by The global Autonomous Tractor Market is estimated to be valued at US$ 1248.24 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Autonomous tractors help address the issue of labor shortage in the agriculture industry by eliminating the need of a human operator. Equipped with advanced technologies such as GPS, sensors and cameras, autonomous tractors autonomously perform functions such as soil monitoring, plowing, seeding, spraying and harvesting with minimal human intervention. This helps improve productivity and maximizes farm output.
Market key trends:
One of the major trends in the autonomous tractor market is the growing demand for precision farming. Advanced technologies in autonomous tractors such as GPS, GIS and control systems help improve efficiency of agricultural operations by analyzing soil health, weather conditions and optimizing input usage. This minimizes wastage and improves crop yields. For instance, precision soil mapping allows variable rate application of seeds, fertilizers and other agrochemicals based on soil nutrient levels. This is expected to drive significant growth of autonomous tractors integrated with precision farming technologies over the forecast period.
SWOT Analysis
Strength: Autonomous tractors are more efficient, safer and cost-effective than conventional tractors. They can operate continuously without rest, thus improving productivity.
Weakness: High initial costs associated with autonomous tractors limit their adoption. Dependence on technologies like GPS and computer vision systems also make them prone to technical glitches.
Opportunity: Growing focus on precision agriculture and minimizing agricultural labor shortage through automation is driving the demand for autonomous tractors. Their usage reduce soil compaction and enable more controlled field work.
Threats: Cybersecurity issues continue to pose risks as these are internet-connected machines. Slow penetration in developing countries also impacts their potential.
Key Takeaways
The Global Autonomous Tractor Market Size is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing implementation of advanced technologies in farming equipment. North America dominates the market currently due to rising automation in agriculture and supportive government policies for precision farming in the region.
The global autonomous tractor market size was valued at US$ 1248.24 Mn in 2023 and is expected to reach over US$ 5000 Mn by 2030. Precision agriculture practices are gaining widespread acceptance among farmers to maximize productivity and minimize input costs. Technologies like GPS, sensors and computer vision enable autonomous tractors to optimize field operations independently.
Key players operating in the autonomous tractor market are AGCO Corporation, Deere & Company, Mahindra and Mahindra Ltd, Autonomous Tractor Corporation, CNH Industrial, Kubota Corporation, Dutch Power Company (Alamo Group), Yanmar Co. Ltd, Zimeno Inc DBA Monarch Tractor, AutoNext Automation. They are focused on collaborations and new product launches to strengthen their footprint. For instance, Mahindra & Mahindra partnered with AGCO to introduce driverless tractors with the latter’s farm control systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
