Autonomous Tractor Market Projected To Grow At A CAGR Of 23.04% During 2022 To 2027

Autonomous Tractor Market Analysis (2023 - 2030)

The Autonomous Tractor Market was worth $ 0.45 billion in 2021 and is set to reach $ 4.8 billion in 2027. Over the forecast period of 2022-2027, the market is estimated to increase at a CAGR of 23.04 percent.

Autonomous tractors are self-driving tractors that rely on current technology to increase efficiency and reduce human interaction. In the farm equipment sector, autonomous vehicles are being hailed as the next big thing. They have numerous advantages, including safety, fuel efficiency, sharing, and many others. The basic premise of self-driving tractors is intended to transform the agriculture industry.

The COVID-19 pandemic hampered the market for autonomous tractors. As governments imposed tight social distance restrictions to contain the virus's spread, the number of people trained to run autonomous tractors shrank dramatically, affecting product demand. However, with the availability of vaccines and a decrease in covid cases, it is predicted that production facilities will be able to return to near-full capacity shortly, boosting demand for autonomous tractors and assisting in market growth.

Due to supply chain interruptions and the fact that production units were not fully operational during the COVID-19 epidemic, the tractor company took a significant hit, with the dealership network being the hardest hit. Production was delayed and supply was disrupted as a result of the travel restrictions, resulting in a significant drop in tractor sales in 2019-2020.

The demand for agricultural products is increasing as the global market for autonomous tractors grows. Because cultivable land is limited and farm productivity is dependent on external environmental variables, the efficiency of procedures such as tillage, seed sowing, harvesting, and fertilizing must be controlled. The use of autonomous tractors aids in the precision of a variety of farming procedures, resulting in increased farm output.Tractors can also be equipped with a variety of attachments to meet specific needs, making them more difficult to operate and prone to human mistakes. The use of self-driving tractors helps to reduce these mistakes. Furthermore, autonomous tractors maximizelabor efficiency by allowing farmers to oversee many farming tasks at the same time. Furthermore, the employment of autonomous tractors for tasks such as tillage and seed planting improves the efficiency of irrigated water.

AGCO Corporation, Autonomous Solutions, Inc., Autonomous Tractor Corporation, CNH Industrial, Deere & Company, KINZE Manufacturing, Kubota Corporation, Mahindra & Mahindra, Trimble, and Yanmar are among the key companies in the autonomous tractors market.

Key Market Insights:

• In terms of power output, the 101 HP and above sector will account for the highest share in 2021, followed by the 31-100 HP group. Due to the benefits of four-wheeled tractors such as greater soil quality management and control, and cultivating capacity at a high fuel economy, demand for medium-powered autonomous tractors is predicted to develop at a faster rate than the demand for high-powered autonomous tractors. These tractors are multifunctional and can be used on and off the field for a variety of tasks. Most farmers prefer tractors in this range because of these features.
• The market has been divided into LiDAR, radar, GPS, camera/vision system, ultrasonic sensors, and hand-held devices based on component. By 2021, the radar category is estimated to be the largest in the autonomous market. Radar sensors are capable of determining the velocity, range, and angle of moving objects in practically any weather condition. They are less expensive than LiDAR systems but more expensive than cameras, making them a better option than other components manufacturers are considering for use in autonomous tractors.
• The global market has been split into (primary and secondary), seed planting, and harvesting based on-farm application. In 2021, the tillage sector will have the highest share of the market. Tillage activities for wide acre and row crop farming are becoming increasingly autonomous as technology advances and agronomists conduct various research and development activities.
• North America held the greatest share of the market in 2021, and it is estimated to rise at a quick pace over the forecast period (2022-2027) Farmers' greater discretionary budgets, a dearth of qualified agricultural labor, and well-developed technology are predicted to be the key drivers of the autonomous tractors market's future growth in North America. Because North America is a developed region, farms are typically enormous, and customer loyalty is great. In the United States, there is a growing demand for high-powered tractors. The United States is the largest market for autonomous tractors in North America.
• The government's backing for sustainable production practices like precision farming, which incorporates the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), is increasing demand for automated technologies. As a result, the autonomous tractors market in the United States may experience considerable expansion throughout the forecast period. Furthermore, Canadian farmers are interested in the adoption of autonomous tractors because they would save time and money. As a result, this could be a good sign for market growth in the following years.

Market Segmentation:

By Type

• Autonomous tractors
• Semi-Autonomous tractors

By Component

• Sensors
• LiDAR
• Radar
• GPS
• Vision Systems
• Others

By Power Output

• Less than 30 HP
• 30-50 HP
• 51-100 HP
• More than 100 HP

By Application

• Tillage
• Harvesting
• Seed Sowing
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Others

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