Growth in mechanization trend in the agriculture industry to propel the Autonomous Tractors Market growth during the evaluation period

The research report " Autonomous Tractors Market by Component (Sensor, GPS, Vision System, and Others), Automation (Fully Automated and Semi-Automated) and Application (Tillage, Harvesting, Irrigation, Seed Sowing, Spraying, and Fertilizing) and Geography – Global/Region/Country Forecast to 2027", The Autonomous Tractors Market was valued at $648.9 million in 2016 and is anticipated to grow at $ 4,389.8 million by 2026 witnessing a CAGR of 24.0%.

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Autonomous Tractors - The primary power source for driving agricultural machinery

Autonomous tractor makes use of advanced technological components like machine vision system, sensors for performing different agricultural activities. It is a driverless farming machine. Farmers are hugely opting for agricultural mechanization as a great alternative for manual labor with easily available and effective means of agricultural operation. This driverless tractor makes use of numerous components such as laser diodes, GPS, sensors and a few other devices for agricultural tasks. Autonomous tractor is managed through remote control from a distance. These tractors operate without any human intervention. Major factors that uplift the autonomous market are development in initiatives taken by government to opt for new technologies, unavailability of labor in developed countries and high productivity of crop yield provided by the use of these tractors. These tractors increase the productivity and accuracy in the manufacturing process, which consequently provide huge profits on investments. Another great benefit of using such driverless tractors is farmers are able to perform their tasks at any time during the day as per their convenience. Auto-steering features help farmers in farming with more reliability and consequently driving the market growth.

North America Region Dominates the Global Autonomous Tractors Market

The autonomous tractors market is divided on the basis of application, component and region. The market is classified into vision system, sensor and GPS based on component. The market is segmented into harvesting, seed sowing, fertilizing and spraying based on application. The market is analyzed on the basis of regions such as Europe, Asia Pacific, LAMEA and North America. In 2020, North America accounted for largest revenue share in global autonomous tractors market which accounted for US$ 279.4 Mn and is anticipated to grow with 25.13% CAGR over the forecast years owing to lack of trained farm labor, and well-developed technology are the primary reasons for the future expansion of the North American autonomous tractors market. There are several crucial reasons that drive the autonomous tractors market growth such as well-developed technology, high disposable incomes of farmers and lack of skilled farm labor. The farm sizes are generally big and customers are loyal in North America being a developed region. There is growing demand for high-powered tractors in the U.S. The U.S covered the biggest autonomous tractors market share in North America.

Evaluation of the strategies adopted by key players

Growing demand for advanced technological tractors will bring a number of opportunities for industry players in the market. Furthermore, increasing use of drones in autonomous tractors offers profitable business opportunities in upcoming years. A few prominent key players to mention are AGCO Corporation, Autonomous Tractor Corporation, Deere & Company, Mahindra and Mahindra, Trimble, Yanmar, Kubota Corporation and Kinze Manufacturing.

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