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Electric Farm Tractors Market Synopsis

Electric Farm Tractors Market size was valued at USD 162.6 Million in 2023 and is Set to Surpass USD 412.6 Million by 2032, Growing at an CAGR of 10.9% From 2024-2032.

Unlike the traditional gasoline engine, the electric farm tractor is operated by an electric motor. Unlike diesel tractors, electric tractors are powered by a series of batteries and have fewer moving parts. Intensive emphasis on pure and environment-friendly farming cultivating the growth of electric farm tractor market. Fuel cost increases and measures by the government to promote environmentally friendly technologies are both the drivers of the demand for electric agricultural tractors. small farmers across the world with subsistence farms are the majority; tasks requiring little power, most of these farmers are adopting electric farm tractors.

  • One integral constituent in the shift towards sustainable agriculture paradigm, where damage to the environment is curbed, fossil fuels are greatly reduced in use, and the agricultural output either maintained or improved, is the implementation of electric farm tractors. Furthermore, as the battery technology continues to evolve and the electric vehicle infrastructure across the world expands, we expect electric tractors to continue to grow in number and effectiveness.
  • Some governments had gone ahead to push the electric farm tractor and other agricultural equipment around the world. In effect, traditional farming methods have been replaced by modern agriculture techniques. indisputably, India is in the phase of development and its level of mechanization is lower than emerging economies such as China & Brazil. An illustration is the Indian government providing the subsidies from agricultural electric tractors which are expected to advance the growth in the electric tractor sector. The purpose of this step is to enhance the current ecological automation. Rashtriya Krishi Vikasa Yojana (RKVY) is a national level program which aims at enhancing agricultural growth and development. The scheme that is being uniformly implemented across the country with one hundred percent central assistance, has the aim of achieving degree of electric farm mechanization. Similarly, the "Canadian Agricultural Loans Act" (CALA), a program introduced by the Canadian government, offers loans for up to $500,000 in acquisition of the agricultural land or tractors. Therefore, there is a tendency for the initiative to spur the development of electric agricultural tractors.

Electric Farm Tractors Market Trends Analysis.

The Rise in Electric Tractor Demand Will Spark Growth.

  • The rising demand of electric farm tractors stems from their many benefits such as decreased fuel consumption cost, lessened environmental footprint, and better use of energy. To achieve enhanced farm tractor reliability, more and more farmers are shifting from conventional to electric farm tractors. In addition, the production from the automotive sector and the growth of the adoption of the advanced technologies are also two significant drivers of the market growth.

Government Provision of Credit Financing and Waivers of Farm Loans to Cultivate Growth.

  • The agricultural machinery is provided as a loan to farmers to influence them to invest in them through loan programs. Different governmental agencies in multiple countries around the world have implemented relief plans for farmers, ranging from the adoption of mechanized agricultural production to debt waivers. The agricultural sector of a country is severely depending on the role of a government subsidy. For instance, the agricultural service agency (FSA) in the USA lends both operating and guaranteed loans to family sized farmers who cannot obtain commercial credits from banks, institutions of agricultural credit, or other lenders. The obtaining of feed, fertilizer, land, livestock, equipment, and supplies can be done with the FSA loans. However, because of that the agricultural equipment market has grown a lot.
  • Several national governments have taken an active part in the worldwide adoption of electric farm tractors and other agricultural apparatus. As a result, new agricultural methods have been adopted replacing older methods. India is absolutely in the developmental phase even though it is much behind countries like China and Brazil. For example, the Indian government is planning on giving subsidies for the electric tractors so as to encourage people to use electric-powered farm tractors which in turn will stimulate growth in the electric tractor sector. This is an initiative aimed at the provision of ecosystem mechanization. The Rashtriya Krishi Vikas Yojana (RKVY) is a governmental project introduced to boost agricultural development and expansion. Under one hundred percent central assistance, the Scheme which aims to elevate the extent of electric farm mechanization in India across agricultural sector, has been rolled out in the country. Also, the CALA program, organized by the Canadian government provides loans of up to $500,000 for farmers who want to buy agricultural land or a tractor. Thus there is a belief that the government program will cause the electric agricultural tractor market to grow.

Electric Farm Tractors Market Segment Analysis:

Electric Farm Tractors Market is segmented based on Battery Type, Drivetrain Technology, Application.

By Application, light-duty vehicles segment is expected to dominate the market during the forecast period

  • In terms of application, the light-duty vehicles segment is expected to control the market in the coming years. The market is divided into heavy-duty tractors, medium-duty tractors, and light-duty tractors depending on the purpose for which they are intended to be used. The global market share of electric tractors driven by light-duty vehicles is anticipated to be the largest, with that of medium-duty vehicles next and growing. One of the key reasons why farmers gravitate towards the light-duty tractors that have lower curb weight, and thus better battery performance is the fact that these vehicles are lighter.

