Electric Tractor Market: Pioneering Sustainable Agriculture, Leading the Charge in Eco-Friendly Farming Solutions with Unmatched Growth and Technological Advancements

The new report published by The Business Research Company, titled Electric Tractor Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the electric tractor market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The electric tractor market size is expected to see exponential growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%.

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The Role Of Agricultural Sector Expansion In Driving The Growth Of The Electric Tractor Market
The expansion of the agricultural sector is expected to propel the growth of the electric tractor market going forward. The agricultural sector encompasses all activities related to the cultivation of crops, raising livestock, and production of food, fiber, and other agricultural products for human consumption and use. The agricultural sector is growing due to the increasing global population, rising food demand, and advancements in technology improving productivity and sustainability. Electric tractors are increasingly used in the agricultural sector for their environmental sustainability and cost-effectiveness in operations, contributing to cleaner farming practices and reduced operating expenses. For instance, in April 2024, according to the United States Department of Agriculture, a US-based government agency, In 2023, agriculture, food, and related industries contributed approximately $1.530 trillion to the U.S. gross domestic product (GDP), accounting for 5.6% of the total. Within this, the output from America's farms amounted to $203.5 billion, constituting around 0.7% of the U.S. GDP. Therefore, The expansion of the agricultural sector is driving the growth of the electric tractor market.

Advancements In Electric Tractor Technology With The Introduction Of An e107 V Vario-Powered Solution
Major companies operating in the electric tractor market are focusing on developing new products, such as high-battery-power electric trucks, to gain a competitive edge in the market. High-power electric trucks refer to electric trucks equipped with large-capacity battery packs that provide extended driving ranges and sufficient power to haul heavy loads. For instance, in October 2023, Fendt, a Germany-based agricultural machinery manufacturer, launched an electric tractor with a battery-powered e107 V Vario that benefits from Fendt's Vario transmission and the FendtONE operating system. The 100 kWh battery will power the e107 V for between four and seven hours, and it will charge from 20 percent to 80 percent in just 45 minutes. The power unit produces 90 horsepower, which enables it to reach up to 40 km/h.

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

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Major companies operating in the electric tractor market are 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

Contents of the report:
1. Executive Summary
2. Electric Tractor Market Report Structure
3. Electric Tractor Market Trends And Strategies
4. Electric Tractor Market - Macro Economic Scenario
5. Electric Tractor Market Size And Growth
…..
27. Electric Tractor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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