According to a new report published by Allied Market Research, titled, Autonomous Tractors Market: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global autonomous tractors market was valued at $648.9 million in 2016, and is expected to reach at $4,389.8 million by 2025, growing at a CAGR of 24.0% during the forecast period. The GPS segment accounted for almost one-third of the market share in 2016 and is expected to witness significant growth during the forecast period.
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Autonomous tractors are self-driving mechanical farming vehicle that perform various agricultural applications with the help of advanced technology. There is an increase in demand for the machine, owing to the rise in demand for more food globally. In addition, huge benefits offered by the tractors and increased income of farmers by use of these tractors are expected to propel the market growth. However, lack of awareness and technology integration among farmers pose a threat to the market growth. Moreover, the establishment of drones in farming offer lucrative opportunities for the market to grow.
The tillage in the application segment has t he largest market share in the global autonomous tractors market during the forecast period. Its market share is expected to grow because of the new innovative tools such as Soil Command by Case IH to perform smart tillage. Furthermore, others in the components segment is expected to grow at the highest CAGR during the forecast period, owing to the capability of radar and LiDAR to detect obstacles as well as ability of telematics to monitor the autonomous vehicles.
Key Findings of the Autonomous tractors Market:
- By components, the GPS segment dominated the market in 2016, in terms of revenue and is projected to grow at a CAGR of 22.5% during the forecast period.
- North America generated the highest revenue in 2016, however LAMEA is anticipated to grow at the highest CAGR of 26.0%.
- The tillage segment in the application segment generated the highest revenue in 2016, and is estimated to grow at the rate of 20.7%.
- In North America region, U.S. accounted for more than half of the market share in 2016.
The key players profiled in this report are AGCO Corporation, Autonomous Solutions, Inc., Autonomous Tractor Corporation, CNH Industrial, Deere & Company, KINZE Manufacturing, Kubota Corporation, Mahindra & Mahindra, Trimble, and Yanmar.