Global Autonomous Tractors Market 2023-2029: Industry Giants Leading the Way: KUBOTA, CNH Industrial, and Deere Shaping the Market - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Autonomous Tractors Market Size, Share & Industry Trends Analysis Report By Crop Type (Fruits & Vegetables, Oilseeds & Pulses, and Cereals & Grains), By Component, By Farm Application, By Power Output, By Regional Outlook and Forecast, 2023-2029" report has been added to ResearchAndMarkets.com's offering.

The global autonomous tractors market is projected to reach a valuation of $4 billion by 2029, experiencing a remarkable compound annual growth rate (CAGR) of 20.0% during the forecast period.

Autonomous tractors represent a revolutionary form of agricultural machinery capable of operation without human intervention. Powered by cutting-edge technology like vision systems, GPS, and sensors, these tractors can execute tasks autonomously, contributing to increased efficiency and reduced manual labor in farming operations.

Driving Factors

• Rising Agricultural Demand: The demand for agricultural yields is propelling the market for autonomous tractors. As cultivable land is limited and crop productivity is influenced by external environmental conditions, the need for effective management of farming activities such as tillage, seed sowing, harvesting, and fertilizing is paramount. Autonomous tractors with their precision and efficiency offer a solution to improve various farming processes and enhance overall output.

• Labor Shortages: An increasing scarcity of farm labor, coupled with the cost-effectiveness of autonomous tractors, is driving their adoption. Advanced technologies like autonomous tractors enable farmers to manage multiple tasks simultaneously and optimize labor usage. This becomes particularly important as traditional manual labor in agriculture faces challenges.

• Government Initiatives: Various governments worldwide are introducing initiatives to support farmers. Subsidies and credits for farm mechanization and agricultural equipment encourage farmers to adopt autonomous technology, boosting the growth of the market.

Market Growth Factors

• Advanced Mechanization: The modernization of the agriculture sector is leading to a decline in the number of farm laborers. Autonomous tractors offer an effective solution to replace manual labor and provide more efficient and accessible agricultural operations, thus driving market expansion.

Challenges

• Data Collection Complexity: Despite the benefits of autonomous technology, challenges exist in collecting and analyzing meaningful data from crops. Data by themselves are useless, and producing meaningful insights requires significant effort and time.

Market Segmentation

• Power Output: Autonomous tractors are categorized based on power output into up to 30 HP, 31-100 HP, and 101 HP & above.

• Component: The market is segmented by components, including LiDAR, radar, GPS, camera/vision systems, ultrasonic sensors, and hand-held devices.

• Crop Type: Autonomous tractors are employed for different crop types, such as cereals & grains, oilseeds & pulses, and fruit & vegetables.

• Farm Application: The market is divided based on farm applications like tillage (primary & secondary), seed sowing, harvesting, and others.

• Regional Outlook: The global market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America leads the market due to its well-established agriculture sector and adoption of advanced farming technologies.

Key Players

Major players in the autonomous tractors market include KUBOTA Corporation, CNH Industrial N.V., Deere & Company, AGCO Corporation, Mahindra & Mahindra Limited, Kinze Manufacturing, Inc., Alamo Group Inc., Yanmar Holdings Co., Ltd., Trimble, Inc., and Autonomous Tractor Corporation.

For more information about this report visit https://www.researchandmarkets.com/r/7lwite

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.