PUBLISHER: Meticulous Research | PRODUCT CODE: 1576643
PUBLISHER: Meticulous Research | PRODUCT CODE: 1576643
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, Construction), and Geography-Global Forecast to 2031.
The 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' provides an in-depth analysis of global electric tractors market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The global electric tractors market is projected to reach $857.0 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 2031, 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 restrain the market's growth.
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 over 55.0% of the global electric tractors market. This segment's large market share can be attributed to the better energy efficiency offered by electric tractors compared to traditional models. Electric tractors eliminate tailpipe emissions, making them an environmentally friendly alternative to tractors powered by fossil fuel. Furthermore, they operate much quieter than diesel tractors, thereby 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. Electric tractors produce zero tailpipe emissions, enabling industries to comply with environmental regulations and decrease their carbon footprint. Furthermore, electric tractors can be charged using a variety of energy sources, providing industries with the flexibility to choose cleaner and more sustainable energy options and reducing reliance on fossil fuels. These benefits are expected to drive the adoption of electric tractors in industrial settings during the forecast period.
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 over 60.0% 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 over 48.0% of the global electric tractors market. This segment's large market share can be attributed to the increasing adoption of electric tractors for heavy load applications, favorable government policies, incentives, and subsidies aimed at promoting the adoption of electric tractors, 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 over 47.0% of the global electric tractors market. Tractors with a range of 30HP to 80HP are ideal for small and medium-sized farms. These tractors can efficiently perform tasks such as plowing, tilling, and seeding, driving their increased adoption among farmers. Additionally, favorable government policies, incentives, and subsidies aimed at promoting the adoption of electric tractors contribute to the large market share of this segment.
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 over 41.0% of the global electric tractors market. Electric tractors contribute to reducing harmful pollutants such as nitrogen oxides and particulate matter, thereby enhancing air quality for farmers and communities in agricultural areas. Additionally, electric tractors can be integrated with precision agriculture technologies, enabling farmers to optimize resource utilization and enhance overall efficiency. These benefits drive the increased adoption of electric tractors among farmers, contributing to the large market share of this segment.
However, the factories segment is projected to register the highest CAGR during the forecast period. This segment's growth is driven by rising government initiatives such as tax breaks and subsidies aimed at promoting the adoption of electric vehicles, including EV tractors. These incentives substantially lower the initial purchasing costs of EV tractors, thereby increasing their adoption for various applications in industrial settings.
Based on geography, the electric tractors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 38.0% of the global electric tractors market. Governments in this region have implemented comprehensive policy frameworks to support the transition to electric mobility. Additionally, countries like China, Japan, and South Korea are offering subsidies and tax incentives and implementing regulations to promote the development and adoption of electric vehicles (EVs). These factors drive the adoption of electric tractors in Asia-Pacific.
However, the market in Europe is expected to record the highest CAGR during the forecast period. The growth of this regional market is driven by the increasing adoption of electric mobility in emerging economies, supportive government subsidies & tax rebates aimed at promoting EV adoption, the growing adoption of autonomous delivery vehicles, and the increasing adoption of electric tractors for agriculture and commercial applications.
The key players operating in the global electric tractors market include Solectrac Inc. (U.S.), Deere & Company (U.S.), Escorts Kubota Limited (India), Alke 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.).
Electric Tractors Market Assessment-by Type
Electric Tractors Market Assessment-by Propulsion Type
Electric Tractors Market Assessment-by Battery Capacity
Electric Tractors Market Assessment-by Power Output
Electric Tractors Market Assessment-by Application
Electric Tractors Market Assessment-by Geography
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)