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Electric Tractor Market Trends

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

Electric Tractor Market Trends

One upcoming trend in the electric tractor industry is the integration of autonomous and semi-autonomous features. Advancements in artificial intelligence, sensor technology, and GPS navigation are enabling the development of electric tractors capable of performing tasks such as plowing, planting, and harvesting with minimal human intervention. These autonomous and semi-autonomous capabilities increase efficiency, reduce labor requirements, and improve overall productivity in agricultural operations.

Citing an example, in March 2024, Oregon Wine Country witnessed the debut of the inaugural 100% electric tractor with driver-optional features introduced by Monarch Tractor. Monarch Tractor prioritizes two key concerns for farmers. The vehicle's complete reliance on electric power facilitates harvesting renewable energy for farming operations or other energy requirements. This transition allows farmers to shift away from fossil fuels, moving towards greater energy autonomy. Secondly, Monarch's advanced AI system and autonomous functionalities aim to mitigate the substantial use of chemical sprays within the U.S. food ecosystem annually.

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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