According to the research literature titled ‘Global Autonomous Tractors Market Size study, by Horse Power (Upto 30 HP 31 HP to 100 HP, Above 100 HP), by Automation (Fully Automated, Semi-Automated), and Regional Forecasts 2020-2027’, available with Market Study Report, global autonomous tractors market was appraised USD 1.53 billion in 2020 and is projected to attain a valuation of USD 6.9 billion by the end of the forecast period 2020-2027, registering a CAGR of 24% throughout.
 

As per the report findings, increasing labor shortage, especially in countries like Australia and the United States, serves a major growth impetus for global autonomous tractors market.
 

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For the record, the cost of farm labor is directly proportional of a country’s total population employed in the agriculture sector. Developed countries on an average have a higher workforce proportion in agriculture.
 

However, as people migrate to the city each year, the numbers have dropped over time. In fact, the data from a World Bank study cites that the world's rural population has decreased from 67% in 1960 to 45% percent in 2017. Likewise, the Indian Council of Food and Agriculture estimates that India's agriculture workforce will decrease by 25.7% by 2050. With declining manpower, the demand for autonomous tractors will see an upward trend in the upcoming years.
 

Further, rise in average age of farmers in developed nations along with increasing mechanization in the agriculture sector are enhancing the overall autonomous tractors industry dynamics. However, high initial capital investment and lack of awareness among framers are negatively impacting the market.
 

On the geographical front, North America, Latin America, Europe, and Asia Pacific are the key contributors to the overall market development. Among these regions, North America is anticipated to grab a sizeable industry share over the analysis duration, creditable to higher disposable income of framers, lack of skilled farm workers, and access to advanced technologies. Apart from this, presence of massive farms and high consumer loyalty are rendering a positive impact on the business landscape.
 

The United States is the largest market for autonomous tractors in the North America region. Growing requirement for high-powered tractors is anticipated to be a major propeller for the market growth in the country.
 

Speaking of the competitive landscape, top-tier players in worldwide autonomous tractors market sphere are Kinze Manufacturing Inc., Trimble Inc., Yanmar Co. Ltd., Deere & Company, Dutch Power Company, Kubota Corp., CNH Industrial N.V., AGCO Corp., Autonomous Tractor Corp., and Mahindra & Mahindra Ltd.