According to Precision Business Insights (PBI) latest report the global autonomous tractors market is valued at 973.3 million in 2021.
According to Precision Business Insights (PBI) latest report the global autonomous tractors market is valued at 973.3 million in 2021. The autonomous tractors market is driven by the increased demand for agricultural produce and high operating efficiency of autonomous tractors. Another key element fueling the growth of the autonomous tractors market is a labour shortage in the farming industry. The farming business is experiencing a workforce deficit, which presents a market potential for self-driving tractors.
Autonomous tractors with >100 HP Segment Dominate the Autonomous Tractors Market Based on Power Output, Autonomous tractors with >100 HP segment accounted for the highest revenue share of 38.3% in 2021 and is estimated to dominate the market. These tractors are multi-purpose, high-powered agricultural wheeled tractors, which has the characteristics of aompact structure, convenient operation, flexible steering, large tractor, wide use, convenient maintenance. The benefits of four-wheeled tractors such as cultivating capacities at a high fuel economy and better soil quality maintenance & control are boosting the growth in this segment. Safety concerns, problems regarding public acceptance, legal challenges, and high costs restrict the autonomous tractor market
North America Leads Autonomous Tractors Market:
In 2020, North America had the most significant share of the market due to demand for high power tractors, rising population, increased adoption of autonomous and semi- autonomous tractors and well-developed technologies. High average farmer disposal income also boosts the market in the North America. Asia- Pacific is expected to show a faster rate in autonomous tractor market due to government initiatives regarding rural development and farm mechanization and various factors.
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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Global autonomous tractors market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
In November 2021, Trimble Ventures, Trimble's corporate venture capital fund, announced its investment in Monarch Tractor. Monarch is a U.S.-based agricultural technology company and maker of the world's first fully electric, autonomous compact smart tractor platform that empowers productive and sustainable farming. This investment supports Trimble Ventures' mission to invest in early and growth-stage companies that are accelerating innovation and digital transformation in the industries Trimble serves€”such as agriculture.
In August 2021, John Deere has acquired Bear Flag Robotics, an agriculture technology startup based in Silicon Valley. Bear Flag's technology enables a machine to work in a field autonomously. Bear Flag's technology complements Deere's own technology initiatives and goals to help farmers achieve the best possible outcomes and solve meaningful challenges through advanced technology, including autonomy.
The autonomous tractors market detailed segmentation based on power output, component, crop type, application, and geography. Based on the Power Output:
Based on the Component:
Based on the Crop Type:
Based on the Application:
Based on the geography, the market is segmented into the following:
Key player's profiles in the autonomous tractors market report are Trimble Inc, Raven, Kinze Manufacturing, Deere & Company, Autonomous Tractor Corporation, Mahindra & Mahindra Ltd., AGCO GmbH., CNH Industrial America LLC.
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