Electric Farm Tractor Market: Segmented: By Type (Light-Duty Tractor, Medium-Duty Tractor, Heavy-Duty Tractor), By Power Source (Battery Operated, Solar Powered), By Drivetrain Technology (Hybrid Electric Farm Tractor, Plug-in Hybrid Electric Farm Tractor, Battery Electric Farm Tractor), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Electric Farm Tractor Market to surpass USD 418.3 million by 2031 from USD 130.6 million in 2021 at a CAGR of 12.3% in the coming years, i.e., 2021-2031.
Electric tractors herald the start of a new era in agricultural technology. A farmer is always seeking methods to make his or her job easier or more affordable. And technology offers a way out of this predicament. Electric tractors are advantageous in agriculture since they reduce fuel consumption. It is battery-powered, making farming simple and affordable. Electric tractors can be charged by batteries or even solar panels, making them more environmentally friendly than traditional tractors. Electric driving reduces costs without a doubt; the best illustration is the reduction of fossil fuels. They are efficient and provide excellent accuracy when working.
Global Electric Farm Tractor Market is expected to project a notable CAGR of 12.3% in 2031.
Low repair and maintenance costs, an increase in government initiatives, and the implementation of severe emission standards are all propelling the market forward. Governments from throughout the world have pushed for the adoption of electric farm tractors and other agricultural machinery. As a result, the traditional agricultural practice given way to a more sophisticated one.
The Light-Duty Tractor segment is expected to grow with the highest CAGR during 2021-31
On the basis of Type, the global Electric Farm Tractor Market is fragmented into Light-Duty Tractor, Medium-Duty Tractor and Heavy-Duty Tractor. Electric powertrains are still employed for low-power application tractors; therefore Light-Duty Tractor have a significant market share. During the projected period, advancements in electric vehicle technology are expected to stimulate the development of high-power tractors.
The Hybrid Electric Farm Tractor segment is expected to grow with the highest CAGR during 2021-31
Global Electric Farm Tractor Market is classified on the basis of Technology into Hybrid Electric Farm Tractor, Plug-in Hybrid Electric Farm Tractor, Battery Electric Farm Tractor. Hybrid-electric Tractor are predicted to dominate the global electric farm tractor market in the drivetrain technology segment. Hybrid Tractor, which run on both petrol and battery, are an excellent starting point for further expansion in the electric farm tractor market.
Number of Growth Initiatives by Various Governments
Governments from throughout the world have pushed for the adoption of electric farm tractors and other agricultural machinery. As a result, the traditional agricultural practice given way to a more sophisticated one. India is undoubtedly in the growth stage, despite having a lesser level of mechanization than other growing countries such as China and Brazil.
Multiple Benefits offered by Electric Farm Tractors
Electric farm tractors are becoming more popular as they save money on gasoline, reduce carbon emissions, and maximize the use of renewable energy sources. Furthermore, the use of electric farm tractors is on the rise in order to ensure the vehicle's reliability. Furthermore, the introduction of new technologies into the automotive industry, as well as the increasing use of these technologies, are key factors that are expected to fuel market expansion.
Adoption of Strict Emission Laws
As the world's carbon footprint has grown, governments around the world have been obliged to enact more rigorous emission standards, putting a damper on the growth of agricultural tractors. Furthermore, strict CO2 emission laws had an effect on industrial costs. As a result, such restrictions hampered the growth of ICE-powered farm tractors, directly boosting the demand for electric farm tractors.
Global Electric Farm Tractor Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Due to rising GDP, infrastructure investments, rising per capita income, growing propensity toward mechanization, and government incentives for FDI, Asia Pacific is expected to have the greatest market share over the projection period. Because of technical developments and government backing, North America is expected to have the greatest CAGR during the forecast period.
The vendors of electric farm tractors all over the world are being seriously harmed as a result of the limits on producers and the proclaimed lockdowns, which is impacting the electric farm tractors makers all over the world. Due to the disruption in the supply chain, the electric farm tractor company has seen a dramatic fall, and the most affected business could be the dealership network.
Global Electric Farm Tractor Market is further segmented by region into:
Electric Farm Tractor Market Segments:
|Market size value in 2021||USD 130.6 million|
|Revenue forecast in 2031||USD 418.3 million|
|Growth Rate||CAGR of 12.3% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Power Source, Drivetrain Technology, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||AGCO Corporation, Deere and Company, CLAAS KGaA mbH, Kubota Corporation, Escorts Limited, Mahindra and Mahinadra, Dongfend, SOLECTRAC, Caterpillar Inc., Yanmar Co. Ltd., J.C. Bamford Excavators Ltd. (JCB), and Other Prominent Players.|
Electric Farm Tractor Market size was estimated at USD 130.6 million in 2021 and is expected to reach USD 418.3 million in 2031.
Electric farm tractors are tractors that get their power from an electric motor rather than a traditional internal combustion engine. These tractors generate electricity by a network of batteries and have fewer mechanical parts.
The Light Duty Tractor segment accounted for the largest Electric Farm Tractor Market share.
Key players in the Electric Farm Tractor Market include AGCO Corporation, Deere and Company, CLAAS KGaA mbH, Kubota Corporation, Escorts Limited, Mahindra and Mahinadra, Dongfend, SOLECTRAC, Caterpillar Inc., Yanmar Co. Ltd., J.C. Bamford Excavators Ltd. (JCB), and Other Prominent Players.
Increased demand for agricultural digitization and automation, as well as a requirement for low emissions to alleviate the pollution problem, are likely to fuel expansion in the global electric farm tractor market.
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