Global Autonomous Tractors Market to Reach 38.9 Thousand Units by 2026

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Autonomous Tractors - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 10; Released: February 2022
Executive Engagements: 1118
Companies: 36 - Players covered include AG Leader Technology, Inc.; AGCO Corporation; AgJunction Inc.; Autonomous Solutions, Inc.; Autonomous Tractor Corporation; CNH Industrial N.V.; Deere & Company; Dutch Power Company; Kinze Manufacturing, Inc.; Kubota Corporation; Mahindra & Mahindra Limited; Raven Industries, Inc.; Trimble Inc.; Yanmar Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Power Output (Upto 30 HP, 31-100 HP, 101 HP & Above); Application (Tillage, Harvesting, Seed Sowing, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Autonomous Tractors Market to Reach 38.9 Thousand Units by 2026
Autonomous farm equipment is defined as an advanced form of agricultural mechanization involving intelligent automation either partial or complete. Robot tractors are being increasingly adopted to meet the rising demand for food as well as other agricultural commodities from the world's growing population. Rising global population and increasing demand for agricultural produce; increase in mechanization of farming practices; scarcity of agricultural labor & rise in farm wages; increased government subsidies and availability of credits; and surging demand for sprayers in developing countries are the main factors propelling growth in the global market. Automated tractors have the potential to bring down labor cost and boost farm productivity. Growth in the adoption of autonomous tractors is also being driven by shortage of agricultural labor and advancing ages of farmers. Intelligent and autonomous technology advancements being utilized in the global automotive sector are providing major opportunities for companies developing autonomous and precision equipment for the field of agriculture.

Amid the COVID-19 crisis, the global market for Autonomous Tractors estimated at 15.2 Thousand Units in the year 2022, is projected to reach a revised size of 38.9 Thousand Units by 2026, growing at a CAGR of 23.5% over the analysis period. Upto 30 HP, one of the segments analyzed in the report, is projected to grow at a 24.8% CAGR to reach 13.6 Thousand Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the 31-100 HP segment is readjusted to a revised 23.8% CAGR for the next 7-year period. This segment currently accounts for a 31.3% share of the global Autonomous Tractors market. Growth in the 31 HP-100 HP tractors segment, also called medium-power output tractors, is driven by benefits of such tractors such as higher fuel economy and better cultivating and soil-quality maintenance as well as control. Medium-power output autonomous tractors are also versatile, allowing deployment for a number of applications. Autonomous tractors are offered in different power outputs and different types are available for various crops and applications. The different power outputs include 30 HP, between 31 HP and 100 HP, and above 101 HP, of which the above 101 HP tractors account for a major share of the market, followed by between 31 HP and 100 HP tractors, also called medium-power output tractors. In the years ahead, demand for medium-power output tractors is likely to post high growth compared to higher powered tractors because of the benefits associated with the former, including higher fuel economy and better cultivating and soil-quality maintenance as well as control. Medium-power output autonomous tractors are also versatile, allowing deployment for a number of applications.

The U.S. Market is Estimated at 5.4 Thousand Units in 2022, While China is Forecast to Reach 5.3 Thousand Units by 2026
The Autonomous Tractors market in the U.S. is estimated at 5.4 Thousand Units in the year 2022. The country currently accounts for a 35% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 5.3 Thousand Units in the year 2026 trailing a CAGR of 26.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21% and 21.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 22.9% CAGR while Rest of European market (as defined in the study) will reach 7 Thousand Units by the end of the analysis period. The adoption of autonomous or driverless tractors is high in developed economies of North America and Europe. Larger fields, issues with labor availability and presence of massive grasslands constitute the major factors pushing adoption of the tractors in these markets. There are also several large-scale manufacturers of autonomous tractors in North America, which supports its dominance in the global market. Higher average farmer disposable income is also a factor which boosts growth in the region. In Japan, the advancing age of the population in general and the agricultural workforce in particular implies that there is significant shortage of labor for handling regular, mechanical tractors, which is giving rise to increased adoption of autonomous as well as semi-autonomous tractors.

101 HP & Above Segment to Reach 16.1 Thousand Units by 2026
In the global 101 HP & Above segment, USA, Canada, Japan, China and Europe will drive the 22.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of 4 Thousand Units will reach a projected size of 16.3 Thousand Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 2.1 Thousand Units by the year 2026. More

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SOURCE Global Industry Analysts, Inc.