Autonomous Tractors Market Projected to Reach $5.38 Billion by 2029

[Redding, California, February 27, 2024] - Meticulous Research®, a premier global market research firm, announces the release of its latest report titled, "Autonomous Tractors Market by Type (Fully Autonomous, Semi-Autonomous Tractors), Component (LiDAR, Radar, Ultrasonic Sensors, GPS), Power Output (Up to 30 HP, 31-100 HP, 101 HP & Above), Application (Tillage, Seed Sowing, Harvesting) - Forecast to 2029." This comprehensive analysis reveals a projected market value of $5.38 billion by 2029, reflecting a robust CAGR of 22.4% during the forecast period of 2022-2029.

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The exponential growth of the autonomous tractors market is underpinned by several key factors, including the escalating adoption of modern agricultural practices, bolstered by governmental support and enhanced financial access for farmers. However, challenges such as the initial high costs of advanced agricultural equipment and land fragmentation necessitate strategic interventions for sustainable growth.

Advancements in technology coupled with labor shortages present significant growth opportunities for market players. Nevertheless, the market faces hurdles in low awareness levels regarding advanced agricultural technologies, requiring concerted efforts to raise awareness and foster adoption. The trend towards agricultural digitalization is another notable aspect poised to reshape the market landscape.

The autonomous tractors market is segmented based on type, component, power output, application, crop type, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on component, the autonomous tractors market is segmented into camera/vision systems, LiDAR, hand-held devices, radar, ultrasonic sensors, and GPS. In 2022, the radar segment is expected to account for the largest share of the autonomous tractors market. Radar sensors can determine the range, velocity, and angle of moving objects and work in almost all weather conditions. Furthermore, they are much more cost-effective than LiDAR systems making them a better option than other detection systems for incorporation in autonomous tractors.

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Based on power output, the autonomous tractors market is segmented into up to 30 HP, 31-100 HP, and 101 HP & above. In 2022, the 31-100 HP segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is primarily attributed to the high demand for tractors with 31-100 HP to perform various farm operations such as planting, sowing, harvesting, and tilling. These tractors offer high durability and loading capacity, making them ideal for transportation. In addition, 31-100 HP range tractors are very versatile and provide excellent work efficiency in clay soil as well. These factors drive the demand for 31-100 HP tractors.

Based on application, the autonomous tractors market is segmented into tillage (primary & secondary tillage), seed sowing, harvesting, and other applications (spraying and fertilizing). In 2022, the tillage segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is attributed to advancements in technology and several research & development activities by agronomists. Furthermore, as manual tillage activities are more time-consuming and expensive, there is an increasing need for automation of tillage on medium and large farms for row crops worldwide.

Based on crop type, the autonomous tractors market is segmented into cereals & grains, oilseeds & pulses, and fruits & vegetables. In 2022, the fruits & vegetables segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is attributed to the rising demand for fruits & vegetables with the rise in the global population. Weeding and harvesting fruits & vegetables are labor intensive. As a result, there is an increase in the demand for new technologies, such as autonomous tractors, to carry out labor-intensive farming.

Based on geography, in 2022, North America is expected to account for the largest share of the autonomous tractors market. North America's major market share is attributed to the well-established farming sector and the high adoption rate of advanced technologies due to the large sizes of farms. Farmers from developed countries such as the U.S. face labor shortage challenges. Thus, farmers in these countries adopt advanced agricultural equipment, such as autonomous tractors, to overcome these challenges, driving the market's growth. Furthermore, the high disposable incomes of farmers contribute to the increased adoption of advanced agricultural technologies, which contributes to the growth of the autonomous trackers market in the region.

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Key Players
Key players in the autonomous tractors market include AGCO Corporation (U.S.), AgJunction Inc. (U.S.), Autonomous Solutions Inc (U.S), CNH Industrial N.V. (U.K), Deere & Company (U.S.), Kubota Corporation (Japan), Mahindra & Mahindra Ltd. (India), Raven Industries (U.S.), TRIMBLE INC (U.S.), YANMAR CO., LTD. (Japan), and Zimeno Inc. (DBA Monarch Tractor) (U.S.).

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This release was published on openPR.