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Electric Tractors Market Trends, Opportunities and Phenomenal Growth Prospects | Deere & Company, AGCO GmbH, The Escorts Group, SOLECTRAC, Multi Tool Trac BV, and MTZ Equipment Ltd

02-18-2021 01:49 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

Electric Tractors Market Trends, Opportunities

Reduction of pollutant emission and fossil fuel dependency is an objective of energy policies across the globe. Governments across the globe are promoting the utilization of efficient vehicles, e.g., hybrid electric vehicles. Incorporation of electric drives in agricultural machines and tractors presents advantages such as expanded functionalities, energy efficiency, etc. Electric tractor takes the advantage of drives and decoupling loads from the engines that allow to operate at high efficiency. Vehicle manufacturers are making great strides in electric drive technology, also governments across the globe have set a target for phasing out fossil fuel-based vehicles. This revolution is gaining traction in the agriculture sector too, various manufacturers have recently introduced electric tractor in order to support electrification.

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Electric tractors are available in the market in two different types based on their power sources, which include battery operated and solar powered.

Global Electric Tractors Market: Segmentation

The global electric tractors market can be segmented on the basis of power source and application.

Based on the power source, the global electric tractors market can be segmented into:

Battery Operated
Solar Powered
Based on the application, the global electric tractors market can be segmented into:

Organic Farms
Vineyards
Equestrian Centers
Global Electric Tractors Market: Dynamics

Electric tractors provide various advantages over their diesel counterparts such as they do not emit carbon dioxide, have less moving parts owing to which their repair and maintenance is easy, etc. The aforementioned factors are projected to boost the sale of electric tractors and in turn will propel the growth of the global electric tractors market over the near future. Moreover, stringent regulations related to the emissions, and renewable energy represent a reason to pursue e-drive solutions in the agricultural industry.

Availability of alternatives or fuel-based electric tractors in the market is expected to restrain the growth of the electric tractors market over the forecast period. Furthermore, electric tractors possess various disadvantages such as low speed, limitation of battery technology and low energy storage capacity, etc.

Prominent manufacturers of electric tractors are planning to introduce electric-powered tractors owing to their lower maintenance and service costs. For instance, Deere & Company has recently introduced the electric tractors in order to assist the farmers across the globe.

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Global Electric Tractors Market: Regional Outlook

Geographically, the global electric tractors market is projected to be dominated by North America owing to the rising demand for compact tractors in the U.S. Europe in the global electric tractors market is expected to grow at significant rate over the near future supported by shifting preference towards electrification of the vehicles. Europe is expected to be followed by Asia-Pacific in the global electric tractors market over the forecast period. Asia-Pacific, spearheaded by India, is expected to grow at significant rate in the global electric tractors market over the near future. The Middle East & Africa and Latin America are expected to hold small shares in the global electric tractors market, however, the sale of electric tractors is expected to grow at significant pace over the studied period.  

Global Electric Tractors Market: Participants

Examples of some of the key players involved in the global electric tractors market include Deere & Company, AGCO GmbH, The Escorts Group, SOLECTRAC, Multi Tool Trac BV, and MTZ Equipment Ltd., among others.    

Prominent manufacturers involved in the manufacturing of electric tractors are involved in collaboration activities with the companies across the value chain of the electric tractor manufacturing in order to meet customer requirements.

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