Redding, California, Dec. 12, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Autonomous Tractors Market by Type (Fully Autonomous, Semi-Autonomous Tractors), Component (LiDAR, Radar, Ultrasonic Sensors, GPS), Power Output (Up to 30 HP, 31–100 HP, 101 HP & Above), Application (Tillage, Seed Sowing, Harvesting) - Forecast to 2029,’ the autonomous tractors market is expected to reach $5.38 billion by 2029, at a CAGR of 22.4% during the forecast period 2022–2029.
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An autonomous tractor is a self-driving farm vehicle that performs its duties without an operator sitting in the cab. These tractors are equipped with GPS, sensors, and other technologies, such as vision systems, making them capable of operating with minimal manual intervention. Autonomous automobiles are touted as the next big thing in the farm equipment industry. These tractors offer several benefits, such as safety, fuel efficacy, and high productivity. Furthermore, fully autonomous farm tractors can till and plant seeds with pinpoint accuracy, resulting in better farming precision, which leads to greater yields.
Impact of COVID-19 on the Autonomous Tractors Market
The COVID-19 pandemic adversely affected the global economy. The lockdowns and quarantines imposed to curb the spread of the SARS-CoV-2 virus negatively impacted many sectors, including the agricultural sector. In the initial days of the pandemic, disrupted logistics and transportation impacted the movement of agricultural commodities. Hence, the autonomous tractors market registered a decline in sales in 2020.
In addition to the interruptions in the industry’s value chain from raw materials supply to manufacturing, packaging, and distribution, the COVID-19 pandemic also led to restrictions on the movement of workers, a decline in demand from farmers, and the closure of equipment manufacturing facilities. The industry suffered severe labor shortages due to repeated lockdowns, affecting machinery production. The decline in revenues during the initial months of 2020, coupled with reductions in demand from major markets, impacted the profitability of autonomous tractor manufacturers and vendors. Therefore, disruptions in transportation & logistics impacted production and adversely affected the autonomous tractors market in terms of sales volumes during the initial phase of the pandemic in 2020.
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However, government bodies gradually eased restrictions on transportation, making it easier for autonomous tractor providers to meet the demand from farmers across most countries. In 2021, strong growth was witnessed in the autonomous tractors market due to the growing demand for agricultural commodities. In addition, the increasing number of government subsidiaries for purchasing autonomous tractors contributed to the market's growth.
The autonomous tractors market is segmented based on type, component, power output, application, crop type, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on component, the autonomous tractors market is segmented into camera/vision systems, LiDAR, hand-held devices, radar, ultrasonic sensors, and GPS. In 2022, the radar segment is expected to account for the largest share of the autonomous tractors market. Radar sensors can determine the range, velocity, and angle of moving objects and operate in almost all weather conditions. Furthermore, they are much more cost-effective than LiDAR systems making them a better option than other detection systems for incorporation in autonomous tractors.
Based on power output, the autonomous tractors market is segmented into up to 30 HP, 31–100 HP, and 101 HP & above. In 2022, the 31–100 HP segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is primarily attributed to the high demand for tractors with 31–100 HP to perform various farm operations such as planting, sowing, harvesting, and tilling. These tractors offer high durability and loading capacity, making them ideal for transportation. In addition, 31–100 HP range tractors are very versatile and provide excellent work efficiency in clay soil as well. These factors drive the demand for 31–100 HP tractors.
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Based on application, the autonomous tractors market is segmented into tillage (primary & secondary tillage), seed sowing, harvesting, and other applications (spraying and fertilizing). In 2022, the tillage segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is attributed to advancements in technology and several research & development activities by agronomists. Furthermore, as manual tillage activities are more time-consuming and expensive, there is an increasing need for automation of tillage on medium and large farms for row crops worldwide.
Based on crop type, the autonomous tractors market is segmented into cereals & grains, oilseeds & pulses, and fruits & vegetables. In 2022, the fruits & vegetables segment is expected to account for the largest share of the autonomous tractors market. The large market share of this segment is attributed to the rising demand for fruits & vegetables with the rise in the global population. Weeding and harvesting fruits & vegetables are labor intensive. As a result, there is an increase in the demand for new technologies, such as autonomous tractors, to carry out labor-intensive farming.
Based on geography, in 2022, North America is expected to account for the largest share of the autonomous tractors market. North America’s major market share is attributed to the high adoption rate of advanced technologies due to the large sizes of farms. Farmers from developed countries such as the U.S. face labor shortage challenges. Thus, farmers in these countries adopt advanced agricultural equipment, such as autonomous tractors, to overcome these challenges, driving the market’s growth. However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period of 2022–2029. The growth of this regional market is attributed to the increasing agricultural activities and the rising disposable incomes of farmers in developing economies such as India and China.
Some of the key players operating in the autonomous tractors market are AGCO Corporation (U.S.), AgJunction Inc. (U.S.), Autonomous Solutions Inc (U.S), CNH Industrial N.V. (U.K), Deere & Company (U.S.), Kubota Corporation (Japan), Mahindra & Mahindra Ltd. (India), Raven Industries (U.S.), TRIMBLE INC (U.S.), YANMAR CO., LTD. (Japan), and Zimeno Inc. (DBA Monarch Tractor) (U.S.).
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Scope of the Report:
Autonomous Tractors Market, by Type
- Fully Autonomous Tractors
- Semi-Autonomous Tractors
Autonomous Tractors Market, by Component
- Camera/Vision Systems
- LiDAR
- Hand-Held Devices
- Radar
- Ultrasonic Sensors
- GPS
Autonomous Tractors Market, by Power Output
- Up to 30 HP
- 31–100 HP
- 101 HP & Above
Autonomous Tractors Market, by Application
- Tillage (Primary & Secondary Tillage)
- Seed Sowing
- Harvesting
- Steak
- Other Applications (Spraying and Fertilizing)
Autonomous Tractors Market, by Crop Type
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
Autonomous Tractors Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- Spain
- France
- U.K.
- Russia
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Middle East & Africa
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