Electric Tractor Market Trends and Forecast 2033: Top Companies, Growth Prospects, and Market Share Insights
Modified On Oct 30, 2024 12:07 PM
An in-depth analysis of the global electric tractor market from 2024 to 2033, highlighting market size, growth trends, regional shares, and competitive dynamics.
A thorough analysis on the size and trends of the global electric tractor market, with a forecast for 2024–2033, was recently published by the Business Research Company. Numerous useful insights and data, such as the size of the global market, regional shares, and competitor market share, are included in this most recent market research analysis. It also discusses the next prospects, present trends, and crucial information for market success.
The market for electric tractors has expanded rapidly in recent years, according to The Business Research Company. At a cumulative annual growth rate (CAGR) of 23.3%, it will increase from $0.52 billion in 2023 to $0.64 billion in 2024. Fuel price fluctuations, strict environmental regulations, government subsidies and incentives for electric vehicles, growing consumer awareness of the environmental impact, and competition among manufacturers in the electric tractor market are all factors contributing to the growth during the historic period.
In the upcoming years, the market for electric tractors is anticipated to increase at an exponential rate. It will increase at a compound annual growth rate (CAGR) of 23.4% to reach $1.48 billion in 2028. Continued advancements in battery technology, projected drops in the price of electric tractor parts, expected land fragmentation and urbanisation, increased focus on health and safety standards in agricultural workplaces, and growing demand for agricultural equipment are all factors contributing to the growth during the forecast period. The incorporation of digital technology, the use of carbon-neutral farming methods, the electrification of specific agricultural applications, the use of cutting-edge battery technologies, and the introduction of electric tractors that run on hydrogen are some of the major developments for the projected period.
Market Trends and Drivers:
The market for electric tractors is anticipated to continue growing as a result of the agriculture sector's expansion. All operations about crop cultivation, livestock rearing, and the production of food, fibre, and other agricultural goods for human consumption and use are included in the agricultural sector. The growing global population, increased food consumption, and technological breakthroughs that increase sustainability and production are all contributing factors to the agricultural sector's growth. Due to their cost-effectiveness and environmental sustainability, electric tractors are becoming more and more popular in the agricultural industry. This leads to cleaner farming methods and lower operational costs.
For example, in April 2024, the US Department of Agriculture, a federal organisation established in the US, The combined contribution of the food, agricultural, and associated industries to the U.S. GDP in 2023 was about $1.530 trillion, or 5.6% of everything. Approximately 0.7% of the U.S. GDP, or $203.5 billion, came from the agricultural sector in America. Thus, the market for electric tractors is growing as a result of the agricultural sector's rise.
To obtain a competitive advantage in the market, major players in the electric tractor sector are concentrating on creating new goods, like high-battery-power electric trucks. Electric vehicles with large-capacity battery packs that offer longer driving ranges and enough power to tow huge loads are referred to as high-power electric trucks. For example, the German farm machinery manufacturer Fendt introduced an electric tractor with a battery-operated e107 V Vario in October 2023. This tractor makes use of Fendt's Vario gearbox and the FendtONE operating system. The e107 V can be powered by the 100 kWh battery for four to seven hours, and it takes only forty-five minutes to charge from twenty to eighty percent. It can travel up to 40 km/h thanks to the power unit's 90 horsepower.
Principal Advantages for Stakeholders:
• In-depth Market Insights: Stakeholders are provided with access to comprehensive market data, trends, and analyses that aid in their comprehension of the present and potential state of their sector.
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Important Market Participants:
Sany Group, YANMAR HOLDINGS CO. LTD., Jungheinrich AG, Crown Equipment Corporation, Cargotec, Hyster-Yale Materials Handling Inc., Konecranes, Anhui Heli Co. Ltd., Hangcha Forklift, The Raymond Corporation, EP Equipment, Godrej & Boyce Mfg. Co. Ltd., Solectrac, BYD Company Limited, Deere & Company, Tata Motors, Cummins Inc., Toyota Industries Corporation, Escorts Kubota Limited, Doosan Corporation, Sany Group
Key insights for the electric tractor market in 2024:
• Over the coming years, the market for electric tractors is anticipated to increase at an exponential rate. It will increase at a compound annual growth rate (CAGR) of 23.4% to reach $1.48 billion in 2028.
• Developments in Electric Tractor Technology With the Launch of an e107 V Vario-Powered Solution
• The Contribution Of The Agricultural Sector To The Growth Of The Electric Tractor Market
• In 2023, the market for electric tractors was dominated by North America.