Autonomous Tractors Market Worth $5.38 Billion by 2029

Meticulous Research®-a leading global market research company, published a 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.'

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According to this latest publication from Meticulous Research®, 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. The growth of this market is driven by the rising adoption of modern agricultural techniques, the increasing government initiatives for supporting farmers, and improved credit availability for farmers. However, the high initial cost of advanced agriculture equipment and the rising fragmentation of land are factors restraining the growth of the autonomous tractors market.

Technological advancements and the shortage of farm laborers are expected to offer significant growth opportunities for players operating in this market. However, the low awareness of advanced agriculture technologies poses a major challenge to the market's growth. Furthermore, agriculture digitalization is a major trend observed in this market.

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.

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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 work 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.

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.

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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 well-established farming sector and 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. Furthermore, the high disposable incomes of farmers contribute to the increased adoption of advanced agricultural technologies, which contributes to the growth of the autonomous trackers market in the region.

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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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, component, power output, application, crop type, and country/region?
What is the historical market size for autonomous tractors across the globe?
What are the market forecasts and estimates for 2022-2029?
What are the major drivers, restraints, opportunities, challenges, and trends in the global autonomous tractors market?
Who are the major players in the global market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the global autonomous tractors market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global autonomous tractors market, and how do they compete with the global players?

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