Electric Farm Tractor Market is expected to Register a Considerable Growth by 2026
Electric farm tractors are the new generation of tractors that are being developed by agricultural equipment manufacturers. Unlike conventionally diesel-powered tractors, electric farm tractors are run by battery. These tractors offer a wide range of benefits over conventional tractors, such as better efficiency and enhanced productivity in the agricultural field.
Read Report Overview: Electric Farm Tractor Market
The electric farm tractor market is still in the developing phase. Increased research and development activities are undergoing on the development of electric vehicle technology which is expected to increase the battery life offered by these tractors and thereby increase efficiency.
Global Electric Farm Tractor Market Overview
The global electric farm tractor market was valued at $116.5 million in 2020, which is expected to grow with a CAGR of 11.1% and reach $218.9 million by 2026. The growth in the global electric farm tractor market is expected to be driven by increasing demand for agricultural digitization and automation, along with a need for low emissions to solve the problem of pollution.
Impact of COVID-19
The supply chain for the majority of the industries across the globe was impacted due to the COVID-19 pandemic, including the electric farm tractor industry. During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to invest in modern agricultural equipment.
Global Electric Farm Tractor by Application
The global electric farm tractor market in the application segment is expected to be dominated by light-duty vehicles followed by medium-duty vehicles. Since light-duty tractors have low curb weight, battery performance is better, which attracts the farmers towards these tractors.
Global Electric Farm Tractor by Drivetrain Technology
The global electric farm tractor market in the drivetrain technology segment is expected to be dominated by hybrid-electric vehicles. Hybrid vehicles are a great starting point for further growth in the electric farm tractor market as these vehicles are run by both fuel and battery.
Global Electric Farm Tractor by Battery Type
The global electric farm tractor market in the battery type segment is expected to be dominated by lead-acid batteries in 2020. Further in the forecast period, the adoption of lithium-ion batteries is expected to grow due to the advantages of these batteries over lead-acid batteries.
Global Electric Farm Tractor by Region
North America generated the highest revenue of $40.1 million in 2020, which is attributed to technological advancements and government support. Also, leading players in the electric farm tractor market are operating in the North America region, which gives a wide range of options to the growers purchasing electric farm tractors.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include Alke, Cummins Inc., Deere & Company, Escorts Limited, Fendt, Kubota Corporation, Motivo Engineering, Solectrac, Inc., Sonalika, Monarch Tractor, Yanmar Holdings Co., Ltd., AutoNxt Automation Pvt. Ltd., Cellestial, Ztractor, and EcoFactor.
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The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the electric farm tractor industry.
