Digital Agriculture is fastest growing segment fueling the growth of Autonomous Tractor Market

 

Autonomous Tractor Market

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 Overview:

Autonomous tractors are used in farms to perform agricultural functions without human supervision. They have advantages like increase in productivity, saving of labor costs and reduction in safety hazards. With the rising demand of food supply and shortage of labor in agriculture industry, autonomous tractors are gaining traction.

 

Market key trends:

One of the key trend in the autonomous tractor market is the integration of advanced technologies like IoT, AI, robots and machine vision systems. This is enabling tractors to collect field data, analyze soil and crop conditions and make optimized decisions. For example, tractors can identify weed and selectively spray herbicides only in infested areas. This is improving farming efficiencies and sustainability. Data collection is also helping in yield optimization and reducing input costs for farmers.

Segment Analysis

 

The autonomous tractor market is segmented by automation level into driverless tractors and driver-assisted tractors. The driver-assisted tractors segment dominates the market, accounting for around 80% share in 2023. This is because driver-assisted tractors provide semi-autonomy and safety features while still allowing the farmer to monitor and intervene if needed. However, the driverless tractors segment is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of fully autonomous equipment.

 

Key Takeaways

 

The Global Autonomous Tractor Market Size is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing labor shortages in the agriculture industry.

 

Regional analysis

 

North America dominates the autonomous tractor market with over 30% share globally. This is due to high technology adoption and increasing focus on farm labor optimization in the US and Canada. Europe follows with around 25% share attributed to large expansions in farmland and government support for precision agriculture in countries like Germany, France and UK. Asia Pacific is expected to witness the fastest growth during the forecast period led by China and India due to growing mechanization and increasing farm sizes.

 

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 collectively hold over 30% share globally due to their product depth and global presence across major markets.

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https://www.dailyprbulletin.com/autonomous-tractor-market-size-share-growth-outlook-2023/


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