Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Tractor Market by Propulsion (Battery, Hybrid & Hydrogen), Capacity (<50, 51-100 & >100kWh), Chemistry (LFP & NMC), Hybrid Tractor (<50, 51-100 & >100HP), Function (Agriculture, Utility & Industrial) and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The electric tractor market is estimated to grow from USD 0.7 billion in 2024 to USD 3.4 billion by 2030, at a CAGR of 28.3%. The increasing demand for precision agriculture, stringent emission norms and regulations, development in battery technology, and customized electric tractors used in greenhouses, vineyards, & dairy applications will drive the electric tractors market in coming years. In addition, OEMs are showcasing their prototypes for hybrid, hydrogen, and electric tractors, creating a lucrative environment for the widespread adoption of electric tractors globally.
The 51-100 HP hybrid electric tractor segment would be the fastest-growing market.
Hybrid tractors with 51-100 HP power output have a wide range of offerings, efficiency, and versatility, which makes them ideal for small to medium-sized farms and diverse agricultural tasks. These hybrids integrate diesel engines with electric power systems, reducing fuel consumption and emissions while maintaining performance. Hybrid tractors are commonly used in the Americas and Europe to cater to mixed farming and livestock operations, aligning with sustainability goals and regulatory requirements. Mixed farming involves various tasks such as fieldwork, planting, harvesting, and livestock management, where 51-100 HP hybrid tractors offer the versatility needed to perform these tasks efficiently, making them ideal for mixed farming operations where flexibility is essential.
Mixed farming is widespread in North America, particularly in regions with a temperate climate conducive to crop cultivation and livestock grazing. States like Lowa, Nebraska, & Kansas, known for their corn and soybean production alongside beef and dairy farming, are prime markets for 51-100 HP hybrid tractors. Also, some European countries, like France, Germany, and the UK, have a long history of mixed farming practices. Europe also has some major vital players who are into manufacturing hybrid tractors named Landini, AUGA, Steyr, Antonio Carraro, HAV, and International Tractors Limited, who are continuously innovating and introducing advanced hybrid tractors tailored to the needs of European farmers.
Moreover, advancements in battery technology and electric drivetrain systems drive the growth of hybrid electric tractors in this segment. These examples showcase the growing interest and investment in hybrid electric tractor technology, paving the way for a more sustainable future in agriculture.
< 50 kWh battery capacity segment holds the second largest market in the electric tractor market.
Electric tractors with battery capacities below 50 kWh are often designed for light to moderate-duty applications, such as landscaping, small-scale farming, and specialty crop production. These tractors are typically used on smaller farms, orchards, vineyards, and urban agriculture settings where compact size and maneuverability are prioritized. While they have limited range and power compared to larger models, they offer agility and ease of use. Furthermore, electric tractors in this battery capacity range often come at a lower price, making them more accessible to small-scale farmers.
India, China, and the US hold smaller farming lands, which have a significant demand for compact and affordable agricultural machinery tailored to the needs of small-scale farmers. < 50 kWh electric tractors offer an ideal solution, providing maneuverability and lower upfront costs compared to larger models, thus aligning well with the scale and requirements of smallholder operations. OEMS from this region have launched some electric tractor models. For instance, Escot Kubota launched FT25G, a 25 HP electric tractor for small farms, in August 2020. Solectrac e25G Gear, a 25HP electric tractor, offers versatility and eco-friendliness at an accessible price point and power.
The infrastructure for fast-charging high-capacity batteries in rural areas, where these tractors are primarily used, still needs to be improved. Smaller batteries can be charged using existing infrastructure, making them a more feasible option in the current landscape. Hence, the < 51 kWh battery capacity segment in electric tractors will rapidly expand due to its optimal power range, technological advancements, and supportive regulatory environment.
Asia Pacific is the second largest electric tractor market globally.
The Asia Pacific region is emerging as a significant driver of the electric tractor market, fueled by several factors. Firstly, the region's rapidly expanding agricultural sector, particularly in countries like India and China, presents a substantial market opportunity for electric tractors. Moreover, government initiatives and policies aimed at promoting electric vehicles and reducing carbon emissions are providing a significant impetus to the electric tractor market in the Asia Pacific region. Countries like India and China will start giving subsidies, incentives, and tax breaks in coming years to encourage the electric tractors.
