Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Tractors Market by Type (Utility Tractors and Compact Tractors), Propulsion Type (BEV and HEV), Battery Capacity (Less than 15 kW and 15kW to 40 kW), Power Output, Application (Agriculture, Constructions), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the global electric tractors market is expected to reach $857 million by 2031, at a CAGR of 7.7% from 2024–2031. By volume, this market is expected to reach 47.4 thousand units by 2030, at a CAGR of 9.2% from 2024–2031. The growth of the electric tractors market is driven by increasing government initiatives supporting the agriculture sector, increasing investments by leading automotive OEMs, and rising environmental concerns. However, the high initial investments and lack of adequate EV charging infrastructure restrain the growth of this market.
Furthermore, the growing adoption of precision farming techniques and growing scope in emerging economies are expected to offer significant growth opportunities for players operating in the electric tractors market. However, the range anxiety among consumers and the lack of reliable performance in heavy-duty applications may hinder the growth of this market.
The global electric tractors market is segmented by type (utility tractors, compact tractors, row crop tractors, industrial tractors, and other vehicle types), propulsion type (battery electric tractors and hybrid electric tractors {pure hybrid electric tractors and plug-in hybrid electric tractors}), battery capacity (less than 15 kW, 15kW to 40 kW, and more than 40 kW), and application (agriculture, constructions, logistics, airports, railways, commercial spaces, factories, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, the global electric tractors market is segmented into utility tractors, compact tractors, row crop tractors, industrial tractors, and other vehicle types. In 2024, the utility tractors segment is expected to account for the largest share of the global electric tractors market. The growth of this segment is attributed to various factors such as electric tractors being more energy-efficient than traditional tractors, eliminating tailpipe emissions, contributing significantly to cleaner air, and mitigating climate change impact. Also, compared to diesel tractors, EV tractors operate much quieter, improving noise pollution levels in work environments and surrounding communities.
However, the industrial tractors segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, as electric tractors produce zero tailpipe emissions, helping industries meet environmental regulations and reduce their carbon footprint. Additionally, electric tractors are charged with using a variety of energy sources, allowing industries to diversify and choose cleaner and more sustainable energy options, reducing dependency on fossil fuels.
Based on propulsion type, the global electric tractors market is segmented into battery electric tractors and hybrid electric tractors. The hybrid electric tractors segment is sub-segmented into pure hybrid electric tractors and plug-in hybrid electric tractors. In 2024, the battery electric tractors segment is expected to account for the larger share of the global electric tractors market. The large share of this segment is attributed to the increasingly stringent emission standards, rising demand for increased fuel efficiency, growing demand for zero-emission vehicles, and a continuous reduction in battery prices.
Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on battery capacity, the global electric tractors market is segmented into less than 15 kW, 15 kW to 40 kW, and more than 40 kW. In 2024, the 15kW to 40 kW segment is expected to account for the largest share of the global electric tractors market. The rapid growth of this segment is attributed to the increasing adoption of electric tractors for heavy load applications, the increasing number of favorable policies, incentives, and subsidies by several state governments, and the rising adoption of electric mobility in emerging economies.
Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on power output, the global electric tractors market is segmented into less than 30HP, 30HP to 80HP, and more than 80HP. In 2024, the 30HP to 80HP segment is expected to account for the largest share of the global electric tractors market. The rapid growth of this segment is attributed to various factors, as the 30HP to 80HP range is well-suited for small and medium-sized farms. These tractors can handle a variety of tasks like plowing, tilling, and seeding, making them a versatile option for farmers and the increasing number of favorable policies, incentives, and subsidies by several state governments.
Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on application, the global electric tractors market is segmented into agriculture, construction, logistics, airports, railways, commercial spaces, factories, and other applications. In 2024, the agriculture segment is expected to account for the larger share of the global electric tractors market. The growth of this segment is attributed to various factors, such as electric tractors eliminating harmful pollutants like nitrogen oxides and particulate matter and improving air quality for farmers and agriculture surrounding communities. Also, electric tractors can be integrated with precision agriculture technologies, enabling farmers to optimize resource use and improve efficiency.
However, the factories segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to various factors as various state and regional governments offering incentives, such as tax breaks and subsidies, to encourage the adoption of electric vehicles, including EV tractors. These incentives can significantly reduce the upfront cost of purchasing an EV tractor, making them more attractive to various applications in factories.
Based on geography, the electric tractors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global electric tractors market. Governments in this region have different levels of commitment toward electrification and have established comprehensive policy frameworks to support its adoption. Also, China, Japan, and South Korea are providing subsidies and tax incentives and implementing regulations to support the development and adoption of EVs and reduce greenhouse gas emissions and air pollution.
However, Europe is expected to command the highest CAGR of the global electric tractors market. The high growth of the market in the European region is majorly attributed to the increasing adoption of electric mobility in emerging economies, supportive government subsidies & tax rebates for promoting EVs, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric tractors for agriculture and commercial spaces services.
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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