New Product Developments were Among the Key Strategies Adopted by Leading Players to Strengthen their Position in the Autonomous Tractors Market.
The autonomous tractors market is estimated to reach 12,508 units in 2019 and 60,901 units by 2025, at a CAGR of 24.89%. Companies such as AGCO (US), CNH (UK), Mahindra & Mahindra (India), Deere (US), Kubota Corporation (Japan), Yanmar (Japan), and Autonomous Tractor Corporation (US) are adopting both, organic as well as inorganic strategies such as new product & technology development, acquisitions, and collaborations to capture a share in the autonomous tractors market.
New product development is the key strategy adopted by major players in the global autonomous tractors market. New product development accounted for 53% of all the strategic developments undertaken by companies between 2016 and 2017. Companies adopted the strategy of expansion to diversify and fortify their business networks.
AGCO (US), CNH (UK), Mahindra & Mahindra (India), Deere (US), and Kubota Corporation (Japan) are some of the leading market players that adopted the expansion strategy to strengthen their business and retain their market share. For instance, CNH (UK) recently launched a new autonomous tractor engineering plant in Shanghai, China.
Another strategy adopted by industry players to gain a stronger foothold in the global autonomous tractors market is acquisitions. This strategy accounted for around 11% of all developments by companies during the reviewed period. Prominent players such as Deere (US) adopted this strategy. In September 2017, Deere (US) acquired Blue River Technology (US), which makes machine learning tools for agriculture; this will help Deere to cater to the autonomous tractors market in the future.
CNH (UK), which is one of the leading manufacturers of farm tractors, and has a well-diversified product portfolio of agricultural equipment, which includes small to large tractors with power ranges from 30 hp to 620 hp. This helps CNH to cater to the diverse demand of clients, worldwide. CNH offers its agricultural equipment through multiple brands, which include Case IH, New Holland Agriculture, and Steyr. These factors make CNH a leading player in the agriculture industry.
The company adopted new product development as its primary growth strategy. It has focused on research & development; for instance, in 2016, the company spent USD 891.0 million on R&D, which was around 3.52% of the company’s total revenue. CNH, having already launched its autonomous tractors, will have an added first mover advantage in the autonomous tractors market across the globe.
Mahindra & Mahindra (India) is also one of the leading manufacturers of tractors across the globe. The company has a strong client base and is continuously expanding its product portfolio to serve its customers efficiently. The company has showcased the first-ever driverless tractors developed in the country. Using driverless technology, developed at Mahindra Research Valley (MRV) near Chennai, the company aims to offer tractors (with any field implement) that can be controlled and operated remotely using hand-held tablets.
Related Reports:
Autonomous Tractors Market by Power Output (Up to 30 HP, 31–100 HP, 101 HP and Above), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Farm Application, Component, and Region - Global Forecast to 2025
Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
