Electric Tractor Market
Electric Tractor Market Study by Thermoset Plastics and Thermoplastics for Passenger Rails, Freight Transport, and Others From 2024 to 2034
Analysis of Electric Tractor Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electric Tractor Market Outlook (2024 to 2034)
The global electric tractor market is estimated to reach a valuation of US$ 126.7 million in 2024 and is forecasted to expand at a CAGR of 16.9% to reach US$ 603.9 million by 2034.
According to the electric tractor industry analysis, demand is primarily driven by the increasing emphasis on sustainable and environment-friendly farming methods. Rising fuel prices and government initiatives to promote the use of clean and green technology are the main drivers of the increased demand for electric farm tractors.
A significant percentage of farms worldwide are run by small-scale farmers as subsistence farms. Compact electric farm tractors designed for low-power applications are becoming more popular with this group. In addition, the trend toward the consolidation of small farms and their purchase by commercial agricultural owners is creating a greater need for tractors with improved features.
The electric tractor industry outlook is analyzed to benefit from this spike in demand. Electric motors stand out from their gasoline-powered counterparts because of their dual torque output, which allows them to handle heavier loads with ease. Surprisingly, an electric tractor with 60 horsepower functions on par with a diesel tractor with 120 horsepower.
Electric tractors demonstrate their cost-effectiveness, which lowers agricultural operating costs and increases potential yields. Beyond monetary benefits, electric farm tractors have the advantage of producing less pollutants and requiring less maintenance than conventional tractors, therefore significantly support the market for electric farm tractors.
Small-scale farms need to be merged into bigger commercial operations, which calls for equipment that effectively manages heavier workloads. Electric tractors are a good fit for the changing needs of consolidated farms because of their high torque production and adaptability. Strong torque delivery and streamlined mechanical parts make electric tractors more efficient to operate and require less maintenance. Their commercial appeal is influenced by the consequent cost reductions.
Making the switch to electric-powered machinery is in line with the worldwide push to lessen reliance on fossil fuels. In the agricultural industry, electric farm tractors help create a more sustainable energy mix.
| Report Attribute | Detail |
|---|---|
| Electric Tractor Market Size (2024E) | US$ 126.7 Million |
| Forecasted Market Value (2034F) | US$ 603.9 Million |
| Global Market Growth Rate (2024 to 2034) | 16.9% CAGR |
| East Asia Market Value (2024E) | US$ 32.1 Million |
| Mexico Market Value (2034F) | US$ 15.1 Million |
| Thermostat Plastics Segment Growth Rate (2024 to 2034) | 16.8% CAGR |
| United States Market Value (2034F) | US$ 97.7 Million |
| Key Companies Profiled | Deere & Company; AGCO GmBH; The Escorts Group; Multi Tool Trac; MTZ Equipment Ltd; SOLECTRAC. |
Agriculture and forestry are major sectors responsible for a significant amount of worldwide emissions as these fields depend on diesel-based engines, as per the electric tractor industry analysis. Electric vehicles in agriculture have a positive impact on sustainable food production by suppressing gas emissions. Owing to this possibility, several national and multinational brands are focusing on the development of electric farm tractors and many of these have already launched products in farm machinery markets.
Electric farm tractors provide various advantages over their diesel counterparts, such as they do not emit carbon dioxide, have fewer moving parts owing to which their repair and maintenance is easy, and others. The aforementioned factors are projected to boost the sale of these tractors and in turn, will propel the growth of the global market over the near future. Moreover, stringent regulations related to emissions, and renewable energy represent a reason to pursue e-drive solutions in the agricultural industry.
The availability of alternatives or fuel-based tractors is negatively influencing the electric tractor industry outlook. Furthermore, electric tractors possess various disadvantages, such as low speed, limitation of battery technology, low energy storage capacity, and others.
Prominent manufacturers of electric farm tractors are planning to introduce electric-powered tractors owing to their lower maintenance and service costs. For instance, Deere & Company has recently introduced electric-powered tractors to assist farmers across the globe.
As producers shift their focus towards more cutting-edge technologies and form strategic collaborations with automotive OEMs, the electric vehicle battery market will have brighter prospects. Mounting environmental concerns, such as global warming and rising pollution levels have prompted manufacturers to propose alternative energy sources to power vehicles. Apart from supporting government initiatives, the lower maintenance cost and stringent emission regulations are helping the electric tractor market to grow.
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What are Concerns Associated with Electric Farm Tractors that Deter Growth?
Even though zero emissions, lower operational cost, and high electric torque are benefits offering growth in electric farm tractors, there are some hindrances affecting its adoption. Electric vehicle batteries are made up of combustible components, such as lithium, manganese, and polymers. When lithium is exposed to water, it becomes extremely reactive.
