Global Autonomous Tractor Market Is Anticipated To Witness High Growth Owing To Growing Demand For Food And Increasing Demand For Efficiency And Accuracy

 

Autonomous Tractor Market


Overview:

An autonomous tractor is a machine that can perform tasks without the assistance of an operator. Agricultural equipment makers have been experimenting with this technology for years. Autonomous tractors are still far away from widespread adoption. Agricultural automation has been shown to increase yields, lower costs, and reduce environmental impact. It also increases the speed of production, allowing farmers to complete tasks more quickly and efficiently. While autonomous tractors are far from being widely used, they are expected to become more popular in the future. They will be able to perform tasks more accurately and efficiently, reducing the risk of errors and improving quality of work. However, they have the potential to transform agriculture. They could cut down on the labor costs for farmers. There are still a number of issues that need to be resolved, including legal challenges and safety concerns. Some farmers worry that these machines might be less reliable than they would be under a human driver's guidance.

Market Dynamics:

Growing product launches are estimated to augment growth of the global autonomous tractor market during the forecast period. For instance, Kubota Corporation started the mass production of tractors in September 2020, through a joint venture with Escorts Limited. Kubota is accelerating growth of their business by launching new products as per local specifications. Moreover, lack of technical knowledge and rising cost are anticipated to restrain growth of the global autonomous tractor market during the forecast period.

Impact of COVID-19:

COVID-19 affected the global economy adversely. Lockdowns and quarantines were imposed to stop the spread of the virus, as it negatively impacted several sectors, like the agricultural sector. The pandemic also caused a shortage of raw materials, and disruptions in the packaging and distribution. There was lack of labor during the pandemic as people were not allowed to move and farmers could not afford expensive equipment. Initially the pandemic led to disruption of supply chains, logistics and transportation of agricultural commodities. Thus, the global autonomous tractors market witnessed a decline in sales during the pandemic. However, the market is expected to witness robust growth as many restrictions have been relaxed.

Key Takeaways:

 

The global autonomous tractor market is expected to witness robust growth, exhibiting CAGR of 23.5 % over the forecast period, due to rising adoption of inorganic growth strategies by key players. For instance, YANMAR and Smartgyro S.r.l. entered in a strategic partnership in February 2020, for launching a line of highly advanced gyro stabilizers for commercial and recreational marine applications.

North America is anticipated to witness robust growth in the global autonomous tractor market during the forecast period, due to growing disposable incomes and growing presence of well-developed technology.

Key players active in the global autonomous tractor market are Ag Leader Technology, Deere and Co, Yanmar, CNH Industrial, Kubota, Deere & Company, AGCO Corporation, YANMAR HOLDINGS Co, Raven Industries Inc, Mahindra & Mahindra Ltd, Raven Industries Inc, Autonomous Tractor Corporation, and Raven Industries Inc.

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