Coherent Market Insights

Autonomous Tractor Market To Be Valued at US$ 5278.51 Mn By 2030

Autonomous Tractor Market To Be Valued at US$ 5278.51 Mn By 2030 - Coherent Market Insights

Publish In: Sep 19, 2022

Autonomous tractors are driverless tractors which utilize new technology to offer huge efficacy and optimize human intervention.  Autonomous automotive are touted as the next big thing in the farm equipment industry.  They come with many advantages such as safety, fuel efficacy, sharing, and many others. The very concept of autonomous tractors is modified to revolutionize the agricultural industry.

Market Statistics:

The global Autonomous Tractors Market is estimated to account for US$ 977.1 Mn in terms of value by the end of 2022.

Global Autonomous Tractors Market: Drivers

The United States has been advocating an acute shortage of farm laborers. A study by the California Farm Bureau exposed that above 40% of the farmers faced a consistent labor absence in several farm operations in the state in the past five years. It led to an augmented acquirement rate of modern technologies such as autonomous tractors to guarantee better management of farm resources. As per the World Bank's database, the service in agriculture out of the total work fell drastically from 29.43% in 2014 to 26.75% in 2019. 

 Global Autonomous Tractors Market: Opportunities

Autonomous tractors fortified with remote sensor developments for crop plants or soil are probably going to build the volume of data on developing conditions available to farmers. Internet-enabled gadgets can ensure to gather of sensor data and make crop practice suggestions increasingly in farmers’ fields.

Global Autonomous Tractors Market: Restraints

The execution of such machineries seems to be huge only in few countries in regions, like Europe, where few policy events and economic conditions have forced its agriculture sector to acquire innovative technologies. Some farmers advocate problems in understanding the procedure to utilize autonomous tractors, agricultural data handling, and its usage in decision-making, which is projected to hinder the growth of the global autonomous tractors market.

Global Autonomous Tractors Market - Impact of Coronavirus (Covid-19) Pandemic

Various regions and companies are putting in place actions and prioritizing smart farming technologies to help farmers better regulate their farming actions, in particular, the timing of planting and harvesting and mitigating the loss of high-value commodities.

To know the latest trends and insights prevalent in the Global Autonomous Tractors Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/autonomous-tractor-market-5226

Key Takeaways:

The global Autonomous Tractors market was valued at US$ 818.4 Mn in 2021 and is forecast to reach a value of US$5278.51 Mn by 2030 at a CAGR of 23.5% between 2021 and 2030.

Semi automated segment held dominant position in the global  Autonomous Tractors market in 2021, accounting for 66.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Autonomous Tractors Market Trends:

Because of the decreasing agricultural labor, the prices of farm labor are increasing. The price of farm labor directly associates to the percentage of the whole population of a country used in agriculture, regarding simple demand-supply economics, hence impacting the agricultural tractors market. On average, developing economies have huge percentages of the populace based on agriculture. Anyhow, the percentages have reduced during time as many people are shifting to urban areas annually. As per the World Bank's database, agricultural employment out of total employment fell drastically from 29.43% in 2014 to 26.75% in 2019 worldwide.

As mechanically assisted agriculture necessities skilled labor, of which there is a critical shortage, farmers are acquiring machineries such as autonomous tractors that can be productive, regarding the present challenge. This situation is one of the main reasons that fuel the market forward. As per the Indian Council of Food and Agriculture, the percentage of agriculture workers in India is evaluated to decrease by 25.7% in 2050. As agriculture necessity skilled laborers that are at an acute absence of accessibility, farmers are acquiring technologies such as autonomous tractors that can be productive, regarding the current challenge. This scenario is one of the major factors that drive the market of autonomous tractor.​.

Global Autonomous Tractors Market: Competitive Landscape   

Major players in the global 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.

Global Autonomous Tractors Market: Recent Developments

In June 2017, Kubota approved a brand-new autonomous tractor that conducts unmanned operations, equipped with Artificial Intelligence technology in the banner of “AgriROBO” in June 2017.  This  invention  of  the  company gained  an effective  response  from  the  farmers  and  other end users.

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