Global Market for Electric Tractors is Anticipated to grow at a Considerable Pace i.e., USD 860 Million during the Forecast Period 2021-2027

Published Date: Aug, 2021

The global electric tractor market is expected to witness a CAGR of 2.6% during the forecast period. The global electric tractor market is in the developing stage and is anticipated to grow at a prominent rate during the forecast period 2021-2027 Factors affecting the growth of the electric tractor market are the adoption of smart agricultural products, awareness about smoke-free, sustainable agriculture methods, and initiatives taken by the government. Electric vehicles use clean and green energy and play a major role in decreasing air and noise pollution globally. Nevertheless, automobile manufacturers have made great progress in electric drive technology, and governments around the world have also set goals to phase out fossil-fuel vehicles. This elective-drive revolution is also making breakthroughs in agriculture, and manufacturers have introduced electric tractors to support electrification.

The COVID-19 outbreak has adversely affected the global electric tractor market due to strict lockdown, restrictions on global trade, and strict regulations by the government. This had a negative impact on the production and demand, created disruption in the supply chain, and had a financial impact on firms. However, as the government begins to relax restrictions, the electric farm tractor market will begin to flourish in the next few years.  

Browse 70 market data Tables and 43 Figures spread through 145 Pages and in-depth TOC on " Electric Tractor Market by Component (Sensors, GPS, Vision System, and Others), by Tractor Type (Light-Duty, Medium-Duty, and Heavy-Duty), by Battery Type (Lead-Acid, Lithium-Ion), by Drivetrain Technology (Hybrid Electric Vehicles (HEV), Battery Electric Vehicles (BEVs), and Plug-In Electric Vehicles (PHEVs), by Application (Agriculture, Construction, Mining & Transportation), and Region - Global Forecast to 2027"

By application, agriculture is projected to witness the largest share during the forecast period.

Based on application, the global electric tractor market is categorized into agriculture, construction, and mining & transportation. Electric tractors are efficient in terms of energy consumption and weight power/power density ratio. Moreover, the reduction in the emission of CO2 is an important environmental benefit. Thus to improve work efficiency and reduce fuel consumption results in reducing exhaust emissions from agriculture tractors and are extensively used in are tillage, harvesting, irrigation, seed sowing, spraying, and fertilizing.

Global Electric Tractor Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Sensors, GPS, Vision System, and Others

GPS (High CAGR)

Tractor Type

Light-Duty, Medium-Duty, and Heavy-Duty

Light-Duty (Largest) Medium-Duty (Largest)

Battery-Type

Lead-Acid, Lithium-Ion

Lithium-Ion (Fastest)

Drivetrain Technology

Hybrid Electric Vehicles (HEV), Battery Electric Vehicles (BEVs), and Plug-In Electric Vehicles (PHEVs)

Hybrid Electric Vehicles (Largest)

Application

Agriculture, Construction, Mining & Transportation

Agriculture (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North-America (Largest)

Asia-Pacific (Highest)

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“The Asia Pacific to be the fastest-growing region during the forecast period.”

Asia-Pacific is anticipated to be the fastest-growing region during the forecast period owing to the rise in demand for tractors in countries such as China and India. There are many agriculture-dependent economies in the region and initiatives taken by the government will boost the growth of the electric tractor market in the region.

Some of the major players in the global electric tractor market include AGCO Corporation, Deere and Company, CLAAS KGaA mbH, Kubota Corporation, Escorts Limited, Caterpillar Inc., Yanmar Co. Ltd., and J.C. Bamford Excavators Ltd. (JCB).

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Component, Tractor Type, Battery Type, Drivetrain Technology, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

AGCO Corporation, Deere and Company, CLAAS KGaA mbH, Kubota Corporation, Escorts Limited, Caterpillar Inc., Yanmar Co. Ltd., and J.C. Bamford Excavators Ltd. (JCB)

Global Electric Tractor Market Coverage

Component Insight and Forecast 2015-2027

  • Sensors
  • GPS
  • Vision System
  • Others

Tractor Type Insight and Forecast 2015-2027

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

Battery Type Insight and Forecast 2015-2027

  • Lead-Acid
  • Lithium-Ion

Drivetrain Technology Insight and Forecast 2015-2027

  • Hybrid Electric Vehicles (HEV)
  • Battery Electric Vehicles (BEVs)
  • Plug-In Electric Vehicles (PHEVs)

Application Insight and Forecast 2015-2027

  • Agriculture
  • Construction
  • Mining & Transportation

Geographical Segmentation

Electric Tractor Market by Region

North America

  • By Component
  • By Tractor Type
  • By Battery Type
  • By Drivetrain Technology
  • By Application 
  • By Country – U.S., Canada, and Mexico

Europe

  • By Component
  • By Tractor Type
  • By Battery Type
  • By Drivetrain Technology
  • By Application 
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Component
  • By Tractor Type
  • By Battery Type
  • By Drivetrain Technology
  • By Application 
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Component
  • By Tractor Type
  • By Battery Type
  • By Drivetrain Technology
  • By Application 
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Electric Tractors is Anticipated to grow at a Considerable Pace i.e., USD 860 Million during the Forecast Period 2021-2027