The electric tractor market is experiencing exponential growth, projected to rise from $0.52 billion in 2023 to $0.64 billion in 2024, with a CAGR of 23.3%. This growth is driven by fluctuations in fuel prices and government incentives for electric vehicles. By 2028, the market is expected to reach $1.48 billion, growing at a CAGR of 23.4%. Key trends include the adoption of carbon-neutral farming practices and improvements in battery technology.
Major Driver In The Electric Tractor Market
The expansion of the agricultural sector is expected to drive the growth of the electric tractor market. Agriculture, encompassing crop cultivation and livestock raising, is growing due to rising food demand and technological advancements. Electric tractors are gaining popularity for their environmental benefits and efficiency. The United States Department of Agriculture reported in April 2024 that agriculture contributed approximately $1.530 trillion to the US GDP in 2023, with farm output accounting for $203.5 billion. This expansion in agriculture boosts the electric tractor market.
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Electric Tractor Market Competitive Landscape
BYD Company Limited, Deere & Company, Tata Motors, Cummins Inc., Toyota Industries Corporation, Escorts Kubota Limited, Doosan Corporation, Sany Group, YANMAR HOLDINGS CO. LTD., Jungheinrich AG, Crown Equipment Corporation, Cargotec, Hyster-Yale Materials Handling Inc., Konecranes, Anhui Heli Co. Ltd., Hangcha Forklift, The Raymond Corporation, EP Equipment, Godrej & Boyce Mfg. Co. Ltd., Solectrac
Key Electric Tractor Market Trend
Electric tractor manufacturers are focusing on high-battery-power trucks to enhance market competitiveness. In October 2023, Fendt introduced the e107 V Vario, an electric tractor with a 100 kWh battery providing a driving range of four to seven hours. The tractor features Fendt’s Vario transmission and charges from 20 percent to 80 percent in just 45 minutes, offering 90 horsepower and speeds up to 40 km/h.
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Electric Tractor Market Segmentation
The electric tractor market covered in this report is segmented –
1) By Type: Light, Medium-Duty, Heavy-Duty
2) By Battery Type: Lithium-Ion, Lead Acid
3) By Power Source: Solar Powered, Battery Operated
4) By DriveTrain Technology: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
5) By Application: Agriculture, Construction, Mining, Logistics
By Geography:The regions covered in the electric tractor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the electric tractor market in 2023.
The Electric Tractor Global Market Report 2024 furnishes information about the global electric tractor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
