Autonomous Tractor Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Component (Sensors, Cameras, GPS, LiDAR, and Others), By Power Output (Up to 30 Hp, 30-100 Hp, and 100 Hp and above), By Application (Harvesting, Tillage, Seed Sowing, and Others), And By Geography - Forecasts From 2019 to 2024
- Published : May 2021
- Report Code : KSI061612718
- Pages : 102
The autonomous tractor market is projected to grow at a CAGR of 12.16% during the forecast period, reaching a total market size of US$398.92 million in 2024 from US$185 million in 2018. Autonomous tractors are driverless tractors used which use advanced sensors and systems for operating purposes. The demand for autonomous tractors is expected to increase on account of improvement in overall productivity and the trend towards the adoption of modern farming techniques. Further, the rising demand to increase the efficiency and effectiveness of farmland is expected to boost the market for autonomous tractors in the coming years. In addition, favorable government conditions regarding the development of the agricultural sector are anticipated to fuel the market. Furthermore, the rising population has prompted increased demand for food which in turn has emphasized the focus on increasing the yield which is further anticipated to bolster the autonomous tractor industry. Moreover, a growing number of product launches along with technological advancements is estimated to widen up the growth opportunities for the market in the next five years. However, the high initial cost associated with autonomous tractors is expected to restrict the growing demand for autonomous tractors. The market has been segmented on the basis of components, power type, application, and geography. Geographically, North America is estimated to hold a significant share of the market owing to the early adoption along with the rising research and development activities.
DRIVERS
Rising adoption of automation in the agricultural sector.
Supportive government initiatives.
RESTRAINTS
High capital investment.
INDUSTRY UPDATES
In June 2018, Yanmar Co. Ltd. Launched its new autonomous tractors with labor-saving ICT.
The major players profiled in the Autonomous Tractor market include Yanmar Co. Ltd., AGCO Corporation, Deere & Company, Trimble Inc., Autonomous Tractor Corporation, Mahindra & Mahindra Ltd., Ag Leader Technology, CNH Industrial N.V., Kubota Corporation, and Alamo Group Inc.
Autonomous Tractor Market Scope:
| Report Metric | Details |
| Market size value in 2018 | US$185 million |
| Market size value in 2024 | US$398.92 million |
| Growth Rate | CAGR of 12.16% from 2018 to 2024 |
| Base year | 2018 |
| Forecast period | 2019–2024 |
| Forecast Unit (Value) | USD Million |
| Segments covered | Component, Power Output, Application, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Yanmar Co. Ltd., AGCO Corporation, Deere & Company, Trimble Inc., Autonomous Tractor Corporation, Mahindra & Mahindra Ltd., Ag Leader Technology, CNH Industrial N.V., Kubota Corporation, Alamo Group Inc. |
| Customization scope | Free report customization with purchase |
Segmentation
The autonomous tractor market has been analyzed through the following segments:
- By Component
- Sensors
- Cameras
- GPS
- LiDAR
- Others
- By Power Output
- Upto 30 Hp
- 30-100 Hp
- 100 Hp and above
- By Application
- Harvesting
- Tillage
- Seed Sowing
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
- North America
Frequently Asked Questions (FAQs)
Autonomous Tractor Market is projected to reach a market size of US$398.92 million in 2024.
The autonomous tractor market is projected to grow at a CAGR of 12.16% during the forecast period.
The global autonomous tractor market was valued at US$185 million in 2018.
Geographically, North America is estimated to hold a significant share of the autonomous tractor market owing to the early adoption along with the rising research and development activities.
The demand for autonomous tractors is expected to increase on account of improvement in overall productivity and the trend towards the adoption of modern farming techniques.
Yanmar Co. Ltd.
AGCO Corporation
Deere & Company
Autonomous Tractor Corporation
Mahindra & Mahindra Ltd.
Ag Leader Technology
CNH Industrial N.V.
Kubota Corporation
Alamo Group Inc.
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