Global Autonomous Tractor Market is projected to reach the value of $6.54 billion by 2030

According to the research report published by Virtue Market Research, the Global Autonomous Tractor Market was valued at $1.17 billion in 2022 and is projected to reach a market capitalization of $ 6.54 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 22.4% owing to an increase in loan waiver schemes introduced by various government across the globe.

Farm loan waiver programs encourage farmers to purchase farm equipment. Several governments throughout the world have implemented various programs to help farmers pay off their debts and boost agricultural automation. Farm equipment, such as tractors and harvesters, are expensive, making it difficult for farmers with minimal finances to acquire this equipment. Subsidies from the government are crucial in a country's agricultural sector. For example, the Farm Service Agency (FSA) in the United States and the Rashtriya Krishi Vikas Yojana in India both give subsidies to farmers. The strategy intends to expand the agriculture sector while taking agro-climatic, natural resource, and technical considerations into account.

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The worldwide autonomous tractor industry is estimated to expand rapidly in the next few years. Farm labor prices are growing as agricultural labor becomes rare. This circumstance is one of the most important driver for the market growth. Farmers are embracing technology such as autonomous tractors that can be productive in light of the current situation since technologically aided agriculture requires trained personnel. Because of land fragmentation, the number of landholdings has increased, increasing the demand for a range of tractors, including autonomous tractors appropriate for diverse farming techniques such as tillage, planting and transplanting, and crop harvesting. Because of its capacity to navigate and auto-steer autonomous tractors for extended periods, the GPS component sector is predicted to provide the highest contribution to the total autonomous tractor market. The world economy was harmed by the COVID-19 epidemic. The lockdowns and quarantines implemented to stop the virus's spread had a significant impact on numerous industries, including agriculture. Interruptions in the industry's value chain resulted in limitations on labor travel, the closure of equipment production facilities, and farmer unwillingness to purchase expensive equipment owing to market uncertainty.

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Segmentation Analysis:
The Global Autonomous Tractor Market segmentation includes:

By Power Output: Up to 30Hp, 31-50Hp, 51-100Hp, more than 100Hp

The power output category of more than 100 HP will have the biggest proportion, followed by the 31-50 HP power output segment. Medium-powered 51-100 HP tractors are predicted to expand at a faster rate than high-powered autonomous tractors, owing to the benefits of four-wheeled tractors such as improved soil quality management and control, and cultivation capacity at high fuel efficiency. These tractors are flexible and may be used for a variety of tasks both on and off the field. Because of these considerations, most farmers prefer tractors in this price range.

By Component: LiDAR, Radar, GPS, Camera/Vision System, Ultrasonic sensors, Hand-held device, Others

The radar category is projected to be the largest in the autonomous tractor market. Radar sensors can identify the velocity, range, and angle of moving objects and can operate in practically any weather. They are less expensive than LiDAR systems but more expensive than cameras, making them a better alternative than other components examined by manufacturers for inclusion in autonomous tractors.

By Crop Type: Cereals & Grains, Fruits and Vegetables, Oilseed & Pulses, Others

The demand for fruits and vegetables is expanding rapidly in tandem with the worldwide population growth. Weeding and harvesting fruits and vegetables rely heavily on hand labor due to the fragility of the crops and the trees that generate them. As a result, new technology for fruit and vegetable agriculture, such as autonomous tractors, is being developed.

By Application: Tillage, Seed Sowing, Harvesting, and Others

The tillage segment will have the largest market share. Tillage activities for broad acre and row crop farming are increasingly becoming autonomous due to technological advancements and various research and development activities by agronomists. This segment's substantial market share may be attributable to technological developments and a variety of research and development efforts conducted by agronomists. Furthermore, as human tillage activities become more time-consuming and costly, there is a growing need for tillage automation on medium and large farms globally for row crops.

By Type: Autonomous Tractors, Semi-autonomous Tractors

Farmers can completely automate their operations with autonomous tractors, allowing for precise control of work and efficient use of farm tools. The integration of technology into current farming techniques is increasing the need for autonomous tractors. These are some of the factors driving market expansion.

Regional Analysis:

North America is predicted to account for the majority of the market share. Farmers' higher disposable incomes, a need for qualified agricultural labor, and well-developed technology are the key factors for the market's projected growth in North America. As a developed region, farm sizes in North America are typically big, and customer loyalty is strong.

During the projection period of 2023-2030, the Asia-Pacific market is anticipated to develop at the quickest rate. The expanding agricultural activities and rising disposable incomes of farmers in developing nations such as India and China are attributable to the rise of this regional market. Europe's autonomous tractor market is predicted to increase moderately. In the coming years, the rest of the world's autonomous tractor industry is likely to develop slowly.

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Latest Industry Developments:

The firms are engaged in a variety of strategic activities, the most important of which is product innovation to bring new models to market. For example, Deere & Co. announced in early January 2022 that it has built a completely autonomous tractor suited for large-scale farming and plans to offer the vehicle later that same year.

Many multinational companies in the industry examined have collaborated or invested in domestic players to extend their reach and services in the market studied. Kubota announced a partnership with the US chipmaker Nvidia in October 2020 to develop large advanced self-driving farm tractors with complete autonomy. The tractors will be outfitted with Nvidia graphics processing units and artificial intelligence, as well as cameras to continuously process data.

CNH Industrial NV declared an investment in Monarch Tractor, a US-based agriculture technology organization, in March 2021, for the latter's approval of an electric tractor platform, which combines a fully-electric powertrain with autonomous technologies to aid in the development of farming operations.

Deere & Company has agreed to acquire Bear Flag Robotics for $250 million in August 2021. The agreement expedites the development and deployment of agricultural automation and autonomy. It will also help John Deere's long-term objective of developing more innovative machines with advanced technology to meet the demands of individual customers.

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This release was published on openPR.