Autonomous tractor market to expand nearly 25% by 2025
The global market for autonomous tractors is projected to see demand for 12,508 units in 2019 and 60,901 units by 2025, at a CAGR of 24.89%, according to a study by MarketsandMarkets. Its report, "Autonomous Tractors Market by Power Output (Up to 30 hp, 31-100 hp, 101 hp and above), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Farm Application, Component, and Region - Global Forecast to 2025," discusses factors driving the growth of the market, including improved efficiency and productivity of crop yield resulting from the tractors and growth in initiatives by governments for adoption of new technologies. The increase in 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.
On the basis of power output, the 101-hp and above segment will account for the largest share of the autonomous tractors market, followed by the 31-100 hp power output segment, in 2019. The demand for medium-powered tractors is expected to grow at a higher rate compared to high-powered autonomous tractors because of the benefits of four-wheeled tractors such as better soil quality maintenance and control, and cultivating capacities with high fuel economy. These tractors are versatile and can be used for multiple applications on and off the field. Due to these factors, most farmers prefer tractors in this range.
Regarding component, the radar segment will account for the largest market share in 2019. Radar sensors can determine the velocity, range, and angle of moving objects and can work in most weather conditions. They are more cost-effective than LiDAR systems but more expensive compared to cameras.
Looking at crop type, the fruits and vegetables segment will have the highest application of autonomous tractors. The possibility of machinery damaging fragile fruits and vegetables or the trees that produce them is increasing the demand for new technologies such as autonomous tractors.
North America will account for the largest share of the Autonomous Tractors Market in 2019. The market is characterized by the presence of large-scale manufacturers, such as AGCO (U.S.) and Deere (U.S.) investing in the development of autonomous tractors. The higher disposable incomes of farmers, lack of trained farm labor, and well-developed technology are the primary reasons for the future expansion of the North American autonomous tractors market.
The report includes a study of marketing and development strategies, along with the product portfolios of leading companies such as AGCO (U.S.), CNH (UK), Mahindra & Mahindra (India), Deere (U.S.), Kubota Corporation (Japan), Yanmar (Japan), and Autonomous Tractor Corporation (U.S.).
To read more about the study or to order a copy of the report, visit https://www.marketsandmarkets.com/Market-Reports/autonomous-tractor-market-152038487.html.