The autonomous tractors market is estimated to be valued at USD 973.3 million in 2021 and is expanded to grow at a significant CAGR of 23.1% over 2022-2028. The self-driving tractor has one goal: to feed the world. By 2050, the global population is estimated to increase by 50%, from over 8 billion to approximately 10 billion people. Farmers must also feed this rising population with less available land and skilled labor and deal with the inherent challenges of farming, such as changing weather and climate, soil quality fluctuations, and the prevalence of weeds and pests. All these factors drive the autonomous tractor market. The farming industry is facing an ongoing labor shortage which creates an opportunity for the autonomous tractors market. Low noise levels, emission-free operation, and low maintenance costs of autonomous vehicles also drive the market. As technologically assisted agriculture needs skilled labor, of which there is an acute shortage, farmers are adopting technologies such as autonomous tractors that can be productive. This scenario is one of the significant factors that drive the market forward. Productivity of crop yield provided by these tractors, enhanced efficiency, and development in government initiatives are anticipated to drive the autonomous tractor market. Based on Power Output, Autonomous tractors with >100 HP segment accounted for the highest revenue share of 38.3% in 2021 and are estimated to dominate the market throughout the forecast period to reach USD 2,376.5 Mn by 2028 due to the benefits of four-wheeled tractors such as cultivating capacities at a high fuel economy and better soil quality maintenance & control.
Recent Market Developments:
In January 2022, during a press conference at CES 2022, John Deere revealed a fully autonomous tractor that’s ready for large-scale production. The machine combines Deere’s 8R tractor, TruSet-enabled chisel plow, GPS guidance system, and new advanced technologies. The autonomous tractor will be available to farmers later this year.
In February 2021, Yanmar has announced the upgrade of its autonomous tractor series, which are capable of full or partially autonomous work.