By Battery Type, Lithium-ion segment dominated the largest share of in 2023.

  • The market is segmented based on battery type, including lead-acid batteries, lithium-ion batteries, and others. As expected, the share of lead-acid batteries will be higher in the worldwide electric farm tractor market. In the future, it is expected that lithium-ion batteries would gain in popularity due to their marked superiority over lead-acid batteries.

Electric Farm Tractors Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

  • During the last few years, Asia Pacific has been dominating the Global Electric Farm Tractor Market, because of the remarkable demand for tractors from China and India. The agricultural sector in India has the largest share. Therefore, tractors are necessary for the efficient operation of these big-sized operations. Besides, a huge share of the regional market for electric farm tractors will be for increasing the yield of crops.

Active Key Participants in the Electric Vehicle Tractors Markets

  • J.C. Bamford Excavators Ltd. (JCB)
  • SOLECTRAC
  • Dongfend
  • Yanmar Co. Ltd.
  • Escorts Limited
  • Kubota Corporation
  • CLAAS KGaA mbH
  • Caterpillar Inc.
  • Deere and Company
  • AGCO Corporation
  • Mahindra and Mahinadra
  • CNH Industrial N.V.
  • Valtra Inc.
  • Fendt (AGCO Corporation)
  • New Holland Agriculture (CNH Industrial)
  • Zetor Tractors a.s.
  • TAFE - Tractors and Farm Equipment Limited
  • Sonalika Group (International Tractors Ltd.)
  • Arbos Group
  • Lovol Heavy Industry Co., Ltd.
  • Same Deutz-Fahr Group (SDF Group)
  • Other Key Players

Key Industry Developments in the Electric Farm Tractors Market

  • In May 2023, Solectrac, an Ideanomics subsidiary, has expanded its e25 electric tractor product line. e25H is the name of the new product that has hydrostatic transmission, independent PTO operation, and mid-PTO. The product is expected to be available for purchase by the end of the second quarter of 2023.
  • In August 2024, AutoNxt launched Indiaā€™s first electric tractor at Talao Pali Lake Side in Thane, with the event graced by Maharashtra Chief Minister Eknath Shinde. The Chief Minister highlighted the tractor's significance in advancing agricultural progress and promoting technological innovation. The event was also attended by Naresh Mhaske, MP of Thane, Shreekanth Shinde, MP of Kalyan, and Pratap Sarnaik, MLA of Thane. Chief Minister Shinde praised AutoNxtā€™s initiative, noting its alignment with Maharashtra's vision for sustainable agricultural practices. He emphasized how the launch encapsulated the spirit of 'Jai Jawan, Jai Kisan,' reflecting a strong commitment to both agriculture and innovation.

Global Electric Farm Tractors Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 162.6 Mn.

Forecast Period 2024-32 CAGR:

10.9%

Market Size in 2032:

USD 412.6 Mn.

Segments Covered:

By Battery Type

  • Lithium-Ion batteries
  • Lead-Acid Batteries
  • Others

By Drivetrain Technology

  • Hybrid Electric Farm Tractor
  • Plug-in Hybrid Electric Farm Tractor
  • Battery Electric Farm Tractor

By Application

  • Light-Duty Tractor
  • Medium-Duty Tractor
  • Heavy-Duty Tractor

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increasing Demand for Electric Tractors Stimulates Market Expansion

Key Market Restraints:

  • Electric Agricultural Tractors Entail a Greater Initial Investment in Comparison to Their Diesel-Powered Counterparts

Key Opportunities:

  • The Expansion of Precise Agriculture to Expand Market Opportunities

Companies Covered in the report:

