Global autonomous tractors market garnered earnings worth approximately 1,948.2 (USD Million) in 2019 and is set to record a CAGR of about 23.8% over the period from 2020 to 2026.
New York, United States - October 28, 2020 /MarketersMedia/ —
According to researchers at Zion Market Research, the global autonomous tractors market was capitalized at US$ 1,948.2 million during 2019 and is expected to attain US$ 4,723.8 million by 2025, advancing at a CAGR of about 23.8%. The autonomous tractor is a driverless farming machine that is technologically advanced and has components like machine vision systems, sensors, and others to carry out various agricultural activities. Farmers in nations such as Australia and the U.S. face the problem of labor scarcity, and there is an augment in the average age of these farmers that eventually prompt the need of autonomous tractors across these regions. Additionally, the market players are adapting to innovative strategies to boost up the expansion of the market.
Some of the key players in the market are Autonomous Solutions, Inc., AGCO Corporation, CNH Industrial, Autonomous Tractor Corporation, KINZE Manufacturing, Deere & Company, Mahindra & Mahindra, Kubota Corporation, Yanmar, and Trimble.
Technological Advancement In Agriculture Sector Is Expected To Boost The Global Autonomous Tractors Market
The progress in autonomous & intelligent technologies in the automotive segment has presented the prospects to surge the accuracy of crop management and recognized additional potential from precision agriculture. This exhibits that the correct management approach can be applied at the right time and in the right place. The introduction of new technologies is also anticipated to present opportunities to the lever and advance past improvements and developments in cropping systems & agronomy. Whilst there is much curiosity in the advancement of novel robotic & automation technologies, multi-national machinery producers have already advanced a number of incubated autonomous, agricultural technologies through near commercial potential. The surge in income from farming, increasing labor costs along with developments in self-driving technology for vehicles counting object detection competencies using radar, multi-camera systems, and LIDAR technology is projected to certainly power the implementation of automated tractors internationally.
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The global autonomous tractors market is bifurcated on the basis of component, application, and regional analysis. Based on the component, the market is divided into GPS, sensor, vision system, and others. Based on the application, the market is divided into harvesting, tillage, irrigation, seed sowing, fertilizing, and spraying.
The Latin America and Asia Pacific Region Is Estimated To Witness The Massive Growth In The Global Autonomous Tractors Market
Based on geographical analysis, the global autonomous tractors market is divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. The markets across Latin America and Asia Pacific regions are anticipated to show significant growth, due to the surge in demand for more food owing to the increasing population. The technological innovations and advancements in the autonomous tractors as a result of using different sensors such as optical sensors, di-electric soil moisture sensors, location sensors, and others, as well as the machine vision system are likely to impel the market growth in the future.
The global autonomous tractors market is segmented as follows:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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