionality and productivity of autonomous tractors, thereby increasing their adoption among farmers worldwide.
Segment Analysis
The Global Autonomous Tractor Market Size is dominated by the semi-autonomous tractor segment currently accounting for over 65% share. Semi-autonomous tractors allow plowing, seeding, and harvesting of fields with minimal human intervention. They are equipped with advanced GPS, sensors and software that assist the driver for various agriculture operations. As initial costs are lower compared to fully autonomous tractors, most farmers prefer adopting semi-autonomous tractors presently.
Key Takeaways
The global autonomous tractor market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 1248.24 Mn in 2023 to over US$ 5630 Mn by 2030, expanding at a rapid CAGR of 23%.
Regional analysis: North America currently dominates the autonomous tractor market contributing over 35% share. Advance agricultural practices and early adoption of new technologies have propelled the market in the region. However, Asia Pacific is emerging as the fastest growing market and will witness a CAGR of around 26% during the forecast period. Increasing mechanization of agriculture in major countries like China and India is driving the growth of autonomous tractors in Asia Pacific.
Key players: Key players operating in the autonomous tractor market are AGCO Corporation, Deere & Company, Mahindra and Mahindra Ltd, Autonomous Tractor Corporation, CNH Industrial, Kubota Corporation, Dutch Power Company (Alamo Group), Yanmar Co. Ltd, Zimeno Inc DBA Monarch Tractor, AutoNext Automation. AGCO Corporation and Deere & Company currently lead the market with their wide range of automated and autonomous tractors. New product launches and expansion of distribution networks are key strategies being adopted by leading players.
For More Insights, Read- https://www.newsstatix.com/autonomous-tractor-market-size-share-analysis-2023-2030/
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