About Electric Tractors
In recent times, electric vehicles are becoming more popular for various applications. Electric tractors are widely used in the industries for various indoor and outdoor applications. The emerging trend of automation and growing environmental concerns will accelerate the growth. More and more farmers in developed countries are looking for electric tractors to reduce the fuel cost and replace them with traditional tractors.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2022 |
Unit | Value (USD Million) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new mobility solutions, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Electric Tractors market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
John Deere (United States), Solectrac (United States), Tesla, Inc. (United States), Kubota (Japan), Cellestial eMobility (India), Monarch Tractor (United States), AutoNxt Automation Pvt Ltd (India), Escorts Limited (India), Alke (Italy), Dongfeng (China), Simai (Italy), AGCO GmbH (Germany) and Cummins (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric Tractors market by Type (Farm Tractor and Tow Tractor), Application (Farms, Industrial, Airports, Railway Stations, Ports and Others) and Region.
On the basis of geography, the market of Electric Tractors has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Powertrain, the sub-segment i.e. Fully Electric will boost the Electric Tractors market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Battery Type, the sub-segment i.e. Lead-Acid will boost the Electric Tractors market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased Focus on the Development and Launch of Autonomous Electric Tractors
Market Growth Drivers:
Surging Demand of Electric Tow Tractors for Industrial and Cross-Dock Logistics Applications and Increasing Initiatives by the Government Towards the Adoption of EVs to Reduce the GHG Emission
Challenges:
Range Issue of Electric Tractors May Limit the Growth of Farm Tractors
Restraints:
Less Acceptance of EVs in Developing Countries Due to Inadequate EV Charging Infrastructure Facilities
Opportunities:
Shifting Towards the Electric Tractors by Farming Applications
Market Leaders and their expansionary development strategies
In 2021, Solectrac, the US-based tractor manufacturer announced the launch of its new 70 HP, 60 kWh electric tractor. It is specifically designed for heavy-duty farm and vineyard operations. The tractor can operate for up to eight hours on a single charge via a 60 kWh battery.
In July 2023, TI Clean Mobility (TICMPL) is planning to launch at least three electric tractors during this fiscal as the electric vehicle arm of Murugappa Group’s engineering company Tube Investments of India (TII) believes that the tractor segment is ripe for disruption due to favourable cost economics in battery-powered products. TICMPL will focus on what it calls “the productive end of the EV spectrum—three wheelers, tractors and medium and heavy commercial vehicles,” where there are tangible and economic benefits for the customers/owners.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Electric Tractors Manufacturers, Raw Material Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.