February 24, 2024
Autonomous Tractor Market

Autonomous Tractor Market Is Driven By The Increasing Use Of Advanced Technologies

Autonomous tractors are capable of performing various farming tasks such as seeding, fertilizing, tilling, harvesting and mowing. They are integrated with sensors, cameras and GPS systems that enable them to operate autonomously in agricultural fields. Using autonomous tractors provides numerous advantages over conventional tractors such as increasing operational efficiency, reducing labor costs and improving overall crop productivity. They can work for longer hours without rest compared to human drivers and perform precision farming by following GPS-enabled routes. The global agricultural industry has witnessed increased demand for advanced automation technologies that enhance productivity and reduce dependence on human labor.

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 key trends:

The adoption of fully autonomous tractors is one of the major trends witnessed in the autonomous tractor market. Fully autonomous tractors do not require any human intervention and are completely powered by advanced technologies like computer vision, artificial intelligence etc. Companies are focusing on developing tractors that operate on their own without any human onboard. For instance, AGCO Corporation recently launched a fully autonomous tractor called “AGCO Autonomous” with level 5 autonomous capabilities. Growing need to optimize farming operations is also boosting innovations in autonomous driving technologies for tractors. Developments in robotics, smart sensors and machine learning algorithms are enabling tractors to safely navigate and perform complex tasks on agricultural fields with minimal human assistance.

Porter’s Analysis

Threat of new entrants: The Global Autonomous Tractor Market Size requires high R&D investment and branded product differentiation which makes it difficult for new players to enter.

Bargaining power of buyers: The bargaining power of buyers is moderate since autonomous tractors have limited suppliers in the market currently.

Bargaining power of suppliers: The bargaining power of suppliers is high due to proprietary technology and software required for autonomous tractors.

Threat of new substitutes: New technologies like driverless platforms can potentially substitute autonomous tractors.

Competitive rivalry: The autonomous tractor market has few global players differentiating through technology.

Key Takeaways

The global autonomous tractor market is expected to witness high growth. North America is currently dominating the market due to presence of major players and increasing adoption of automation in agriculture. Europe is another major market for autonomous tractors driven by supportive government regulations for adoption of new technologies.

The 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. AGCO Corporation and Deere & Company are the leaders in autonomous tractors market with wide product portfolio and global presence.

The autonomous tractor market is projected to grow at a CAGR of 23% during the forecast period of 2023 to 2030. Field trials and pilots are being conducted to evaluate performance of autonomous tractors. Various functionalities like auto-steering, machine monitoring etc. are being incorporated in tractors. The market size for autonomous tractor is estimated to reach US$ 1248.24 Mn in 2023.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it