Press release
Comprehensive Electric Tractor Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Electric Tractor
The expansion of the agricultural sector is expected to drive the growth of the electric tractor market. The agricultural sector is growing due to factors like a rising global population, increasing food demand, and technological advancements in farming. Electric tractors, which offer environmental and operational advantages, are being increasingly adopted in agriculture. For example, in April 2024, the U.S. Department of Agriculture reported that agriculture and related industries contributed $1.53 trillion to the U.S. GDP in 2023, highlighting the sector's importance. The growth of agriculture is driving the electric tractor market.
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What is the projected compound annual growth rate (CAGR) of the electric tractor market from 2025 to 2034, and what factors influence it?
The electric tractor market is projected to grow from $0.64 billion in 2024 to $0.79 billion in 2025, at a CAGR of 23.7%. This growth is due to fluctuating fuel prices, strict environmental regulations, government incentives for electric vehicles, greater environmental awareness, and growing competition among electric tractor manufacturers.
The electric tractor market is expected to experience exponential growth, reaching $1.83 billion by 2029 with a CAGR of 23.3%. Growth is driven by improvements in battery technology, cost reductions in components, urbanization, land fragmentation, and a growing demand for agricultural equipment. Trends include digital technology integration, carbon-neutral farming, electrification of specialized agricultural applications, advanced battery adoption, and hydrogen-powered electric tractors.
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How are the latest trends influencing the growth of the electric tractor market?
Companies in the electric tractor market are introducing new products like high-power electric trucks to gain a competitive edge. High-power electric trucks are equipped with large battery packs that provide extended driving range and sufficient power for heavy-duty hauling. For example, in October 2023, Fendt, a Germany-based agricultural machinery manufacturer, launched the electric e107 V Vario tractor. With a 100 kWh battery, it offers a range of 4-7 hours of operation and charges from 20% to 80% in just 45 minutes. The tractor generates 90 horsepower and can reach speeds of up to 40 km/h.
What are the major segments of the electric tractor market and their role in driving growth?
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
Subsegments:
1) By Light Duty: Compact Electric Tractors, Sub-Compact Electric Tractors
2) By Medium Duty: Electric Tractors For Small To Medium Farms, Electric Tractors For Utility Applications
3) By Heavy Duty: Electric Tractors For Large Farms, Electric Tractors For Industrial Applications
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Which regions are key players in the growth of the electric tractor market?
North America was the largest region in the electric tractor market in 2023. The regions covered in the electric tractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the electric tractor market?
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
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What Is Covered In The Electric Tractor Global Market Report?
•Market Size Forecast: Examine the electric tractor market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric tractor market for a structured understanding.
•Key Players Overview: Analyze major players in the electric tractor market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric tractor market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric tractor market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric tractor market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric tractor market.
•Competitive Landscape: Review strategic developments in the electric tractor market, including expansions, agreements, and new product launches.
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