According to Fact.MR, the worldwide autonomous tractors market is set to hit $13 billion by the end of 2033, expanding rapidly at 24% 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 urbanisation has resulted in a significant drop in agricultural labour. These considerations prompted farmers to seek processes and alternatives to increase yields and productivity to fulfil demand. Moreover, since cultivable land is finite and farm productivity depends on environmental conditions, there is a growing need to improve the efficacy of agricultural activities. This, combined with farmers’ expanding emphasis on increasing agricultural production, is one of the primary reasons driving the demand for autonomous tractors.
Autonomous tractors boost labour 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 autonomous tractor market 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 mechanisation plans around the world, is driving market expansion.
Key takeaways from market study
- The global autonomous tractors market is valued at $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 $13 billion by 2033
- North America accounted for 38% share of the global market in 2022
“The number of agricultural labourers is constantly decreasing due to rising urbanisation. As a result, farmers are increasingly using modern agricultural equipment to substitute manual labour. 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,” says a Fact.MR analyst.
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