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| Global Autonomous Tractor Market Size |
The global
Autonomous Tractor Market is estimated to be valued at US$ 1248.24 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Autonomous tractors provide enhanced precision and productivity to farmers.
These tractors use advanced automation technology and computer vision to
operate autonomously with minimal human intervention during field operations
such as plowing, seeding, fertilizing, spraying and harvesting. This enables
farmers to efficiently manage large farmlands with improved yields. Autonomous
tractors also reduce the operating costs of farm equipment and labor through automatic
steering and implement control. Moreover, they minimize soil compaction and
increase fuel efficiency by optimizing the tractor movement.
Market key trends:
The enhanced precision and productivity provided by autonomous tractors is one
of the major trends driving growth of the market. Autonomous tractors use
real-time kinematic (RTK) technology, computer vision and GPS mapping to
navigate agricultural fields and perform operations with centimeter-level
accuracy. This precise fieldwork optimizes the use of inputs such as seeds,
water and agrochemicals, reducing costs and minimizing environmental impact. It
also improves crop quality and farm outputs. As a result, autonomous tractors
are seeing increasing adoption among farmers globally for high-yield crop
cultivation.
Segment
Analysis
The global autonomous tractor market is dominated by the fully autonomous
segment. This segment currently holds around 65% of the market share owing to
the rising demand for higher productivity and optimum utilization of resources.
Fully autonomous tractors provide safety benefits and reduce risks of accidents
compared to semi-autonomous tractors.
Key Takeaways
Global
Autonomous Tractor Market Size is expected to witness high growth over
the forecast period of 2023 to 2030. The market is projected to reach a value
of US$ 2384.76 Mn by 2030, expanding at a CAGR
of 4.4% during the forecast period.
Regional analysis: North America currently leads the global autonomous tractor
market with over 30% share. The U.S. is the largest market in the region driven
by the growing adoption of advanced agricultural technologies among farmers.
The Asia Pacific region is expected to be the fastest growing market over the
coming years. Countries such as India, China, and Japan are witnessing
increasing sales of autonomous tractors. The availability of large farmlands
and rising labor costs are fueling demand in the Asia Pacific region.
Key players
operating in the autonomous tractor market are Automotive Stampings and
Assemblies Ltd., JBM Group, Klt Automotive And Tubular Products Limited,
Autocomp Corporation Panse Pvt. Ltd., Omax Auto Ltd., Mahindra CIE Automotive
Limited, Sona Koyo Steering Systems Limited, Harsha Engineers Limited, Tata
Autocomp Systems Limited, Cosma International (India) Private Limited,
Yeshshree Press Comps Private Limited, Gestamp Automobile India Private
Limited, Surin Automotive Private Limited, Skh Metals Limited, and Caparo
India.
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