The autonomous electric tractor industry is being driven by many variables. The rising demand for these tractors across a variety of applications, including industries, ports/docks, mining, and airports, is the main growth driver for this market. The fact that autonomous electric tractors have many advantages over traditional tractors, including greater economy, lower emissions, and reduced noise pollution, can be contributed to the rise in demand. Additionally, there is an increasing desire for electric automobiles over conventional ones as environmental and climate change concerns develop. During the projection timeframe, this is anticipated to help the autonomous electric tractor market grow even more.
A vehicle driven by electricity and capable of running without a driver is an autonomous electric tractor. These vehicles have computers and sensors that let them navigate independently. The advantages of electric tractors over conventional diesel or gasoline-powered ones include lower emissions, less noise pollution, and efficiency improvement.
One of the key factors propelling the growth of the market for autonomous electric tractors is the growing emphasis on lowering greenhouse gas emissions. The introduction of severe emission standards in industrialized nations is also anticipated to increase demand for these vehicles in the upcoming years. In addition, it is anticipated that in the years to come, market participants would have additional opportunities due to the declining cost of batteries and advancements in rechargeable batteries.
Moving goods inside a warehouse or factory is the primary function of electric autonomous tractors. The use of autonomous technology in these vehicles facilitates faster material handling while maintaining accuracy and safety. Additionally, these machines can run continuously for long periods without assistance from a human, which lowers labour expenses. They also aid in lowering the overall carbon footprint because they don't release any damaging gases.
At a CAGR of 24.61% throughout the projected period, the autonomous electric tractor market is anticipated to increase from USD 2.01 billion in 2021 to USD 9.01 billion by 2031.
This market's expansion can be ascribed to the rising demand for autonomous electric tractors in a variety of settings, including mines, industries, ports, and airports.
Lack of knowledge about these vehicles, particularly in developing nations, is one of the major obstacles to the expansion of the market for autonomous electric tractors. The large initial expenditure needed to buy these vehicles is also a problem that can restrain the development of this sector. Although, it is anticipated that in the upcoming years, market participants will have new chances due to the strong expansion plans in the Asia-Pacific and Middle Eastern regions.
Komatsu Ltd. (Japan), Doosan Industrial Vehicle America Corp. (US), Crown Equipment Corporation (US), Volkswagen AG (Germany), Hyster-Yale Group, Inc. (US), Caterpillar Inc. (US), Jungheinrich AG (Germany), and Sany Group Co., Ltd. (China) are some of the major players in the autonomous electric tractor market. To acquire a competitive edge in the autonomous electric tractor market, these competitors are concentrating more on strategies including product launches and innovations, acquisitions and mergers, partnering and collaborates, and commercial extensions.
The LGV (Laser Guided Vehicle) Forklift Type to Emerge as the Most Lucrative Segment
The global market for autonomous electric tractors has been segmented into two types, LGV (laser-guided vehicle) forklifts and autonomous electric tractors. Amid them, the LGV (Laser Guided Vehicle) Forklift segment is anticipated to expand at a faster CAGR during the forecast period as a result of rising demand from many businesses, including the automotive and catering services sectors.
The Most Popular Application Segment is Airport
The airport, factory, port/dock, and mining segments make up the autonomous electric tractor market's application segmentation. Due to rising air passenger traffic and freight volume, the airport category is anticipated to experience the fastest CAGR growth among these during the projection period. Moreover, it is anticipated that the need to lower labour costs and boost efficiency would fuel the development of this market.
The Asia Pacific region renders Ample Financing Opportunities
The markets for autonomous electric tractors in North America, South America, Africa, Asia Pacific, Europe, and the Middle East have been segmented based on geography. Due to the rising demand for electric vehicles in nations like China and India, the Asia-Pacific region is anticipated to experience the fastest CAGR growth among these. Additionally, the expansion of this market is anticipated to be fueled by the expanding industrial sector in this area.
COVID-19 Impact and Market Status
On the market for autonomous electric tractors, the COVID-19 epidemic is anticipated to have a considerable effect. The market has suffered as a result of production facility closures, travel restrictions, and a decline in consumer spending. The introduction of autonomous electric tractors is also anticipated to be delayed in several places due to the COVID-19 epidemic. The market, meanwhile, is anticipated to bounce back after COVID and post a respectable pace of growth during the projected timeframe.
Recent Developments in the Autonomous Electric Tractor Market
• The world's first self-propelled diesel-electric tractor, created by Deere & Company in March 2019, is intended to lower fuel costs and pollution. The 6.8L PowerTech Final Tier 4 engine on this tractor, which is a part of the manufacturer's 9RX series, produces up to 20% greater torque than its predecessor. The tractor also comes with a unique John Deere Infinitely Variable Transmission (IVT), which offers up to 40% more fuel efficiency than a traditional powershift transmission.
• The first construction vehicle with zero emissions was unveiled by JCB in May 2021: the new electric backhoe loader. The device contains a lithium-ion battery that can run the machine for up to eight hours and a 115kW electric motor.
• Deere & Company announced the introduction of its new line of self-driving electric tractors in March 2021. The cars have sensors and software that allow them to function without a driver.
• The Kubota Corporation launched its new series of electric zero-turn mowers in February 2021. The mowers use a brushless DC motor with a two-hour runtime and a 48-volt battery for power.
• The introduction of John Deere's new series of autonomous electric tractors was announced in January 2021. The cars have sensors and software that allow them to function without a driver.
• The new electric tractor for airport baggage handling will go on sale in September 2021, according to Japan-based Sumitomo Wiring Systems. As demand for automated solutions at airports grows, the business created this new autonomous electric tractor.
• The introduction of the new autonomous electric tractor for dock and port applications was announced by the American company JBT Corporation in April 2022. With the help of this new tractor, fewer people will be needed to do loading and unloading tasks.
Autonomous Electric Tractor Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 9.01 billion|
|Growth Rate||CAGR of 24.61% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Komatsu Ltd. (Japan), Doosan Industrial Vehicle America Corp. (US), Crown Equipment Corporation (US), Volkswagen AG (Germany), Hyster-Yale Group, Inc. (US), Caterpillar Inc. (US), Jungheinrich AG (Germany), and Sany Group Co., Ltd. (China)|
Key Segment of Global Autonomous Electric Tractor Market
By Type Overview 2021-2031, (USD Billion)
• LGV (Laser Guided Vehicle) Forklift
• Autonomous Electric Tractor
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa