According to Vision Research Reports, the global autonomous & semi-autonomous tractors market size is anticipated to surpass US$ 9 Bn by 2027, expanding at a CAGR of more than 25.3% during the forecast period 2020 to 2027.
Market for autonomous and semi-autonomous tractor is likely to expand significantly during the forecast period, owing to the high rate of adoption of technology among farmers in order to boost the production of their farms. Specifically, the driverless tractors market is expected to expand in developed regions such as North America and Europe; however, the rate of adoption of driver-assisted tractors, which comprise steering-assist and land monitoring systems, is expected to rise remarkably in developing countries such as India, China, and Brazil.
The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
Rising population is boosting the demand for agricultural products; however, contraction in availability of agriculture land is prompting people to adopt highly advanced technologies, which can contribute to enhanced production. In the first decade of the 21st century, precision agriculture enhanced the production of farms remarkably in the U.S., which encouraged other countries in other regions to adopt advanced technologies in order to increase production of their farms and follow better land management techniques. Manufacturers are likely to focus on semi-autonomous tractors in developing countries, while the market for fully driverless tractors is likely to expand rapidly in developed countries, such as the U.S., Canada, France, and the U.K. The rate of adoption of driver-assisted autonomous tractors in developing regions is anticipated to be higher than fully autonomous tractors owing to the high cost of fully autonomous tractors.
The agriculture sector is a major contributor to the global GDP (gross domestic product), and in 2014, it accounted for one-third of the global GDP. According to the World Bank, agricultural development is a highly powerful tool, which can be utilized to beat extreme poverty. Therefore, in most regions, governments are taking required steps to boost their respective agriculture sectors and manufacturers involved in the manufacturing of agricultural equipment are continuously developing equipment that can boost the production of the sector. Therefore, such development is likely to boost the autonomous & semi-autonomous tractors market.
The global autonomous and semi-autonomous tractors market in developing regions, such as Asia Pacific, is expected to expand at a significant growth rate during the forecast period, as the market for semi-autonomous tractors is expected to expand at a rapid pace in countries such as China and India, owing to their lower cost as compared to the fully driverless tractors. Furthermore, the penetration of fully driverless tractors is expected to remain low during the forecast period due to the availability of adequate labor in China and India; however, the penetration is expected to increase after the forecast period due to reduction in cost of driverless tractors owing to development of full-fledged production line of tractors and declining number of labor in sub-regions of Asia Pacific. Moreover, most of the population in the region prefers desk jobs over field work.
Major players who are continuously involved into the development of autonomous and semi-autonomous tractors include AGCO Corporation, CNH Industrial N.V., Deere & Company, Escorts Limited, Komatsu America Corp., Mahindra & Mahindra Ltd., SAME DEUTZ-FAHR Italia S.p.A., Ag Leader Technology, Agjunction, Inc., Autonomous Solutions Inc., Raven Industries, Inc., Trimble, Inc., and YANMAR CO., LTD. Among all the manufacturers, CNH Industrial N.V. and YANMAR CO., LTD are at the forefront in the development of the autonomous tractors. In 2016, CNH industrial N.V. revealed its concept for fully autonomous tractor and is planning to launch its fully driverless tractor under CASE IH brand in the market in the near future. The company is planning to launch its product into five categories based on the level of automation of the tractor, while YANMAR CO., LTD announced the expected launch its fully driverless tractor by the end of October 2018.
Segmentation
The autonomous & semi-autonomous tractors market has been forecasted for the period from 2020 to 2027 based on revenue (US$ Mn) and volume (thousand units). This report provides forecast and analysis of the autonomous & semi-autonomous tractors market at regional and global levels. The study highlights the drivers and restraints influencing the market. The report also highlights the opportunities in the autonomous & semi-autonomous tractors market and underlines the technological roadmap for understanding the market.
The report contains value chain analysis, which provides a comprehensive view of the global autonomous & semi-autonomous tractors market. The Porter’s Five Forces analysis of the autonomous & semi-autonomous tractors market has also been included that helps understand the competitive scenario of the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and attractiveness.
The study provides a decisive view of the global autonomous & semi-autonomous tractors market by segmenting it in terms of technology, power output, component, application, and region. These segments have been analyzed based on present and future trends. Regional segmentation comprises current scenario along with forecast of the autonomous & semi-autonomous tractors market. The forecast provided is based on the compilation of current trends as well as the expected scenario in future due to change in technological, geographical, political, regulatory, and economic factors such as the rapid expansion of autonomous systems market. Demand for autonomous and fuel-efficient tractors among consumers and government emission regulations have been considered while sizing the market.
The study includes profiles of major companies operating in the global autonomous & semi-autonomous tractors market. The major share of the market is held by a few key players and the rest is fragmented among medium-scale manufacturers. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. The autonomous & semi-autonomous tractors market is primarily driven by rapid expansion of construction and mining industries, which are likely to expand at a significant pace during the forecast period. Furthermore, development of new equipment for the agriculture sector is another major factor propelling the autonomous & semi-autonomous tractors market.
The report provides the estimated market size of the autonomous & semi-autonomous tractors market for 2017 and forecast for the next nine years. The global market size has been provided in terms of revenue (US$ Mn) and volume (thousand units). Market figures have been estimated based on engine, Component, sales channel, vehicle type, and regions. Size and forecast for each major segment have been provided in terms of global and regional/country markets.
In-depth interviews and discussions were conducted with a number of key industry participants and opinion from leaders to compile the research report. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be highly reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, market reports, news articles, press releases, and webcasts specific to companies operating in the market, Food and Agriculture Organization (FAO), Automotive Research Association of India, Factiva, etc.
Primary research involves e-mail interactions and telephonic interviews for each market, category, segment, and sub-segment across regions. Primary interviews are conducted on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
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