Meticulous Research®—a premier global market analysis firm, has released a new report titled, ‘Electric Tractors Market by Type (Utility Tractors, Compact Tractors), Propulsion Type (BEV, HEV), Battery Capacity (Under 15 kW, 15kW to 40 kW), Power Output, Application (Agriculture, Construction), and Geography – Global Forecast to 2031.’
As per Meticulous Research®, the worldwide electric tractors market is set to hit $857 million by 2031, with a CAGR of 7.7% from 2024 to 2031. In terms of volume, the market is projected to reach 47.4 thousand units by 2030, growing at a CAGR of 9.2% from 2024 to 2031.
Key factors driving this market include government initiatives in the agriculture sector, investment by automotive OEMs, and rising environmental concerns. Conversely, high initial costs and inadequate EV charging infrastructure pose significant challenges.
The adoption of precision farming techniques and expansion in emerging economies are anticipated to create substantial growth opportunities for market participants. Nonetheless, consumer range anxiety and unreliable performance in heavy-duty applications might impede market progress.
The report segments the market by type (utility, compact, row crop, industrial, and other tractors), propulsion type (battery electric and hybrid electric), battery capacity (under 15 kW, 15kW to 40 kW, over 40 kW), and application (agriculture, construction, logistics, airports, railways, commercial spaces, factories, and other uses). It also assesses the competitive landscape at regional and national levels.
In 2024, utility tractors are expected to dominate the market, driven by their energy efficiency and lower emissions compared to traditional tractors. Industrial tractors are forecasted to grow at the highest CAGR, as they help industries meet environmental regulations and reduce fossil fuel dependence.
The battery electric tractors segment is predicted to hold the largest share by propulsion type in 2024, due to stringent emission standards and growing demand for zero-emission vehicles. This segment is also expected to see the highest CAGR.
The 15kW to 40 kW battery capacity segment is anticipated to lead in 2024, fueled by heavy load applications and favorable government policies. Similarly, the 30HP to 80HP power output segment is projected to grow rapidly due to its suitability for small and medium-sized farms.
Agriculture is expected to be the largest application segment in 2024, while the factories segment will register the highest CAGR, supported by government incentives and the integration of precision agriculture technologies.
Geographically, Asia-Pacific is expected to lead the market in 2023, with strong government support for electrification. Europe, however, will see the highest CAGR, driven by the adoption of electric mobility and supportive government policies.
Key Players
The key players operating in the global electric tractors market include Solectrac Inc. (U.S.), Deere & Company (U.S.), Escorts Kubota Limited (India), Alkè s.r.l (Italy), Yanmar Holdings Co. Ltd. (Japan), AGCO Corporation (U.S.), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), Dongfeng Motor Corporation Ltd. (China), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), AutoNxt Automation Pvt. Ltd. (India), Motivo Engineering (U.S.), Monarch Tractor (U.S.), Ztractor Inc (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of type, propulsion type, battery capacity, and application?
- What is the historical market size for the global electric tractors market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global electric tractors market?
- Who are the major players in the global electric tractors market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global electric tractors market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global electric tractors market, and how do they compete with other players?
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