Autonomous tractors offer automation and autonomous functionality for agricultural operations with the help of GPS, sensors and control units. They help in streamlining key farming tasks like seeding, weeding, spraying and harvesting. Tracers collect field data to optimize inputs and increase crop yields. Their automated steering and navigation capabilities help cover large acres of land in less time with high accuracy.

The global Autonomous Tractor Market is estimated to be valued at US$ 1248.24 Mn in 2023 and is expected to exhibit a CAGR of 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Streamlined farming operations provide a major opportunity for high growth of Global Autonomous Tractor Market Size Autonomous tractors can streamline key farming tasks and operations by automating manual field work. They help optimize utilization of inputs like water, fertilizers and seeds through precise field data collection and analytics. As labor costs increase, autonomous tractors provide an effective solution to complete agriculture tasks on large tracts of land efficiently. Their ability to plow, seed and fertilize fields uninterrupted for many hours helps cover more acreage compared to manual operations. This significantly increases farm productivity and maximizes crop output. Streamlined operations through autonomous farm machinery is expected to drive increased adoption of these tractors.

Porter’s Analysis

Threat of new entrants: The autonomous tractor market faces moderate threat of new entrants due to huge R&D investments required to develop new autonomous technologies and build brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several autonomous tractor manufacturers. However, differentiation strategies help manufacturers maintain pricing power.

Bargaining power of suppliers: Component manufacturers have low to moderate bargaining power since raw material supply is commoditized and sensor technology faces limited IP protection.

Threat of new substitutes: Threat of substitutes is low as autonomous tractors provide unique benefits of driverless operation, labor savings and precision farming compared to conventional tractors.

Competitive rivalry: The autonomous tractor market witnesses high rivalry among major manufacturers to gain market share through new product launches, partnerships and M&A activities.

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