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The global autonomous tractor market is expected to witness strong growth during the forecast period between 2021 and 2031.
Autonomous tractors are equipment that provides high tractive effort at reduced speeds using advanced technologies. The first-ever autonomous tractor was developed in the 1940s.
Autonomous tractors can be either fully automated or semi-automated and can be operated using a remote from a distance.
The COVID-19 pandemic negatively impacted the autonomous tractor market. With governments imposing strict social distancing regulations to contain the spread of the virus, the number of personnel deployed to operate autonomous tractors decreased significantly, which affected product demand.
However, with the availability of vaccines and reduction in covid cases, it is hoped that production facilities will return to function at close to full capacity soon, which could, in turn, propel the autonomous tractor demand and help in the growth of the market.
Rising demand for autonomous tractors to achieve improved crop yield is the key growth driver for the global autonomous tractor market.
In addition to this, increased government measures and initiatives, promoting the use of autonomous tractors are also expected to bolster the overall autonomous tractor market, in future.
The ability of autonomous tractors to function efficiently without needing any manual labor could drive the growth in the autonomous tractor market, in the years ahead.
Autonomous tractors have an auto-steering feature to them which has proven beneficial to farmers worldwide and this feature of them is expected to fuel product demand, in the years ahead.
The integration of advanced technologies such as artificial intelligence into autonomous tractors could help tackle irregular obstacles in key activities.
The GPS component segment is expected to make the largest contribution to the overall autonomous tractor market owing to its ability to navigate and auto-steer autonomous tractors for long time periods.
The fruits and vegetable product segment is expected to contribute the most to the overall autonomous tractor market due to the increased deployment of autonomous tractors in agriculture activities to produce crops.
The global autonomous tractor market is extremely competitive. It is anticipated that several players will engage in different growth strategies such as novel product launches, which would give them a competitive edge over the other market players.
Collaborations with smaller players could help the prominent players expand their market presence and increase their revenue share.
The smaller players in the autonomous tractor market will seek investments from governments and private investors, which would help their long-term growth.
Some of the leading players in the autonomous tractor market include Mahindra&Mahindra, John Deere, Kubota Corporation, Raven Industries, Yanmar, CNH International, and AGCO.
The global autonomous tractor market is classified into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to be the leader in the global autonomous tractor market in the coming years. The presence of large amounts of agricultural land in countries such as the U.S and Canada is expected to drive the growth in the autonomous tractor market, in the region.
Asia Pacific is expected to witness substantial growth in the autonomous tractor market due to increased agricultural activities in developing economies such as India, which could fuel the demand for these products in this region.
The presence of leading players in the autonomous tractor market in Asia Pacific could also contribute to the growth of the autonomous tractor market, in the region.
Europe is expected to witness moderate growth in the autonomous tractor market. The rest of the world is expected to witness sluggish growth in the autonomous tractor market, in the years ahead.
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Autonomous Tractor Market
