LONDON — According to Fact.MR, a market research and competitive intelligence provider, the worldwide autonomous tractors market is set to hit $13 billion by the end of 2033, expanding rapidly at 24 percent compound annual growth rate (CAGR) from 2023 to 2033.
Autonomous tractors are agricultural machines that operate without the involvement of a human inside the tractor. Autonomous tractors are equipped with modern agricultural technologies such as laser diodes, sensors, vision systems, GPS systems, and other systems, allowing them to work without the need for constant human input.
As the world population has risen tremendously over the last few decades, there is a pressing need to enhance the effectiveness of agricultural operations to meet the world’s food needs. In addition, growing urbanization has resulted in a significant drop in agricultural labor.
Autonomous tractors boost labor productivity by allowing farmers to handle many farming tasks at the same time.
Furthermore, investments in the agricultural industry have risen as a consequence of government initiatives to enhance the sector, causing the market for such equipment to continue to develop in a positive direction.
Moreover, the increasing use of autonomous tractors to ensure sustainable food security, backed by self-sustaining agricultural mechanization plans around the world, is driving market expansion.
Key Takeaways from the Fact.MR Autonomous Tractors Market study:
• The global autonomous tractors market is valued at US$ 1.5 billion in 2023.
• Worldwide demand for autonomous tractors is anticipated to surge at a CAGR of 24% during the forecast period (2023 to 2033).
• The market is estimated to achieve a valuation of US$ 13 billion by 2033.
• North America accounted for 38% share of the global market in 2022.
“The number of agricultural laborers is constantly decreasing due to rising urbanization. As a result, farmers are increasingly using modern agricultural equipment to substitute manual labor. The autonomous tractor, which is outfitted with technologies such as GPS and LiDAR, among others, has simplified operations and is thus being widely used by many farmers for cultivation,” said a Fact.MR analyst.
Major market players are focusing on collaborations to develop innovative solutions and acquire market share.
• AGCO and Carl Geringhoff Vertriebsgesellschaft MbH & Co. KG decided to collaborate on the distribution and development of headers for combined harvesters in 2022. Gering Hoff is a massive corporation that has played a significant role in developing harvester headers that help farmers enhance production.
• Kubota collaborated with Nvidia, a US chipmaker, in 2022. Both firms collaborated to develop fully autonomous tractors.