Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth

DUBLIN, May 11, 2022 /PRNewswire/ — The “Autonomous Tractors – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Autonomous Tractors Market to Reach 38.9 Thousand Units by 2026

The global market for Autonomous Tractors estimated at 11.3 Thousand Units in the year 2020, is projected to reach a revised size of 38.9 Thousand Units by 2026, growing at a CAGR of 23.5% over the analysis period.

Robot tractors are being increasingly adopted to meet the rising demand for food as well as other agricultural commodities from the world`s growing population. Rising global population and increasing demand for agricultural produce; increase in mechanization of farming practices; scarcity of agricultural labor & rise in farm wages; increased government subsidies and availability of credits; and surging demand for sprayers in developing countries are the main factors propelling growth in the global market.

Automated tractors have the potential to bring down labor cost and increase farm productivity. Growth in the adoption of autonomous tractors is also being driven by a shortage of agricultural labor and advancing ages of farmers. Intelligent and autonomous technology advancements being utilized in the global automotive sector are providing major opportunities for companies developing autonomous and precision equipment for the field of agriculture.

Up to 30 HP, one of the segments analyzed in the report, is projected to grow at a 24.8% CAGR to reach 13.6 Thousand Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the 31-100 HP segment is readjusted to a revised 23.8% CAGR for the next 7-year period.

This segment currently accounts for a 31.3% share of the global Autonomous Tractors market. Growth in the 31 HP-100 HP tractors segment, also called medium-power output tractors, is driven by benefits of such tractors such as higher fuel economy and better cultivating and soil-quality maintenance as well as control. Medium-power output autonomous tractors are also versatile, allowing deployment for a number of applications.

The US Market is Estimated at 4.5 Thousand Units in 2021, While China is Forecast to Reach 5.3 Thousand Units by 2026

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The Autonomous Tractors market in the US is estimated at 4.5 Thousand Units in the year 2021. The country currently accounts for a 35% share in the global market. Chinathe world`s second largest economy, is forecast to reach an estimated market size of 5.3 Thousand Units in the year 2026 trailing a CAGR of 26.1% through the analysis period.

Among the other noteworthy geographic markets are Japanese and Canada, each forecast to grow at 21% and 21.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 22.9% CAGR while Rest of European market (as defined in the study) will reach 7 Thousand Units by the end of the analysis period.

The adoption of autonomous or driverless tractors is high in developed economies of North America and Europe. Larger fields, issues with labor availability and presence of massive grasslands constitute the major factors pushing adoption of the tractors in these markets. There are also several large-scale manufacturers of autonomous tractors in North Americawhich supports its dominance in the global market.

Higher average farmer disposable income is also a factor which boosts growth in the region. In Japanesethe advancing age of the population in general and the agricultural workforce in particular implies that there is significant shortage of labor for handling regular, mechanical tractors, which is giving rise to increased adoption of autonomous as well as semi-autonomous tractors.

101 HP & Above Segment to Reach 16.1 Thousand Units by 2026

In the global 101 HP & Above segment, USES, Canada, Japanese, China and Europe will drive the 22.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of 4 Thousand Units in the year 2020 will reach a projected size of 16.3 Thousand Units by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, Indiaand South Koreathe market in Asia-Pacific is forecast to reach 2.1 Thousand Units by the year 2026.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1.MARKET OVERVIEW

• Influencer Market Insights

• World Market Trajectories

• Impact of COVID-19 Pandemic and Looming Global Recession

• COVID-19 Pandemic Slows Down Demand for Agricultural Equipment

• COVID-19 Related Issues Impacting Agriculture Industry

• COVID-19 Effect on Supply Chain & Shift to Automation Hail New Era for Autonomous Vehicle & Equipment Makers

• An Introduction to Autonomous Tractors

• Global Market Prospects & Outlook

• 101 HP & Above Tractors Lead Global Market

• Developed Regions Lead Adoption, Developing Economies to Spearhead Future Growth

• Competition

• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 36 Features)

• AG Leader Technology, Inc.

• AGCO Corporation

• AgJunction Inc.

• Autonomous Solutions, Inc.

• Autonomous Tractor Corporation

• CNH Industrial N.V.

• Deere & Co.

• Dutch Power Company

• Kinze Manufacturing, Inc.

• Kubota Corporation

• Mahindra & Mahindra Limited

• Raven Industries, Inc.

• Trimble Inc.

• Yanmar Co., Ltd.

3. MARKET TRENDS & DRIVERS

• Efficiency and Productivity Benefits of Autonomous Tractors Translate into Better Crop Yields, Driving Market

• Growing Population & Rising Food Security Concerns Drive Demand for Autonomous Tractors

• Climate Change Adds Fuel to the Already Burning Issue of Food Security

• Increasing Mechanization of Agricultural Operations Boosts Autonomous Tractors Market

• Percentage of Mechanization in Agriculture in Select Countries

• Worsening Labor Shortages & Rising Labor Costs Drives Interest in Autonomous Tractors

• Contracting Agricultural Labor Drives Demand for Autonomous Farm Equipment

• Shrinking Arable Land and Declining Agricultural Land Productivity Drive Focus onto the Use of Efficient Farm Equipment for Improving Output & Yield

• Growing Farm Sizes and Increase in Corporate Farming Raises Importance of Driverless Tractors

• Farm Consolidation & Increase in Average Size of Farm Pave the Way for the Deployment of Driverless Tractors: Percentage Breakdown of Farm Land by Size and Region

• As a Bridge to Fully Autonomous Vehicles, Partially Autonomous Vehicles Enjoy Significant Market Dominance

• Government Boost to Adoption of Modern Agricultural Techniques to Support Food Security Goals Augurs Well for the Market

• Backed by Government Funding & Support, Automation in Agriculture Gains Ground

• Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth

• Opening Up of Opportunities for AI in Agriculture to Push Up the Innovation Index in the Market

• Growing Investments in Smart Farming & Increased Use of IoT in Agriculture Preps the Market for Growth

• Rise of Smart Agriculture Sets the Stage for Adoption of Autonomous Tractors

• Increased Deployment of IoT in Agriculture Strengthens the Business Case for Autonomous Tractors

• GPS Systems & Navigation Emerge to Be Indispensable in Autonomous Tractors

• ISOBUS ISO11783 Standard Streamlines Development of Smart Farming Equipment

• Autonomous Farm Tractors to Become an Essential Constituent of Precision Agriculture

• Autonomous Vineyard Tractors to Provide Assistance to Growers

• Rising Penetration of Robotics in Agricultural Sector Bodes Well for Autonomous Tractors

• Increasing Concerns for Minimizing Green House Gas Emissions Fuel Demand for Sustainable Tractors

• Autonomous Tractors: Among the Most Promising Advances in Tractor Technologies

• Technological Advancements in Autonomous Technologies to Fuel Market Prospects

• Select Innovations in Autonomous Tractors Market

• Tractor Autopilot for Enhancing Farmer Productivity & Efficiency

• Small Land Holdings in Emerging Economies Deters Use of Autonomous Farm Equipment

• Key Challenges Facing Autonomous Tractors Market

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/gxbhbn

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