North America is Projected to Dominate the Autonomous Tractors Market Through 2025


Posted October 10, 2019 by kmitalee

The increase in the average age of farmers in developed countries and decline in the availability of labor are also major factors that will drive the demand for autonomous tractors in the near future.

 
The autonomous tractors market is projected to witness demand for 12,508 units in 2019 and 60,901 units by 2025, at a CAGR of 24.89% between 2019 and 2025. The market has been segmented based on power output, component, crop type, and farm application. The regional segmentation includes North America, Europe, Asia Pacific, and the Rest of the World (RoW). On the basis of power output, the market is segmented into up to 30 HP, 31–100 HP, and 101 HP and above. In terms of component, the market has been segmented into LiDAR, radar, GPS, camera/vision systems, ultrasonic sensors, and hand-held devices. By crop type, the autonomous tractors market has been studied for cereals & grains (corn, wheat, rice, and others), oilseeds & pulses (soybean, canola, and others), and fruits & vegetables (orange, vineyards, and others). The market has also been studied for various farm applications such as tillage (primary and secondary), seed sowing, harvesting, and others.

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The growth of the autonomous tractors market is expected to be driven by the improved efficiency and productivity of crop yield offered by these tractors and growth in initiatives by governments for the adoption of new technologies. The increase in the average age of farmers in developed countries and decline in the availability of labor are also major factors expected to drive the demand for autonomous tractors in the near future.

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Market Dynamics:

Drivers:

• Improved Efficiency and Productivity Through Improved Crop Yields
• Growth in Trend of Mechanization in the Agricultural Industry
• Favorable Government Initiatives for Adoption of Modern Agricultural Techniques
• Introduction of Autonomous Tractors By Leading Market Players in Developing Countries
• Increase in Average Age of Farmers in Developed Countries
• Decline in Availability of Labor and Increase in Labor Wages

Restraints:
• High Initial Capital Investment
• Lack of Technical Knowledge Among Farmers

Opportunities:
• Integration of Smartphones With Agricultural Hardware and Software Applications for Autonomous Tractors

Challenges:
• Lack of Data Management Practices in Agriculture
• Smaller Land Holdings in Developing Economies

On the basis of power output, the up to 30 HP segment is projected to grow at the highest CAGR from 2019 to 2025. As per secondary research, the area under farming is getting narrower. The gap between rows in fields has decreased significantly from 12 feet to 6 feet; for instance, cash crops such as vineries, resulting in demand for smaller and precise tractors. For these operations, farmers require tractors as small as 40–50 inches. The size of the tractor is directly proportional to its power output. As the size decreases, the power output of a tractor also decreases. Thus, the up to 30 HP segment will witness high growth in the forecast period.

In terms of component, the GPS segment will witness the highest CAGR owing to the high accuracy of GPS which allows autonomous tractors to create farm maps with precise acreage for field areas, road locations, and distances between points of interest. GPS allows tractors to accurately navigate to specific locations in the field to collect soil samples or monitor crop conditions.

Key Players:

• AGCO (US)
• CNH (UK)
• Mahindra & Mahindra (India)
• Deere (US)
• Kubota Corporation (Japan)
• Yanmar (Japan)
• Autonomous Tractor Corporation (US)

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The European region is projected to be the fastest-growing market for autonomous tractors from 2019 to 2025. Key markets in the European region include Germany, France, the UK, Italy, and Turkey. The high-income level of European farmers is an important driver for farmers opting for heavy and expensive machinery such as autonomous tractors. Highly efficient innovations, coupled with the continuous improvement in agricultural technologies may boost the demand for autonomous tractors in the region.

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Issued By MarketsandMarkets™ INC.
Country United States
Categories Agriculture
Tags Autonomous Tractors Market
Last Updated October 10, 2019