China has also witnessed a surge in electric tractor production, with several domestic manufacturers entering the market. Companies like YTO Group and Foton Lovol are developing and launching new electric tractor models. Some recent developments in the Asia Pacific region for electric and hydrogen tractors showcase the exploration of hydrogen fuel cell technology from key players in the Asia Pacific region.
Some of the primary industry players from the Asia-Pacific region include Yanmar Holdings Co. Ltd, YTO Group, Kubota Corporation, TAFE, ITL, Sonalika, HAV, and AutoNXT Automation Pvt Ltd. Overall, the Asia-Pacific region presents a promising future for the electric tractor market due to a combination of growing demand, supportive government policies and increasing awareness of sustainable practices. However, overcoming challenges like affordability and infrastructure development will be vital for widespread adoption in the region.
The report provides insights on the following :
- Analysis of key drivers (Government stringent emission norms and regulations, and Incentives on EV tractors and finance credits), restraints (Technological and operational challenges), opportunities (Emergence of hydrogen fuel-powered electric tractors, integration of OEMs with battery manufacturers, and use of electric tractors in the greenhouse), and challenges (High cost of electric tractors) influencing the growth of the electric tractor market.
- Product Development/Innovation: Detailed insights on upcoming technologies and new products launched in the electric tractor market.
- Market Development: Comprehensive market information - the report analyses the authentication and brand protection market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric tractor market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Kubota Corporation, Solectrac, AGCO Corporation, CNH Industries and Escorts Kubota among others in the electric tractor market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 269 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $0.7 Billion |
| Forecasted Market Value (USD) by 2030 | $3.4 Billion |
| Compound Annual Growth Rate | 28.3% |
| Regions Covered | Global |
Key Topics Covered:
Premium Insights
- Attractive Opportunities for Players in Electric Tractor Market -Advancements in Battery Technology to Drive Market
- Electric Tractor Market, by Propulsion - Battery Electric Segment to Acquire Maximum Market Share in 2030
- Electric Tractor Market, by Battery Capacity - 51-100 kWh to be Largest Segment During Forecast Period
- Electric Tractor Market, by Battery Chemistry -Lithium Iron Phosphate to Surpass Other Segments During Forecast Period
- Electric Tractor Market, by Function - Agriculture & Forestry to Secure Leading Market Position During Forecast Period
- Hybrid Electric Tractor Market, by Power Output - 51-100 Hp to Hold Largest Market Share in 2030
- Electric Tractor Market, by Region -Europe to be Largest Market for Electric Tractors During Forecast Period
Market Dynamics
Drivers
- Stringent Emission Norms and Regulations
- Incentives on Electric Tractors and Finance Credits
Restraints
- Technological and Operational Issues
Opportunities
- Emergence of Hydrogen Fuel-Powered Electric Tractors
- Integration of OEMs with Battery Manufacturers
- Use of Electric Tractors in Greenhouse
Challenges
- High Cost of Electric Tractors
Case Study Analysis
- Solectrac's Solutions for Mushroom Farms
- Electric Tractors for Sustainable Agricultural Practice by Agrimacs Inc.
- California Government Focuses on Farms to Go Green with Zero Emissions
- Monarch Tractors Saves USD?2,600 Per Year for Wente Vineyards
- Pacific Northwest Electric Tractor Barriers Study
- Challenges Related to Automation and Electrification of Tractors Addressed by Dr. Jianfeng Zhou
Technology Analysis
- Autonomous and Semi-Autonomous Driving
- Precision Agriculture
- Telematics and Remote Monitoring
- Future Battery Chemistry
- H2Ice as Fuel
- Battery Swapping Technology
Companies Profiled
- Kubota
- Solectrac
- AGCO
- CNH
- Escorts Kubota
- Monarch Tractor
- Deere & Company
- Yanmar Holdings
- Cellestial E-Mobility
- International Tractors
- Proxecto
- Autonxt Automation
- Rigitrac Traktorenbau
- Sabi Agri
- Argo Tractors
- Foton Lovol
- Tractors and Farm Equipment
- Vst Tractors
- Motivo Engineering
- Tadus
- ZY Elektrik Tractor
- Auga
- Ztractor
- Amos Power
For more information about this report visit https://www.researchandmarkets.com/r/lvbjfi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
