2016 - 2026
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The Global Autonomous Tractor Market is projected to register a CAGR of 5.8% during the forecast period (2021-2026). During Covid19, the sector has seen a sharp dip in the tractor business and the most affected business could be the dealership network due to the disruption supply chain also manufacturing units were not 100 % active. Due to the travel restrictions, production is delayed, and supply is being interrupted this had resulted in a sharp decrease in sales of tractor business during 2019-2020. Due to decreasing agricultural labor, the prices of farm labor are rising. Farmers are increasingly adopting agricultural mechanization as a substitute for manual labor with a more cost-effective, easily available, and more efficient means of agricultural operation. Tractors being the primary source of power for driving agricultural machinery. The Asia Pacific is considered the fastest growing market because the companies located in the Asia Pacific are launching new autonomous tractors in the market and thereby dominating the market with faster innovations and product launches.
Scope of the Report
The Autonomous Tractor is mainly referred to as the driverless tractor which uses several components like GPS, sensors, laser diodes, and other devices for all the agricultural tasks. They are either fully automated or semi-automated whereby the tractor is managed using a remote control from a distance. The Global Autonomous Tractors Market is segmented by Horse Power (Up to 30HP, 31HP to 100HP, Above 100HP), Automation (Fully Automated and Semi-Automated), and Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa).
|Upto 30 HP|
|31 HP to 100 HP|
|Above 100 HP|
Key Market Trends
Increasing Cost Of Farm Labor
Due to decreasing agricultural labor, the prices of farm labor are rising. The cost of farm labor has a direct relationship with the percentage of the total population of a country employed in agriculture, considering simple demand-supply economics, thereby affecting the global agricultural tractors market. On average, developing economies have larger percentages of the population dependent on agriculture. However, the percentages have decreased over time as a large number of people are migrating to the urban area every year. According to the World Bank Report, the world's rural population has declined from 67% in 1960 to 45% in 2017. According to the Indian Council of Food and Agriculture, the percentage of agriculture workers in India is estimated to decline by 25.7% in 2050.
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North America Dominates the Global Autonomous Tractors Market
North America is expected to account for the largest share of the market in 2019. The higher disposable incomes of farmers, lack of trained farm labor, and well-developed technology are the primary reasons for the future expansion of the North American autonomous tractors market. In North America, being a developed region, the sizes of farms are usually large, and customer loyalty is high. Demand for high-powered tractors in the US is starting to gain traction. The US is the largest market for autonomous tractors in the North American region.
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The global autonomous tractor market is consolidated with 5 major players. The major players in this market are into innovation and launching new products globally. Since the inception of the market is very recent, it is considered to be a consolidated market with a few players holding the majority of the shares in the market. The market is dominated by CNH, Mahindra & Mahindra, John Deere, Kubota Corporation and Autonomous Tractor Corporation.These companies have a strong distribution network at the global level. The key strategies adopted by these companies to sustain their market position are new product development and acquisitions.
In July 2020, Kubota invested approximately 16 billion yen in Escorts Limited as part of its ongoing focus on expanding its presence in the Indian market.
In Febrauary, 2019, Kubota established Escorts Kubota India Private Limited as a joint venture for manufacturing tractors in association with Escorts Limited.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Horse Power
5.1.1 Upto 30 HP
5.1.2 31 HP to 100 HP
5.1.3 Above 100 HP
5.2.1 Fully Automated
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.3 Asia Pacific
126.96.36.199 Rest of Asia Pacific
5.3.4 South America
188.8.131.52 Rest of South America
184.108.40.206 South Africa
220.127.116.11 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.2 John Deere
6.3.3 Mahindra and Mahindra Ltd
6.3.4 Autonomous Tractor Corporation
6.3.5 CNH Industrial
6.3.6 Kubota Corporation
6.3.7 Dutch Power Company
6.3.8 Yanmar Co., Ltd.
6.3.9 Trimble Inc.
6.3.10 Kinze Manufacturing, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF COVID-19 IMPACT ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Autonomous Tractors Market market is studied from 2016 - 2026.
What is the growth rate of Global Autonomous Tractors Market?
The Global Autonomous Tractors Market is growing at a CAGR of 5.8% over the next 5 years.
Which region has highest growth rate in Global Autonomous Tractors Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Autonomous Tractors Market?
North America holds highest share in 2020.
Who are the key players in Global Autonomous Tractors Market?
- John Deere
- Mahindra and Mahindra Ltd
- Autonomous Tractor Corporation
- CNH Industrial
- Kubota Corporation
Are the major companies operating in Global Autonomous Tractors Market.