DUBLIN, April 21, 2023 /PRNewswire/ — The “Autonomous Tractors Market, By Component, By Power Output, By Crop Type, By Farm Application, and By Region Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The autonomous tractors market is witnessing significant growth, with a revenue CAGR of 20.9% to 2030
This growth is primarily driven by the rising demand for improved crop yield efficiency and productivity, which autonomous vehicles offer. By implementing automated technology in agriculture, farmers can operate their operations more efficiently, reducing waste and saving resources. The use of autonomous vehicles enables planters to select the ideal number of seeds for a particular farm during planting, leading to seed preservation and prevention of seed waste.
Autonomous vehicles operate according to intelligence, featuring several sensors that collect precise agricultural data for in-the-moment analysis, thus enhancing their role in increasing agricultural yield.
The increasing global demand for food and other agricultural commodities, owing to the rising population, has resulted in the deployment of autonomous vehicles at an increasing rate. In-vehicle technology has the potential to improve agricultural operations and create a more secure and comfortable working environment for farmers.
Autonomous tractors provide several advantages, such as increased efficiency, reduced human error, and fuel efficiency. Equipped with sensors that gather data on every element of the farm, farmers can make well-informed decisions, leading to increased agricultural yields and reduced expenses.
Additionally, autonomous vehicles enable farmers to plow even in adverse weather conditions, freeing up the farmer to perform other tasks. As per the California Farm Bureau Federation, around 20% of farmers are unable to complete the harvest of their crops, while more than 70% of farms that cultivate labor-intensive produce experience a labor shortage.
Market Dynamics
Driver: Rising demand for efficiency and accuracy owing to autonomous cars in the agricultural industry
The increasing demand for efficiency and accuracy in the agricultural industry due to autonomous cars is the main driver of market revenue growth. These vehicles can perform precise seeding and tilling, leading to higher yields and returns. Autonomous cars also provide benefits such as better fertilizer distribution, reduced fuel waste, and lower production costs due to high automation.
In addition, autonomous cars equipped with modern sensors for crop and soil data collection are driving market revenue growth. The use of GPS, drones, and satellites eliminates the need for human tractor operators and provides data for better farm management.
Labor shortages, safety concerns, and climate change are other factors driving the rapid adoption of autonomous tractors, which is driving market revenue growth. The autonomous tractor kit also lowers labor expenses and reduces exposure to dangerous pesticides and herbicides, which is another factor driving market revenue growth.
Restraint: Lack of technical knowledge among farmers
The lack of technical knowledge among farmers regarding robotic cars is hindering the revenue growth of the market. Additionally, the adoption of autonomous vehicles results in job loss for farmers. While vehicle automation is expensive and demands significant investment, companies utilize it as a cost-cutting measure to increase efficiency and lower expenses.
Regional Outlook:
The North American market is predicted to experience a substantial increase in revenue growth during the forecast period due to various factors such as increased disposable incomes of farmers, a scarcity of skilled agricultural labor, and advanced technology.
The United States has the most prominent market for autonomous tractors in the region. Companies such as Deere & Co. and AGCO are focusing on the autonomous tractor market as the US agriculture industry transitions to smart farming. Foxconn recently announced the production of autonomous electric tractors at a factory in Ohio.
The market in the Asia Pacific region is expected to grow at a moderate pace during the forecast period, mainly due to the increasing agriculture in developing countries like China, Japan, and India. The autonomous tractor market is expanding in the region due to the rising disposable incomes of farmers and the availability of advanced technology.
Monarch Tractor, a manufacturer of the first electric, driver-optional, smart tractor, announced its entry into India in July 2022 by opening an office in Hyderabad. They signed a deal with AI and machine vision analytics company Einsite to support this growth.
The European market is expected to grow at a steady rate during the forecast period, with Germany and France dominating the autonomous tractor market.
Agrointelli and geo-konzept announced a collaboration to promote the use of robotic technology, including autonomous tractors, in Germany. Geo-konzept provides options such as steering assistance, parallel guiding, laser-based 2D and 3D survey systems, mobile GIS solutions, and more, with a focus on sensor technologies, RTK-correction signals, and steering systems that utilize GPS.
Competitive Landscape:
The autonomous tractors market is fiercely competitive, with numerous major players operating at both global and regional levels. These key players are focused on product development and strategic alliances to enhance their product portfolios and strengthen their position in the global market.
Industrial Outlook
Market drivers’ analysis
Increasing efficiency and productivity of crop yields
Rising trend of mechanization in agricultural industry
Increase in average age of farmers in developed countries
Market restraints analysis
Lack of technical knowledge among farmers
Smaller land holdings in developing economies
Company Profiles
AGCO Corporation
CNH Industrial N.V
Mahindra & Mahindra Ltd
Deere & Company
Kubota Corporation
YANMAR HOLDINGS Co
Autonomous Tractor Corporation
Trimble Inc
Raven Industries Inc
Ag Leader Technology.
For more information about this report visit https://www.researchandmarkets.com/r/jfrr9r
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SOURCE Research and Markets