Autonomous Tractors Market Revenues to Reach USD 3.29 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, July 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Autonomous Tractors Market Report (2023-2028)," the market is estimated at USD 1 billion in 2023. It is expected to register a CAGR of 26.10% during the forecast period.

Autonomous tractors use GPS, sensors, and other devices for agricultural tasks and can be fully automated or semi-automated with remote control. The rising costs of farm labor are driving the adoption of agricultural mechanization. Semi-autonomous tractors are more viable for developing countries because they are more affordable and allow the intervention of farmers when needed.

Report Summary:

Report AttributeDetails
Market Size (2023)USD 1 billion
Market Size (2028)USD 3.29 billion
CAGR (2023-2028)26.10%
Study Period2018-2028
Fastest Growing MarketNorth America
Largest MarketAsia-Pacific
Forecast UnitsValue (USD billion)
Report ScopeMarket Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends
Key Market DriversThe rising cost of farm labor.
Safety and practicality of autonomous tractors.

Who are the Top Companies in the Global Autonomous Tractors Market?

The autonomous tractor market is dominated by a few key players who are actively introducing new products worldwide. As the market is relatively new, it is consolidated. Autonomous tractor companies engage in strategic activities like developing new products, expanding their operations, partnerships, and acquiring other businesses.

The significant players in the global autonomous tractors market with the majority market share in 2023 are:

  • AGCO
  • John Deere
  • Mahindra and Mahindra Ltd
  • Autonomous Tractor Corporation
  • CNH Industrial
  • Kubota Corporation
  • Dutch Power Company
  • Yanmar Co. Ltd
  • Zimeno Inc. (DBA Monarch Tractor)
  • AutoNext Automation

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Key Highlights from the Global Autonomous Tractors Market Report:

Decreasing Labor Force and Arable Land

  • Developing economies, where a larger percentage of the population depends on agriculture, are experiencing a decline in agricultural employment as people migrate to urban areas.
  • The shortage of skilled labor in agriculture is driving the adoption of technologies like autonomous tractors as farmers seek productive solutions to overcome the labor challenges they face.

Faster Growth in North America with Government Support

  • North America leads the autonomous tractors market and is expected to continue growing due to higher farmer incomes, limited trained labor, and advanced technology.
  • The United States has large farms and government support for sustainable production techniques, indicating positive growth in the coming years.
  • Canadian farmers are also keen on adopting autonomous tractors to save time and operating costs.

What are the Latest Developments in the Global Autonomous Tractors Market?

  • In January 2022, Deere & Co. developed a fully autonomous tractor designed for large-scale farming.
  • In March 2021, CNH Industrial completed a minority investment in Monarch Tractor, a US-based agriculture technology company.

Mordor Intelligence has Segmented the Global Autonomous Tractors Market Based on Horsepower, Type of Automation, and Geography.

  • Horsepower (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Up to 30 HP
    • 31 HP to 100 HP
    • Above 100 HP

  • Automation (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • Fully Automated
    • Semi-automated

  • By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
    • North America
      • United States
      • Canada
      • Rest of North America
    • Europe
      • Germany
      • United Kingdom
      • Spain
      • France
      • Russia
      • Rest of Europe
    • Asia-Pacific
      • India
      • China
      • Japan
      • Australia
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Africa
      • South Africa
      • Rest of Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Autonomous Tractors Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

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Autonomous Tractors Market - Mordor Intelligence

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