Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Electric Farm Tractor Market: Analysis and Forecast, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific electric farm tractor market (excluding China) was valued at $19.49 million in 2023, which is expected to grow with a CAGR of 14.59% and reach $38.52 million by 2028. The growth of the electric farm tractor market can be attributed to multiple factors. These include the increasing need for sustainable farming practices in the agriculture sector, the electrification and automation of agricultural machinery, and the utilization of energy storage systems. In recent times, electric farm tractors have witnessed a significant rise in popularity within the farming community, as well as among manufacturers and researchers in the agricultural industry. This heightened interest has led to record-breaking sales of electric vehicles (EVs) in the sector.
The APAC Electric Farm Tractor Market is experiencing notable growth due to several key factors. Firstly, there is a growing emphasis on sustainable and environmentally friendly agricultural practices in the region. This has led to increased demand for electric farm tractors as they offer a cleaner and more sustainable alternative to traditional diesel-powered tractors. Additionally, the automation of agricultural machinery and the integration of energy storage systems have further fueled the adoption of electric farm tractors.
Furthermore, government initiatives and incentives promoting the use of electric vehicles in agriculture have played a significant role in driving market growth. The APAC region, with its large agricultural sector, is witnessing a surge in interest and investment in electric farm tractors, leading to substantial market expansion.
Key Report Features:
Product/Innovation Strategy: The product segment helps the reader understand the different types of electric farm tractors available for deployment and their potential. Moreover, the study provides the reader with a detailed understanding of the electric farm tractor market by application (light-duty tractor, medium-duty tractor, and heavy-duty tractor), mode of operation (manual and autonomous), and by drivetrain technology (battery electric and hybrid electric).
Growth/Marketing Strategy: The APAC electric farm tractor market has seen major development by key players operating in the market, such as business expansion, product launch, partnership, collaboration, and joint venture. The favored strategy for the companies has been product development to strengthen their position in the electric farm tractor market.
Competitive Strategy:
Key players in the APAC electric farm tractor market analyzed and profiled in the study involve major electric farm tractor manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the electric farm tractor market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Some of the prominent names in this market are:
- Cellestial eMobility Private Limited
- Kubota Corporation
- Sonalika Group
- Erisha Agritech
- AutoNxt Automation
Market Segmentation:
Segmentation by Application
- Light-Duty Tractor
- Medium-Duty Tractor
- Heavy-Duty Tractor
Segmentation by Mode of Operation
- Manual
- Autonomous
Segmentation by Drivetrain Technology
- Battery Electric
- Hybrid Electric
Segmentation by Country
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest-of-Asia-Pacific
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 116 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $19.49 Million |
| Forecasted Market Value (USD) by 2028 | $38.52 Million |
| Compound Annual Growth Rate | 14.5% |
| Regions Covered | Asia Pacific |
Key Topics Covered:
Executive Summary
1 Markets
1.1 Industry Outlook
1.1.1 Market Definition
1.1.2 Market Trends
1.1.2.1 Advanced Battery Technology and Future Connectivity Trends
1.1.2.1.1 Advancements in Battery Technology
1.1.2.1.2 Future Connectivity Trends (5G and LoRaWAN)
1.1.2.2 Climate Smart Agriculture Practices
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Initiatives/Programs
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Rise in Awareness toward Sustainable Practices in Agriculture
1.2.1.2 Increased Farm Mechanization and Technology Adoption
1.2.1.3 Favoring Policies toward Electric Vehicle Adoption
1.2.1.4 Increased Demand for Electrification in Agriculture Industry
1.2.2 Business Challenges
1.2.2.1 Inadequate Charging, Network Infrastructure, and Battery Recycling Challenges
1.2.2.2 High Initial Cost of Equipment
1.2.2.3 Development of Alternative Engine Models
1.2.2.4 Limited Market Penetration Owing to Dominance of Conventional Tractors
1.2.3 Business Strategies
1.2.4 Corporate Strategies
1.2.5 Business Opportunities
1.2.5.1 Integration of New/Advanced Technologies with Electric Farm Tractor
1.2.5.2 Opportunities in Developing Nations
1.3 Case Studies
1.3.1 Monarch Tractor Wente Vineyards Energy Case Study
1.3.2 Solectrac Inc Mushroom Farm Case Study
1.4 Start-Up Landscape
1.4.1 Key Start-Ups in the Ecosystem
1.5 Impact of Russia-Ukraine Crisis on Electric Farm Tractor Market
1.6 Cost Analysis - Comparison of Conventional and Electric Tractor
1.7 Architectural/Technical Comparison of Key Products in the Market
1.8 Role of Agrivoltaics in Electric Farm Tractor Market
1.9 Key Battery Technologies
1.9.1 Lithium-Ion Battery
1.9.2 Nickel, Mercury-Based Batteries, and Others
2 Region
2.1 China
2.2 Asia-Pacific
2.2.4.1 Japan
2.2.4.2 India
2.2.4.3 Australia and New Zealand
2.2.4.4 South Korea
2.2.4.5 Rest-of-Asia-Pacific
3 Markets - Competitive Benchmarking and Company Profiles
3.1 Competitive Benchmarking
3.2 Company Profiles
- Cellestial eMobility Private Limited
- Kubota Corporation
- Sonalika Group
- Erisha Agritech
- AutoNxt Automation
For more information about this report visit https://www.researchandmarkets.com/r/p7l9fw
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