Press release
Global Electric Tractors Market to Surge to $857 Million by 2031 Amid Growing Demand for Green Technology
The report highlights that the surge in the electric tractors market is primarily driven by increased government initiatives supporting the agricultural sector, substantial investments by leading automotive Original Equipment Manufacturers (OEMs), and a heightened focus on environmental sustainability. However, market growth may be hindered by the high initial investment costs and the existing limitations of electric vehicle (EV) charging infrastructure.
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Opportunities and Challenges :
While the market faces challenges, including range anxiety and performance reliability in heavy-duty applications, opportunities abound. The adoption of precision farming techniques and the expanding market potential in emerging economies are expected to create significant opportunities for stakeholders in the electric tractors industry.
Market Segmentation :
The global electric tractors market is categorized by type, propulsion type, battery capacity, and application:
• By Type: The market is segmented into utility tractors, compact tractors, row crop tractors, industrial tractors, and other vehicle types. In 2024, utility tractors are expected to dominate the market due to their energy efficiency, zero tailpipe emissions, and quieter operation compared to traditional diesel tractors. However, the industrial tractors segment is forecasted to experience the highest CAGR, driven by industries' need to meet stringent environmental regulations and reduce carbon footprints.
• By Propulsion Type: The market is divided into battery electric tractors and hybrid electric tractors, with the latter further classified into pure hybrid and plug-in hybrid electric tractors. The battery electric tractors segment is anticipated to capture the largest market share in 2024, fueled by the increasing demand for zero-emission vehicles and advancements in battery technology. This segment is also expected to grow at the highest CAGR during the forecast period.
• By Battery Capacity: The market is segmented into less than 15 kW, 15 kW to 40 kW, and more than 40 kW. The 15 kW to 40 kW segment is expected to lead the market in 2024, driven by the growing adoption of electric tractors for heavy-load applications and supportive government policies. This segment is also projected to witness the highest CAGR throughout the forecast period.
• By Power Output: The market is classified into less than 30HP, 30HP to 80HP, and more than 80HP. The 30HP to 80HP segment is anticipated to hold the largest market share in 2024, as it meets the versatile needs of small and medium-sized farms. This segment is also expected to register the highest CAGR during the forecast period.
• By Application: The market covers agriculture, construction, logistics, airports, railways, commercial spaces, factories, and other applications. In 2024, the agriculture segment is expected to dominate the market due to the environmental benefits of electric tractors and their integration with precision farming technologies. The factories segment, however, is expected to grow at the fastest rate, driven by government incentives that make EV tractors more cost-effective for industrial applications.
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Regional Insights :
Geographically, the electric tractors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to hold the largest market share, supported by robust government policies and incentives in countries like China, Japan, and South Korea. Meanwhile, Europe is projected to experience the highest CAGR, driven by the increasing adoption of electric mobility, favorable government subsidies, and the growing use of electric tractors in agriculture and commercial services.
Key Players :
The key players operating in the global electric tractors market include Solectrac Inc. (U.S.), Deere & Company (U.S.), Escorts Kubota Limited (India), Alkè s.r.l (Italy), Yanmar Holdings Co. Ltd. (Japan), AGCO Corporation (U.S.), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), Dongfeng Motor Corporation Ltd. (China), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), AutoNxt Automation Pvt. Ltd. (India), Motivo Engineering (U.S.), Monarch Tractor (U.S.), Ztractor Inc (U.S.).
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Key Questions Answered in the Report:
• What are the high-growth market segments in terms of type, propulsion type, battery capacity, and application?
• What is the historical market size for the global electric tractors market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global electric tractors market?
• Who are the major players in the global electric tractors market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global electric tractors market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global electric tractors market, and how do they compete with other players?
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
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APAC: +91 744-7780008
Email- sales@meticulousresearch.com
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About the company:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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