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Electric Tractor Market Trends, Top Companies, Share, Growth And Forecast 2033
Electric Tractor Market Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to fluctuations in fuel prices, stringent environmental regulations, government subsidies and incentives for electric vehicles, increasing awareness among consumers about the environmental impact, and competition among manufacturers in the electric tractor.
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%. The growth in the forecast period can be attributed to continued improvements in battery technology, foreseen reductions in the cost of electric tractor components, anticipated urbanization, and land fragmentation, growing emphasis on health and safety regulations in agricultural workplaces, and rising demand for agricultural equipment. Major trends in the forecast period include the integration of digital technologies, adoption of carbon-neutral farming practices, electrification of specialized agricultural applications, adoption of advanced battery technologies, and the emergence of hydrogen-powered electric tractors.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Electric Tractor Market 2024 Key Insights:
• 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%.
• The Role Of Agricultural Sector Expansion In Driving The Growth Of The Electric Tractor Market
• Advancements In Electric Tractor Technology With The Introduction Of An e107 V Vario-Powered Solution
• North America was the largest region in the electric tractor market in 2023
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