As a result, there are worries about these batteries' performance and safety in extremely dry or moist settings, thus limiting future sales. There is still a large section of farmers preferring fossil fuel-based tractors owing to the easy availability of fossil fuels.
This hinders the penetration of these tractors. Lack of charging infrastructure is a major challenge in developing countries that deter the adoption of such tractors. There is a lack of awareness about the impact of vehicle emissions among poor and developing economies, which restricts growth in the electric farm tractor market share.
Segment-Wise Insights
Battery-operated electric farm tractors hold the major share of electric tractor market at present. This is due to the wider availability of electric vehicle batteries and manufacturers in the market. Battery-operated tractors are preferred for being easy to replace and access for a longer time.
However, solar-based tractors are anticipated to gain a significant share in the forecast period. Based on application, organic farms are major areas where these tractors find application. After farms, vineyards are major regions where tractors are demanded in farming activities.
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Regional Outlook
Geographically, the global market is projected to be dominated by North America owing to the rising demand for compact tractors.
Asia-Pacific, spearheaded by India, is expected to grow at a significant rate in the global electric tractor market in the near future. Owing to the major agricultural landscape, Asian countries are anticipated to drive growth in this sector. The technological upgradation and available government support in countries, including India, China, and Indonesia are set to increase demand for electric tractors in the forecast years.
The Middle East & Africa and Latin America are expected to hold small shares in the global market; however, the sale of electric tractors is expected to grow at a significant pace over the studied period.
Segmentation of Electric Tractor Market Research
-
By Power Source :
- Thermostat Plastics
- Thermoplastics
-
By Application :
- Passenger Rails
- Freight Transport
- Others
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Know thy Competitors
Competitive landscape highlights only certain players
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Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Power Source
- 6.2. Application
- 7. Global Market Analysis and Forecast, By Power Source
- 7.1. Battery Operated
- 7.2. Solar Powered
- 8. Global Market Analysis and Forecast, By Application
- 8.1. Organic Farms
- 8.2. Vineyards
- 8.3. Equestrian Centres
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. Asia Pacific
- 9.6. East Asia
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Power Source and Application for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. Deere & Company
- 19.2. AGCO GmbH
- 19.3. The Escorts Group
- 19.4. SOLECTRAC
- 19.5. Multi Tool Trac BV
- 19.6. MTZ Equipment Ltd.
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List Of Table
Table 01: Global Market US$ Mn Forecast by Region
Table 2: Global Market US$ Mn Forecast by Power Source
Table 03: Global Market US$ Mn Forecast by Application
Table 04: North America Market US$ Mn Forecast by Country
Table 05: North America Market US$ Mn Forecast by Power Source
Table 06: North America Market US$ Mn Forecast by Application
Table 07: Latin America Market US$ Mn Forecast by Country
Table 08: Latin America Market US$ Mn Forecast by Power Source
Table 09: Latin America Market US$ Mn Forecast by Application
Table 10: Western Europe Market US$ Mn Forecast by Country
Table 11: Western Europe Market US$ Mn Forecast by Power Source
Table 12: Western Europe Market US$ Mn Forecast by Application
Table 13: Eastern Europe Market US$ Mn Forecast by Country
Table 14: Eastern Europe Market US$ Mn Forecast by Power Source
Table 15: Eastern Europe Market US$ Mn Forecast by Application
Table 16: Asia Pacific Market US$ Mn Forecast by Country
Table 17: Asia Pacific Market US$ Mn Forecast by Power Source
Table 18: Asia Pacific Market US$ Mn Forecast by Application
Table 19: East Asia Market US$ Mn Forecast by Country
Table 20: East Asia Market US$ Mn Forecast by Power Source
Table 21: East Asia Market US$ Mn Forecast by Application
Table 22: MEA Market US$ Mn Forecast by Country
Table 23: MEA Market US$ Mn Forecast by Power Source
Table 24: MEA Market US$ Mn Forecast by Application
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List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 04: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 07: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 08: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 16: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 17: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 18: Asia Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 19: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 20: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 21: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Power Source
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the electric tractor industry outlook by the end of 2034?
This electric tractor market is evaluated to touch a valuation of US$ 603.9 million by end of 2034.
Who are the key electric tractor manufacturers?
Some of the key players include Deere & Company, AGCO GmbH, The Escorts Group, SOLECTRAC, and Multi Tool Trac BV.
What is the evaluated rate of growth in the electric tractor market?
The electric tractor market is projected to grow at a CAGR of 16.9% from 2024 to 2034.
What is the present market size for electric tractors?
The global market for electric tractors is valued at US$ 126.7 million in 2024.
Electric Tractor Market