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Electric Tractor Market Analysis

  • Report ID: GMI8868
  • Published Date: Apr 2024
  • Report Format: PDF

Electric Tractor Market Analysis

Based on battery type, the market is divided into lithium-ion, lead-acid, and others. The lithium-ion segment is expected to hold over 55% of the market share by 2032. Lithium-ion battery-powered tractors offer significant environmental benefits by producing zero tailpipe emissions, aligning with sustainability goals and reducing pollution. Lithium-ion batteries provide ample power for agricultural tasks while offering faster charging times and longer operational durations compared to traditional lead-acid batteries. Lastly, advancements in battery technology are driving down costs and improving performance, making electric tractors a more economically viable and efficient choice for farmers seeking to modernize their operations while reducing their carbon footprint.

Electric Tractor Market Share, By Power, 2023

Based on power, the market is categorized into low power, medium power, high power. The low power segment accounted for around 48% of the market share in 2023. The low power electric tractors are well-suited for small to medium-sized farms and specialty crop operations, offering maneuverability and versatility in tight spaces. These tractors often qualify for incentives and subsidies that aim to promote the adoption of electric vehicles, making them more financially attractive for farmers. Additionally, the lower horsepower range aligns with the needs of many farmers for tasks such as landscaping, gardening, and light-duty field work, providing an efficient and eco-friendly alternative to conventional tractors.

China Electric Tractor Market Size, 2022 -2032, (USD Million)

China dominates the Asia Pacific electric tractor market with USD 23.7 million revenue in 2023. China is densely populated agricultural hubs facing pressing environmental challenges, driving a strong demand for sustainable farming solutions. Government initiatives and policies promoting clean energy adoption, coupled with incentives and subsidies, are incentivizing farmers to transition towards electric tractors. Additionally, the country’s robust manufacturing capabilities and technological innovation are facilitating the development of efficient and cost-effective electric tractor models tailored to the diverse needs of agriculture sector.

The U.S. is expected to demonstrate steady growth in the electric tractor industry by 2032. With sustainability becoming a greater priority for consumers, businesses, and policymakers in the country, there is growing interest in electric vehicles, including electric tractors. Advancements in battery technology like improved energy density, charging infrastructure, and cost reduction, have made electric tractors more practical and viable for agricultural applications. The strong emphasis on reducing the agricultural carbon footprint is creating multiple opportunities for modernizing farming practices, further adding to the demand for electric tractors in the region.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size for electric tractor was valued at USD 305.8 million in 2023 and is set to grow at over 13% CAGR between 2024 and 2032, driven by rapid advancements in battery technology and electric drivetrains.

The lithium-ion product type segment in the electric tractor market is set to hold over 55% of the revenue share by 2032, as they offer significant environmental benefits by producing zero tailpipe emissions.

China electric tractor market reached USD 23.7 million in 2023 and is set to grow rapidly by 2032, driven by government initiatives, promoting clean energy adoption.

AGCO, AutoNxt., CLAAS, CNH Industrial, John Deere, Kubota, Mahindra and Mahindra , Monarch Tractor, Solectrac among others.

Electric Tractor Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 300
  • Countries covered: 25
  • Pages: 250
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