Dublin, March 08, 2024 (GLOBE NEWSWIRE) -- The "Europe Electric Farm Tractor Market: Analysis and Forecast, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Europe electric farm tractor market (excluding U.K.) was valued at $32.94 million in 2023 and is expected to reach $63.20 million by 2028, growing at a CAGR of 13.92% between 2023 and 2028. The electric farm tractor market is experiencing significant growth due to various factors such as increased demand for sustainable farming practices within the agriculture sector, the adoption of electrification and automation in agricultural machinery, and advancements in energy storage systems. Over recent years, there has been a notable increase in interest in electric farm tractors among farmers, manufacturers, and researchers in the agriculture industry, leading to record-breaking sales of electric vehicles (EVs) in this sector. 
Market Introduction
The Europe electric farm tractor market in Europe is undergoing substantial growth, driven by multiple factors. There is a growing emphasis on sustainable agricultural practices across the continent, prompting increased demand for environmentally friendly farming solutions. Additionally, the adoption of electrification and automation in agriculture machinery is gaining momentum, further propelling market growth. European countries are also investing in advanced energy storage systems to support the electrification of farm equipment. Moreover, stringent regulations aimed at reducing emissions from agricultural activities are encouraging farmers to transition to electric farm tractors. This shift is reflected in rising sales and heightened interest among farmers, manufacturers, and researchers in the region, indicating a promising outlook for the Europe electric farm tractor market.
Market Segmentation:
Segmentation 1: by Application
- Light-Duty Tractor
- Medium-Duty Tractor
- Heavy-Duty Tractor
Segmentation 2: by Mode of Operation
- Manual
- Autonomous
Segmentation 3: by Drivetrain Technology
- Battery Electric
- Hybrid Electric
Segmentation 4: by Country
- Germany
- France
- Norway
- Ukraine
- Netherlands
- Sweden
- Belgium
- Greece
- Switzerland
- Rest-of-Europe
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Key Companies Profiled
- Rigitrac Traktorenbau AG
- CLAAS KGaA mbH
- EOX Tractors (Formerly H2Trac)
- EVE Srl
- SABI AGRI
Market Trends
- Advanced Battery Technology and Future Connectivity Trends
- Advancements in Battery Technology
- Future Connectivity Trends (5G and LoRaWAN)
- Climate Smart Agriculture Practices
Business Dynamics
- Business Drivers
- Rise in Awareness toward Sustainable Practices in Agriculture
- Increased Farm Mechanization and Technology Adoption
- Favoring Policies toward Electric Vehicle Adoption
- Increased Demand for Electrification in Agriculture Industry
- Business Challenges
- Inadequate Charging, Network Infrastructure, and Battery Recycling Challenges
- High Initial Cost of Equipment
- Development of Alternative Engine Models
- Limited Market Penetration Owing to Dominance of Conventional Tractors
- Business Strategies
- Product Development and Innovation
- Market Development
- Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Joint Ventures, Collaborations, and Alliances
- Business Opportunities
- Integration of New/Advanced Technologies with Electric Farm Tractor
- Opportunities in Developing Nations
Case Studies
- Monarch Tractor Wente Vineyards Energy Case Study
- Solectrac Inc Mushroom Farm Case Study
Key Attributes
| Report Attribute | Details |
| No. of Pages | 132 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $32.94 Million |
| Forecasted Market Value (USD) by 2028 | $63.2 Million |
| Compound Annual Growth Rate | 13.9% |
| Regions Covered | Europe |
For more information about this report visit https://www.researchandmarkets.com/r/jo9m8o
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