  • J.C. Bamford Excavators Ltd. (JCB), SOLECTRAC, Dongfend, Yanmar Co. Ltd., Escorts Limited, Kubota Corporation, CLAAS KGaA mbH, Caterpillar Inc., Deere and Company, AGCO Corporation, Mahindra and Mahindra, and Other Major Players.
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTERā€™S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. ELECTRIC FARM TRACTORS MARKET BY BATTERY TYPE (2017-2032)
    1. ELECTRIC FARM TRACTORS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. LITHIUM-ION BATTERIES
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LEAD-ACID BATTERIES
    5. OTHERS
  7. ELECTRIC FARM TRACTORS MARKET BY DRIVETRAIN TECHNOLOGY (2017-2032)
    1. ELECTRIC FARM TRACTORS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. HYBRID ELECTRIC FARM TRACTOR
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. PLUG-IN HYBRID ELECTRIC FARM TRACTOR
    5. BATTERY ELECTRIC FARM TRACTOR
  8. ELECTRIC FARM TRACTORS MARKET BY APPLICATION (2017-2032)
    1. ELECTRIC FARM TRACTORS MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. LIGHT-DUTY TRACTOR
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017 ā€“ 2032F)
      3. Historic And Forecasted Market Size in Volume (2017 ā€“ 2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. MEDIUM-DUTY TRACTOR
    5. HEAVY-DUTY TRACTOR
  9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Electric Farm Tractors Market Share By Manufacturer (2023)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. J.C. BAMFORD EXCAVATORS LTD. (JCB)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. SOLECTRAC
    4. DONGFEND
    5. YANMAR CO. LTD.
    6. ESCORTS LIMITED
    7. KUBOTA CORPORATION
    8. CLAAS KGAA MBH
    9. CATERPILLAR INC.
    10. DEERE AND COMPANY
    11. AGCO CORPORATION
    12. MAHINDRA AND MAHINADRA
  10. GLOBAL ELECTRIC FARM TRACTORS MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Battery Type
      4. Historic And Forecasted Market Size By Drivetrain Technology
      5. Historic And Forecasted Market Size By Application
      6. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  11. INVESTMENT ANALYSIS
  12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Electric Farm Tractors Market

Base Year:

2023

Forecast Period:

2024-2032

Historical Data:

2017 to 2023

Market Size in 2023:

USD 162.6 Mn.

Forecast Period 2024-32 CAGR:

10.9%

Market Size in 2032:

USD 412.6 Mn.

Segments Covered:

By Battery Type

  • Lithium-Ion batteries
  • Lead-Acid Batteries
  • Others

By Drivetrain Technology

  • Hybrid Electric Farm Tractor
  • Plug-in Hybrid Electric Farm Tractor
  • Battery Electric Farm Tractor

By Application

  • Light-Duty Tractor
  • Medium-Duty Tractor
  • Heavy-Duty Tractor

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Increasing Demand for Electric Tractors Stimulates Market Expansion

Key Market Restraints:

  • Electric Agricultural Tractors Entail a Greater Initial Investment in Comparison to Their Diesel-Powered Counterparts

Key Opportunities:

  • The Expansion of Precise Agriculture to Expand Market Opportunities

Companies Covered in the report:

  • J.C. Bamford Excavators Ltd. (JCB), SOLECTRAC, Dongfend, Yanmar Co. Ltd., Escorts Limited, Kubota Corporation, CLAAS KGaA mbH, Caterpillar Inc., Deere and Company, AGCO Corporation, Mahindra and Mahindra, and Other Major Players.
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Frequently Asked Questions :

What would be the forecast period in the Electric Farm Tractors Market research report?

The forecast period in the Electric Farm Tractors Market research report is 2024-2032.

Who are the key players in the Electric Farm Tractors Market?

J.C. Bamford Excavators Ltd. (JCB),SOLECTRAC,Dongfend,Yanmar Co. Ltd.,Escorts Limited,Kubota Corporation,CLAAS KGaA mbH,Caterpillar Inc.,Deere and Company,AGCO Corporation,Mahindra and Mahinadra,CNH Industrial N.V.,Valtra Inc.,Fendt (AGCO Corporation),New Holland Agriculture (CNH Industrial),Zetor Tractors a.s.,TAFE - Tractors and Farm Equipment Limited,Sonalika Group (International Tractors Ltd.),Arbos Group,Lovol Heavy Industry Co., Ltd.,Same Deutz-Fahr Group (SDF Group),Other Key Players

What are the segments of the Electric Farm Tractors Market?

The Electric Farm Tractors Market is segmented into Battery Type, Drivetrain Technology, Application,  and region. By Battery Type, the market is categorized into Lithium-Ion batteries, Lead-Acid Batteries, and Others. By Drivetrain Technology, the market is categorized into Hybrid Electric Farm Tractor, Plug-in Hybrid Electric Farm Tractor, and Battery Electric Farm Tractor. By Application, the market is categorized into Light-Duty Tractor, Medium-Duty Tractor, and Heavy-Duty Tractor. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Electric Farm Tractors Market?

An electric farm tractor is a category of agricultural apparatus that operates on electricity rather than diesel or gasoline engines. Its functions include plowing, tilling, planting, and harvesting. Electric tractor fundamentals consist of electric motors and a battery cell with a substantial capacity, which supply the necessary power for tractor operation.

How big is the Electric Farm Tractors Market?

The Size of the Electric Farm Tractors Market is Valued at USD 162.6 Million in 2023 and is Set to Surpass USD 412.6 Million by 2032, Growing at an annual rate of 10.9% From 2024-2032.