Meticulous Research®, a top-tier global market research company, has issued a new 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.’
The latest report from Meticulous Research® projects that the global electric tractors market will reach $857 million by 2031, with a CAGR of 7.7% from 2024 to 2031. The market volume is expected to reach 47.4 thousand units by 2030, growing at a CAGR of 9.2% from 2024 to 2031.
Growth drivers include governmental support for agriculture, increased investments from automotive OEMs, and rising environmental concerns, but high initial costs and insufficient charging infrastructure are barriers.
Opportunities arise from precision farming adoption and expansion in emerging markets, while challenges include range anxiety and performance reliability in heavy-duty applications.
The market is divided by type, propulsion type, battery capacity, and application, with a competitor analysis and regional market assessment. Utility tractors are expected to dominate in 2024 due to energy efficiency, emission reduction, and quieter operation compared to diesel tractors. Industrial tractors are projected to grow the fastest due to zero emissions and varied energy sources.
Battery electric tractors are anticipated to lead in 2024, driven by stricter 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 grow rapidly due to heavy load applications and favorable policies.
The 30HP to 80HP power output segment is set to dominate, attributed to versatility and government incentives. In terms of application, agriculture will lead in 2024 due to pollution reduction and precision agriculture integration. Factories will see the fastest growth, supported by government incentives.
Asia-Pacific is expected to hold the largest market share, driven by strong government support for electrification. Europe is projected to have the highest CAGR, supported by electric mobility adoption and favorable government 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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