Press release
Autonomous Tractors Market Set to Reach $5.38 Billion by 2029 - Report by Meticulous Research®
Meticulous Research®, a prominent global market research firm, has released its latest report titled "Autonomous Tractors Market by Type (Fully Autonomous, Semi-Autonomous), 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."Download PDF Brochure @ https://www.meticulousresearch.com/download-sample-report/cp_id=5388
The report indicates that the autonomous tractors market is anticipated to reach $5.38 billion by 2029, growing at a robust CAGR of 22.4% during the forecast period from 2022 to 2029. This remarkable growth can be attributed to several key factors, including the increasing adoption of modern agricultural techniques, supportive government initiatives for farmers, and enhanced credit availability. However, challenges such as the high initial costs of advanced agricultural equipment and land fragmentation may hinder market progress.
Emerging technologies and a shortage of farm labor are expected to create substantial growth opportunities for stakeholders in the autonomous tractors sector. Conversely, limited awareness of advanced agricultural technologies poses a significant hurdle. Notably, digitalization in agriculture is emerging as a prevailing trend in the market.
The report segments the autonomous tractors market by type, component, power output, application, crop type, and geography, providing a comprehensive analysis of industry competitors and regional market dynamics.
Market Segmentation Highlights:
• By Component: The market includes segments such as camera/vision systems, LiDAR, handheld devices, radar, ultrasonic sensors, and GPS. In 2022, the radar segment is expected to dominate, given its ability to determine range, velocity, and angle of moving objects across various weather conditions, making it a cost-effective choice for autonomous tractors.
Browse in depth: https://www.meticulousresearch.com/product/autonomous-tractors-market-5388
• By Power Output: The market is categorized into segments of up to 30 HP, 31-100 HP, and 101 HP & above. The 31-100 HP segment is projected to hold the largest share in 2022 due to the high demand for versatile tractors capable of performing a range of farm operations, including planting, harvesting, and tilling.
• By Application: This market is segmented into tillage (both primary and secondary), seed sowing, harvesting, and other applications like spraying and fertilizing. The tillage segment is expected to lead the market share in 2022, driven by technological advancements and the need for automation in larger farming operations.
• By Crop Type: The market includes cereals & grains, oilseeds & pulses, and fruits & vegetables. The fruits & vegetables segment is forecasted to capture the largest market share in 2022, primarily due to rising demand amidst a growing global population.
• By Geography: North America is anticipated to be the largest market for autonomous tractors in 2022, driven by a well-established farming sector and high technology adoption rates. Farmers in the U.S. are increasingly leveraging advanced agricultural equipment to address labor shortages, further propelling market growth.
Key Players in the Market:
Prominent companies operating 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)
• Zimeno Inc. (DBA Monarch Tractor) (U.S.)
Buy Now: https://www.meticulousresearch.com/Checkout/36825701
Related Reports:
Electric Tractors Market: https://www.meticulousresearch.com/product/electric-tractors-market-5795
Autonomous Farm Equipment Market: https://www.meticulousresearch.com/product/autonomous-farm-equipment-market-5755
Agriculture Equipment Market: https://www.meticulousresearch.com/product/agriculture-equipment-market-5374
Asia-Pacific Agriculture Equipment Market: https://www.meticulousresearch.com/product/asia-pacific-agriculture-equipment-market-5652
South East Asia Agriculture Equipment Market: https://www.meticulousresearch.com/product/south-east-asia-agriculture-equipment-market-5690
Latin America Agriculture Equipment Market: https://www.meticulousresearch.com/product/latin-america-agriculture-equipment-market-5582
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