Electric Farm Tractor Market : Power Sources, Applications & Competitive Analysis (2023-2032)

Electric farm tractors are tractors that use an electric motor to obtain drive as opposed to the conventional internal combustion engine. Electric farm tractors use a series of batteries to generate power and have fewer mechanical parts. Rise in awareness about clean and sustainable farming is boosting the growth of the electric farm tractor market. Majority of farms globally are subsistence farms and are owned by small farmers; the small farmers are adopting small electric farm tractors for low power demand applications. Furthermore, the trend of consolidation of small farms and their acquisition by commercial farm owners is boosting the need for tractors and is further expected to boost the sale of electric farm tractors. The electric motors have double the torque and as a result are capable of pulling heavier loads. The 60-HP tractor can conduct the work of the 120 Hp diesel tractor. Moreover, the added advantage of low-emission and low maintenance charges of electric farm tractors as opposed to conventional tractors is a major advantage of the electric farm tractor market.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-toc-and-sample/A12253

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬

The vendors in electric farm tractors across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the electric farm tractors manufacturers worldwide. The segment has seen a sharp decline in the electric farm tractor business and the most affected business could be the dealership network due to the disturbance of the supply chain. For instance, Mahindra and Mahindra, one of the leading tractor manufacturing company announced an estimated loss of 30,000 tractors sales from April to June 2020 as a result of lockdown and other restrictions. This figure came up to 253k units being sold by December 2020 owing to the increasing demand of food production and impacting agriculture directly. Electric farm tractors market is an evolving industry, which has been currently hampered due to the unavailability of workforce owing to the spread of the coronavirus which in turn have disrupted the production and installation of electric farm tractor across the affected countries. Disruption owing to the covid-19 outbreak is observed in the electric farm tractors market which in turn has caused an uncertainty towards the demand and supply network for the electric tractors manufacturers.

𝐓𝐨𝐩 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐅𝐚𝐜𝐭𝐨𝐫𝐬

Low repair & maintenance cost, rise in government initiatives, and implementation of stringent emission norms are driving the growth of the market.

Availability of alternatives or fuel-based electric tractors in the market is expected to restrain the growth of the electric tractors market.

Government regulation regarding phasing out fossil fuel-based vehicles can be seen as an opportunity for the market investments.

𝐓𝐡𝐞 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐟𝐚𝐫𝐦 𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐭𝐫𝐞𝐧𝐝𝐬 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬 :

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬

Globally government of various countries have further promoted the adoption of electric farm tractor and other agricultural machineries. This has resulted in a change from the traditional agriculture practice to a more modernized process. Although India has a lower level of mechanization compared with other developing countries such as China and Brazil, India is definitely in the growth stage. For instance, to rise the green mechanization level, the Indian government is encouraging electric powered farm tractors, by providing subsidies on agricultural electric tractor, which is expected to strengthen the electric tractors market. The government's goal is to promote the growth of the agricultural sector through its Rashtriya Krishi Vikasa Yojana (RKVY). The Scheme is being implemented throughout India with 100 percent central assistance for increasing the level of electric farm mechanization in India's agriculture sector. Similarly, the Canadian government has implemented the "Canadian Agricultural Loans Act" (CALA) program that provides farmers with a loan up to USD 500 thousand for purchasing land or tractor. Thus, the government initiative is expected to drive the growth of the electric farm tractor market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/electric-farm-tractor-market/purchase-options

𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐬𝐭𝐫𝐢𝐧𝐠𝐞𝐧𝐭 𝐞𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐧𝐨𝐫𝐦𝐬

Increase in carbon footprint has enforced governments across the globe to implement stringent emission norms, thereby creating a negative impact on the growth of ICE-based agricultural tractor. In the European Union (EU), CO2 emission targets in 2018 were set at 175g/km. According to the new regulation standards (Regulation (EU) No 2019/631), the average CO2 emission target were 147 grams of CO2 per kilometer. The new regulations focused on reducing average CO2 emission by 31% by 2030 as compared to 2021. The commission imposed an excess emission premium on the manufacturer of $112.15 for each g/km that is exceeded for all registered vehicle if the manufacturer exceeds specific emissions target. Moreover, stringent CO2 emission regulations impacted the manufacturing expenditure. Hence, such limitations affected the growth of the ICE based farm tractor, and thus directly driving the market for electric farm tractor.

𝐊𝐞𝐲 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 :

This study presents the analytical depiction of the electric farm tractor along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric farm tractor.

The current market is quantitatively analyzed to highlight the electric farm tractor growth scenario.

The report provides a detailed electric farm tractor analysis based on competitive intensity and how the competition will take shape in coming years.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A12253

𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐟𝐚𝐫𝐦 𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 :

Which are the leading market players active in the electric farm tractor?

What would be the detailed impact of COVID-19 on the market?

What current trends would influence the market in the next few years?

What are the driving factors, restraints, and opportunities in the electric farm tractor?

What are the projections for the future that would help in taking further strategic steps?

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

David Correa
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