Meticulous Research®, a prominent global market research firm, has released a 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 Meticulous Research®, the global electric tractors market is set to reach $857 million by 2031, with a CAGR of 7.7% from 2024 to 2031. By volume, the market is expected to hit 47.4 thousand units by 2030, growing at a CAGR of 9.2% from 2024 to 2031.
The market's growth is driven by government support for agriculture, increased investments from leading automotive OEMs, and rising environmental concerns. However, high initial costs and a lack of adequate EV charging infrastructure are significant challenges.
Precision farming adoption and emerging market expansion offer substantial growth opportunities, while range anxiety and performance issues in heavy-duty applications remain hurdles.
The market is segmented by type, propulsion type, battery capacity, and application, with a detailed competitor analysis and regional market breakdown. Utility tractors are expected to dominate in 2024, driven by energy efficiency, reduced emissions, and quieter operation compared to diesel tractors. Industrial tractors are projected to grow the fastest, driven by zero emissions and diverse energy sources.
Battery electric tractors are anticipated to lead in 2024, driven by stringent emission standards and demand for zero-emission vehicles. This segment is also expected to achieve the highest CAGR. The 15kW to 40 kW battery capacity segment will see rapid growth due to heavy load applications and favorable policies.
The 30HP to 80HP power output segment will hold the largest market share, driven by versatility and government incentives. In application, agriculture will dominate in 2024 due to pollution reduction and precision agriculture integration. Factories will experience the fastest growth, supported by government incentives.
Regionally, Asia-Pacific will dominate the market due to strong governmental support for electrification. Europe is expected to achieve the highest CAGR, driven by electric mobility adoption and supportive 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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