Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Farm Tractors Market- Size, Trends, Competitive Analysis and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
Tractors have become a necessity in the current global agriculture system. The utilization of tractors for agriculture in North America and Europe has been mainstream.
However, with the industrialization of Agriculture in these regions, the consumption of tractors is expected to increase. Adoption of precision farming and promotion of farm mechanization in Asia-Pacific and South America has triggered the growth in Agriculture tractor market. The agricultural tractors market is forecasted to grow at a CAGR of 5.7% during 2019-2024.
Electric farm tractors are rapidly gaining popularity worldwide due to their eco-friendly nature, cost-effectiveness, and low maintenance requirements. These tractors are powered by electric motors and rely on rechargeable batteries for energy storage.
As the world continues to move towards sustainable agricultural practices, the market for electric farm tractors is expected to grow significantly in the coming years. The global electric farm tractors market was worth 618.9 million in 2022 and is forecasted to grow at a CAGR of 11.8% from 2023 to 2028.
Factors Influencing the Markets
Several driving and restraining factors influence the growth of the electric farm tractors market. The primary driving factors of the market are environmental concerns and lower operating costs. As climate change becomes a more pressing issue, the need for eco-friendly farming practices has increased. Electric tractors are an excellent solution to reduce greenhouse gas emissions and carbon footprint in agriculture.
Electric tractors have fewer moving parts, thus reducing maintenance costs, thereby lowering the overall operating cost. Moreover, incentives introduced by several Governments worldwide to encourage the adoption of electric vehicles, are a major driving force for electric tractors sales. However, the high initial cost of an electric tractor is a significant barrier to most farmers worldwide. Limited range and inadequate charging infrastructure are other significant barriers to adopting electric tractors.
Battery Types Used in Electric Tractors
Electric tractors rely on rechargeable batteries for energy storage, and several types of batteries are commonly used. The most common types of batteries used in electric farm tractors include lithium-ion batteries, lead-acid batteries, and nickel-metal hydride. Lead-acid batteries are the most popular choice in electric farm tractors due to their high energy density and long cycle life. As a result, the lead-acid battery segment is the dominant category, while lithium-ion batteries are estimated to exhibit a healthy growth rate over the forecast period due to rising demand for efficient power utilization.
Major Consumer Countries of Electric Tractors
The electric farm tractor market is still in its infancy, but few countries have emerged as major consumers of these tractors. The electric farm tractor market in North America is still in its early stages of development; however, it is matured compared to other parts of the world. U.S. is the major market for electric farm tractors accounting for 35% of the global market share. Other major consumers of electric farm tractors are Germany, China, and Canada.
The adoption of electric farm tractors in Europe is a growing trend, though diesel tractors remain the dominant type of farm equipment. Germany, France, U.K., Italy, and Norway are major markets for electric farm tractors in Europe. China, India, Japan, and South Korea are Asia's largest market for electric farm tractors. In addition to these large markets, smaller countries in Southeast Asia, such as Vietnam, Thailand, and Indonesia, are also starting to adopt electric farm tractors. There is no significant market for electric farm tractors in South America. However, there has been a growing trend toward adopting electric vehicles in Brazil and Colombia.
Key Deliverables
- Market trends since 2019 and five-year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Investment prospects and competition pattern
- Insights on the growth potential of the market in key countries
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Key Topics Covered:
1. Introduction
2. Summary
3. Industry Dynamics
3.1 Drivers
3.1.1 Growing emphasis on precision farming
3.1.2 Government sponsored incentives and subsidies to promote electric tractors
3.1.3 Dwindling agriculture laborers
3.1.4 Increased Hobby farmers during the COVID-19 pandemic
3.2 Restraints
3.2.1 Insufficient charging infrastructure
3.2.2 High Cost of equipment & battery production
3.3 Opportunities
3.3.1 Low Operating Costs
3.3.2 Rising Fuel Prices
3.4 Porter's Five Forces Analysis
3.4.1 Bargaining power of Suppliers
3.4.2 Bargaining power of Buyers
3.4.3 Degree of Competition
3.4.4 Threat of Substitution
3.4.5 Threat of new entrants
3.5 Future Trends in the Industry
3.6 Value Chain Analysis
3.7 Market Innovations
4. Market Size and Forecast
4.1 Market Share, By Types
4.1.1 Utility Tractors
4.1.2 Row crop tractors
4.1.3 Garden Tractor
4.1.4 Orchard Tractor
4.1.5 Others
4.2 Market Share, By Horse Power
4.2.1 Below 40 HP
4.2.2 Above 40 HP
4.3 Market Share, By Battery Type
4.3.1 Lead-Acid
4.3.2 Lithium-Ion
4.3.3 Others
5. Country Market Share
6. Competitive Analysis
7. Company Profiles
Companies Mentioned
- AGCO Corp.
- CNH Industrial N.V
- Deere and Company
- Escorts Limited
- Kubota Corporation
- Monarch Tractor
- Solectrac
- International Tractors Limited (Sonalika)
- Cellestial emobility
- Ztractor
For more information about this report visit https://www.researchandmarkets.com/r/8h58u2
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