Global Electric Tractor Market Share Is Likely To Reach At A CAGR Value Of Around 13.1% By 2030

23-Feb-2023 | Facts and Factors

According to Facts and Factors, the global electric tractor market size was worth around USD 120 million in 2021 and is predicted to grow to around USD 300 million by 2030 with a compound annual growth rate (CAGR) of roughly 13.1% between 2022 and 2030.

Electric tractors are traditional tractors that are powered by electric batteries instead of being fuel-run. Many scholars are expecting electric tractors to emerge as the future of modern agriculture and farming since it is expected to hold the key to several problems associated with the use of conventional agriculture tools and machinery including tractors, which are extremely important types of machinery. There are various advantages of using electric tractors which are in the favor of not only the farmers or people operating in the agricultural sector but also the environment in general. They do not tend to release harmful carbon gasses which are the leading cause of air pollution and climate change.

Browse the full “Electric Tractor Market Size, Share, Growth Analysis Report By Drivetrain Technology (Hybrid Electric Tractor, Battery Electric Tractor, and Plug-In Hybrid Electric Tractor), By Battery Type (Lithium-Ion Battery, and Lead-Acid Battery), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/electric-tractor-market

Furthermore, electric tractors can perform at the same intensity as conventional tractors. Most of the electric tractors can be charged using a normal 220-240 volts electricity supply and may take up to an average of 3 to 4 hrs to charge completely which translates to one day of complete work.

The global electric tractor market is projected to benefit owing to the increasing concern of climate impact due to agricultural activities. It is currently one of the most crucial sectors in terms of an evolving economy but it is also a leading industry causing the emission of almost 10% of greenhouse gasses. 1% of this quote is attributed to the burning of fossil fuel that is used to power agricultural machinery.

The farmers tend to be at the negative receiver end since eventually, the changes in the climate impact the overall agricultural production. Many people operating in the agricultural industry are looking for ways to reduce their dependence on fossil fuel which is a non-renewable source of energy which means that they are highly inclined to electric-engineer-powered machinery.

Furthermore, the growing initiatives undertaken by the regional governments to educate the farmers about the benefits of electric tractors over conventional tractors could create higher electric tractor industry growth. Some of these initiatives include producing education programs, financial assistance, credit, and discounts to farmers that work with electric tractors. The global market may also benefit from the rising benefits of fuel making conventional tractors high in cost in terms of maintenance and usage.

One of the key growth restraints that the electric tractor industry players may face may arise due to the lack of infrastructure in developing or developed economies to support the complete adoption of electric tractors. Generally, farmers in these countries earn limited value during the crop harvesting season and may not have sufficient funds to purchase or maintain electric tractors. Many of these countries lack a constant supply of electricity which means that in areas that do not have an electric supply, such tractors may not be able to deliver as per expectations.

The growing investments toward research and development may provide growth opportunities whereas the high cost to challenge market growth

Segmental Analysis

The global electric tractor market is segmented by drivetrain technology, battery type, and region

Based on drivetrain technology, the global market is divided into hybrid electric tractor, battery electric tractor, and plug-in hybrid electric tractor

• In 2021, the electric tractor industry was dominated by the hybrid electric tractor segment due to the high preference amongst the end-consumer group
• The hybrid tractors are powered by at least one electric motor and a diesel motor
• It can efficiently switch between the two different types of motor to achieve fuel efficiency while ensuring optimum performance along with reduced harmful emission
• As per estimates derived from scientific studies, the electric tractor can improve fuel efficiency by 19.21% when compared to conventional tractors

Based on battery type, the global market is divided into lithium-ion battery and lead-acid battery

• The electric tractor industry witnessed the highest growth in the lithium-ion battery segment and the same trend can be expected during the forecast period
• Lithium-ion batteries offer various advantages over any other batteries
• For instance, they can charge faster. They are 100% efficient in terms of charge or discharge. In addition, factors like longer life and eco-friendliness can help the segment generate higher revenues

Regional Analysis

The global electric tractor market is anticipated to witness surging growth in Europe owing to the highly advanced agricultural infrastructure of the European countries further encouraged by the presence of key market players that are constantly working toward deploying new systems to aid the growth in the agriculture sector. Rising initiatives undertaken by regional governments to encourage further adoption of electric tractors could act as a growth-driving factor. North America may also register a high CAGR due to the increasing number of players entering the segment to benefit from its potential in the coming years. Growth in Asia-Pacific may be influenced by the fluctuating prices of diesel resulting in higher adoption of electric vehicles including tractors.

Report Scope

Competitive Analysis

The global electric tractor market is led by players like Solectrac Inc., AGCO Corporation, CLAAS KGaA mbH, Mahindra and Mahindra, Dongfend, SOLECTRAC, Caterpillar Inc., J.C. Bamford Excavators Ltd. (JCB), Deere & Company, Kubota Corporation, Alke, Yanmar Holdings Co. Ltd., EcoFactor, Sonalika, Motivo Engineering, Escorts Limited, AutoNxt Automation Pvt. Ltd., Fendt, Cummins Inc., and Ztractor.

Recent Developments:

• In October 2022, Ideanomics, a leading company operating in the electric vehicle segment, announced the installation of a new assembly line at its Solectrac Windsor facility which will help increase the production of electric tractors by three times
• In December 2022, CNH Industrial, an Italian-American multinational corporation, launched New Holland T4 Electric Power. It is the first electric tractor prototype in the industry that showcases autonomous features thus improving the company’s hold in the global market

The global electric tractor market is segmented as follows:

By Drivetrain Technology

• Hybrid Electric Tractor
• Battery Electric Tractor
• Plug-In Hybrid Electric Tractor

By Battery Type

• Lithium-Ion Battery
• Lead-Acid Battery

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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