Portland, OR, March 14, 2022 (GLOBE NEWSWIRE) -- 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% 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.
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Covid-19 Scenario-
- The imposed lockdown in various countries resulted in a labor shortage in the initial days of the pandemic. Additionally, the market witnessed rise in demand for agricultural products. These factors resulted in the market opportunity for autonomous tractors.
- The prolonged lockdown and regulations on import-export trade activities disrupted the global supply chain. Also, during the first and second waves of the pandemic, many industries have halted their operations, and production of many components of autonomous tractors was stopped.
The report offers detailed segmentation of the global autonomous tractors market based on component, application, and region.
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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% 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% 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% during the forecast period.
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Leading Players:
Leading players of the global autonomous tractors market analyzed in the research include Autonomous Solutions, Inc., Mahindra & Mahindra, CNH Industrial, Trimble, KINZE Manufacturing, AGCO Corporation, Autonomous Tractor Corporation, Deere & Company, Kubota Corporation, and Yanmar.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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