Electric Tractor Market Size Forecast: $1.68 Billion by 2029 | Global Outlook

Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.

What Is the Projected Market Size Valuation of the Electric Tractor Market by 2025?
In the last few years, the electric tractor market has seen tremendous growth. The market size is projected to increase from $0.64 billion in 2024 to $0.78 billion in 2025, with a compound annual growth rate (CAGR) of 22.5%. This growth in the past can be linked to the fluctuating fuel prices, strict environmental regulations, government subsidies and incentives for electric vehicles. Other factors, such as increasing awareness among consumers about environmental issues and the rivalry among electric tractor manufacturers, have also contributed to this growth.

What Is the Estimated Market Growth Value for the Electric Tractor Industry in 2029?
The market size for electric tractors is projected to experience substantial growth in the coming years, expanding to $1.68 billion in 2029 with a compound annual growth rate (CAGR) of 21.0%. The expected growth during this forecast period can be credited to ongoing advancements in battery technology, forecasted decrease in prices for electric tractor parts, predicted urbanization and fragmentation of land, an increasing focus on health and safety laws in farming environments, and a surge in the need for agricultural machinery. The forecast period will also see key trends such as the incorporation of digital technologies, the adoption of carbon-neutral agricultural methods, the electrification of specific agricultural uses, the implementation of advanced battery technologies, and the arrival of hydrogen-powered electric tractors.

Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/electric-tractor-global-market-report

What Are the Growth Drivers and Opportunities in the Electric Tractor Market?
The growth of the electric tractor market is expected to be accelerated by the expansion of the agricultural industry. Covering a vast array of activities, including crop farming, livestock rearing, food production, and other agricultural goods, the agricultural industry plays a fundamental role in meeting human nutritional needs. It is in constant expansion due to several factors, such as population growth, an increase in food demand, and technological advancements that enhance productivity and sustainability. The use of electric tractors is becoming more prevalent in this sector due to their environmentally-friendly and cost-effective attributes, which promote better farming practices and lower operation costs. In April 2024, the United States Department of Agriculture, a government agency based in the US, reported that the agriculture, food, and related industries had contributed a substantial $1.530 trillion to the U.S. GDP in 2023, accounting for 5.6% of the total. Within this, the output from farms across America reached $203.5 billion, which amounted to about 0.7% of the U.S. GDP. As a result, the growing agricultural sector is providing impetus to the expansion of the electric tractor market.

Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=16407&type=smp

What Are the Primary Segments Covered in the Global Electric Tractor Market Report?
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

What Are the Top Growth Trends in the Electric Tractor Market?
Leading organizations in the electric tractor market are prioritizing the development of innovative products such as high-battery-power electric trucks to strengthen their competitive position. High-power electric trucks are those with large battery packs that offer enhanced driving range and adequate power to transport heavy cargo. In October 2023, an example of such a product was seen when Fendt, an agricultural machinery producer from Germany, introduced an electric tractor furnished with a battery-powered e107 V Vario. Fendt's Vario transmission and the FendtONE operating system enhance this model. The 100 kWh battery can provide energy to the e107 V for a period of between four to seven hours and has a quick charging speed, going from 20 percent to 80 percent in just 45 minutes. The power unit of this model has a capacity of 90 horsepower, allowing it to reach speeds up to 40 km/h.

Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=16407&type=smp

Which Companies Are Shaping the Future of 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

Which Region Holds the Largest Market Share in the Electric Tractor Industry?
North America was the largest region in the electric tractor market in 2024. The regions covered in the electric tractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Saumya Sahey
Europe: +44 7882 955267,
Asia: +44 7882 955267 & +91 8897263534,
Americas: +1 310-496-7795
Email: saumyas@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.