A lead analyst at AMR highlighted that the autonomous tractors market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the autonomous tractors market. The findings of the report states that the global market for autonomous tractors generated $1,560.1 million in 2020, and is projected to reach $11,588.8 million by 2030, registering a CAGR of 20.9% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in demand for agricultural yield, growth in population, surge in disposable income, and rise in demand for food are expected to drive the growth of the global autonomous tractors market. On the other hand, lack of awareness is expected to hinder the growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The autonomous tractors market has witnessed significant growth in the past decade, owing to increased demand for agricultural products across the globe. A number of players in the autonomous tractors industry are expanding their business to strengthen their foothold in the global market. By component, the GPS segment dominated the autonomous tractors in 2020, in terms of revenue. This is attributed to rise in demand for agricultural machineries that increase efficiency while reducing requirement of human intervention. Depending on application, the seed sowing segment is expected to grow at a higher CAGR during the forecast period, owing to favorable government initiatives in major countries,” says Priyanka Khandelwal, Lead Analyst, Construction and Manufacturing at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the autonomous tractors market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global autonomous market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various industries, including those of autonomous tractors, negatively impacting its demand further with import and export trade regulation. This was majorly due to the stringent restrictions imposed by the government to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
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The report offers a detailed segmentation on the global autonomous tractors market based on component, application, and region.
By component, the GPS segment contributed to the highest share in 2020, accounting for nearly one-third of the global market. The vision system segment, on the other hand, is predicted to cite the fastest CAGR of 21.7% during the forecast period.
By type, the tillage segment accounted for the largest market share in 2020, holding more than one-fourth of the global market. However, the seed sowing segment, on the other hand, is predicted to cite the fastest CAGR of 21.7% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is predicted to exhibit the fastest CAGR of 22.7% during the forecast period.
The key players analzyed in the global autonomous tractors market report include Autonomous Solutions, Inc., Mahindra & Mahindra, CNH Industrial, Trimble, KINZE Manufacturing, AGCO Corporation, Autonomous Tractor Corporation, Deere & Company, Kubota Corporation, and Yanmar.
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