North America held the highest share in 2020, contributing to nearly two-fifths of the total market
According to the report published by Allied Market Research, the global autonomous tractors market generated $1.56 billion in 2020, is projected to reach $11.58 billion by 2030, manifesting a CAGR of 20.9 per cent from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
Rise in income, enhanced productivity, growing demand for food, and encouraging government initiatives drive the growth of the global autonomous tractors market. However, lack of awareness, technology integration among farmers, and high initial investment and maintenance costs hinders the market growth. On the other hand, introduction of drones in agriculture and growing technological advancements create new opportunities in the coming years.
The report offers detailed segmentation of the global autonomous tractors market based on component, application, and region.
By component, the GPS segment contributed to the highest share in 2020, accounting for nearly one-third of the total market share, and is expected to maintain its lead during the forecast period. However, the vision system segment is projected to witness the highest CAGR of 21.7 per cent from 2021 to 2030.
By type, the tillage segment accounted for the largest market share, contributing to more than one-fourth of the global autonomous tractors market in 2020. However, the seed sowing segment is expected to portray the largest CAGR of 21.7 per cent from 2021 to 2030.
By region, North America held the highest share in 2020, contributing to nearly two-fifths of the total market. However, Asia-Pacific is projected to witness the fastest CAGR of 22.7 per cent during the forecast period.
