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Autonomous Tractors Market Demands a CAGR of 20.9% with Forecast Outlook 2030
Autonomous Tractors Market
The global autonomous tractors market size was valued at $1.6 billion in 2020, and is projected to reach $11.6 billion by 2030, registering a CAGR of 20.9% from 2021 to 2030.
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The market is mainly driven by increasing awareness among farmers regarding the importance of enhancing yield of the farm and increased investments in the agriculture industry globally. However, requirement of high initial investment is a major restraint in the growth of the market.
In the ever-evolving landscape of agriculture, the integration of cutting-edge technology is driving transformative changes. A key aspect of this transformation is the segmentation of the market into distinct components and applications, each contributing to the efficiency and sustainability of farming practices.
The GPS segment's dominance in 2020 signals its critical role in shaping the agricultural technology market. Accurate positioning and navigation are paramount in the realm of autonomous farming. The dependability of GPS has made it an indispensable component, streamlining operations and optimizing resource utilization.
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The integration of technology in agriculture, as indicated by this market segmentation, promises to bring remarkable advancements, enabling farmers to meet the growing demands of a changing world while improving the efficiency and sustainability of their practices. As the future unfolds, the agricultural sector's reliance on these innovative components and applications is set to become even more pronounced.
Top Players:
The key players profiled in the autonomous tractors market report include AGCO Corporation, Autonomous Solutions, Inc., Autonomous Tractor Corporation, CNH Industrial, Deere & Company, KINZE Manufacturing, Kubota Corporation, Mahindra & Mahindra, Trimble, and Yanmar.
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Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging autonomous tractors market trends and dynamics.
• Depending on component, the GPS segment dominated the autonomous tractors market share, in terms of revenue in 2020 and the other component segment is projected to grow at a significant CAGR during the forecast period.
• By application, the others segment registered highest revenue in 2020.
• Depending on power output, 30-50 HP segment dominated the market in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the autonomous tractors industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
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