Advancements in autonomous and intelligent technologies in the automotive sector have provided opportunities to increase the precision of crop management and realize additional potential from precision agriculture. This means that the right management strategy can be implemented in the right place, at the right time. The introduction of these technologies is also expected to provide opportunities to lever and enhance past developments and improvements in cropping systems and agronomy.
While there is much interest in the development of new automation and robotic technologies, multi-national machinery manufacturers have already developed several incubated autonomous, agricultural technologies with near commercial potential. Australia provides a significant opportunity in the refinement and commercial release of these technologies and is relatively ahead, in comparison to North America and Europe, in the practical application of precision agriculture technologies.
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Rise in income from farming, increase in labor costs coupled with advancements in self-driving technology for vehicles including object detection capabilities using multi-camera systems, radar, and LIDAR technology are expected to positively influence the adoption of automated tractors globally. Moreover, decline in prices of sensors and technology further boost the demand for autonomous tractors among farmers, globally. However, a lack of awareness and technology integration are likely to hamper the market. Introduction of drones in agriculture serve as a new opportunity for the market.
The global autonomous tractor market can be segmented based on power output, crop type, application, component, and region. In terms of power output, the autonomous tractor market can be split into up to 30 HP, 31-100 HP, and 101 HP & above. The 101 HP & above segment is projected to hold a prominent share, followed by the 31-100 HP power output segment, by the end of the forecast period. Demand for medium-powered tractors in the i.e. 31-100 HP power output segment is expected to rise at a higher rate as compared to high-powered autonomous tractors, owing to the benefits of four-wheeled tractors such as better soil quality maintenance & control and cultivating capacities with high fuel economy.
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These tractors are versatile and can be utilized for multiple applications on and off the field. Consequently, most farmers prefer tractors in this range. In terms of crop type, the autonomous tractor market can be divided into fruits & vegetables and four other segments. The fruits & vegetable segment is projected to expand in the near future due to rising health concerns among people.
Based on application, the autonomous tractor market can be split into harvesting and three other segments. Based on component, the autonomous tractor market can be classified into sensor and two other segments. The sensor segment is anticipated to hold a prominent share of the market by the end of the forecast period. Sensors can determine the velocity, range, and angle of moving objects and can work in almost all weather conditions. They are more cost-effective than the other components.
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Based on geography, the global autonomous tractor market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, North America dominated the global autonomous tractor market, due to the high rate of adoption of advanced technology and the presence of large-scale tractor manufacturers, who are investing in the development of autonomous tractors, in the region. Higher disposable incomes of farmers, a lack of trained farm labor, and well-developed technology are primary factors that are expected to boost the autonomous tractors market in North America in the near future.
Key players operating in the global autonomous tractor market include AGCO, CNH, Mahindra & Mahindra, Deere, Kubota Corporation, Yanmar, and Autonomous Tractor Corporation.