Autonomous Tractors Market Witnessing Robust Growth at a CAGR of 20.9% by 2030

Autonomous Tractors Market Expected to Reach $11.6 Billion by 2030

PORTLAND, OR, UNITES STATES, March 23, 2023 /EINPresswire.com/ -- The global autonomous tractors market size was valued at $1.6 billion in 2020, and is projected to reach $11.6 billion by 2030, registering a CAGR of 20.9% from 2021 to 2030.

The rise in global population has significantly increased the demand for food products, thereby creating a need for enhancing the efficiency of farming activities. Furthermore, increase in number of government initiatives to boost the agricultural industry has fueled investments in the agriculture industry, thereby positively influencing the autonomous tractors market growth. In addition, rise in urbanization has reduced manpower in rural regions for agricultural activities, thereby highlighting the importance of autonomous machineries that make optimum use of available labor.

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Top Players:
The key players profiled in the autonomous tractors market report include AGCO Corporation, Autonomous Solutions, Inc., Autonomous Tractor Corporation, CNH Industrial, Deere & Company, KINZE Manufacturing, Kubota Corporation, Mahindra & Mahindra, Trimble, and Yanmar.

The market is mainly driven by increasing awareness among farmers regarding the importance of enhancing yield of the farm and increased investments in the agriculture industry globally. However, requirement of high initial investment is a major restraint in the growth of the market.

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Key Segments:

BY COMPONENT -
Sensors
GPS
Vision Systems
Others

BY APPLICATION -
Tillage
Harvesting
Seed Sowing
Others

Key Findings Of The Study:

• The report provides an extensive analysis of the current and emerging autonomous tractors market trends and dynamics.
• Depending on component, the GPS segment dominated the autonomous tractors market share, in terms of revenue in 2020 and the other component
segment is projected to grow at a significant CAGR during the forecast period.
• By application, the others segment registered highest revenue in 2020.
• Depending on power output, 30-50 HP segment dominated the market in 2020.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook
of the autonomous tractors industry.

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David Correa
Allied Analytics LLP
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