Global Electric Tractor Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The electric tractor market consists of sales of utility electric tractors, high-power electric tractors, and autonomous electric tractors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electric tractor market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to fluctuations in fuel prices, stringent environmental regulations, government subsidies and incentives for electric vehicles, increasing awareness among consumers about the environmental impact, and competition among manufacturers in the electric tractor.

The electric tractor market size is expected to see exponential growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to continued improvements in battery technology, foreseen reductions in the cost of electric tractor components, anticipated urbanization, and land fragmentation, growing emphasis on health and safety regulations in agricultural workplaces, and rising demand for agricultural equipment. Major trends in the forecast period include the integration of digital technologies, adoption of carbon-neutral farming practices, electrification of specialized agricultural applications, adoption of advanced battery technologies, and the emergence of hydrogen-powered electric tractors.

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Segmentation & Regional Insights

The electric tractor market covered in this report is segmented –

1) By Type: Light, Medium-Duty, Heavy-Duty
2) By Battery Type: Lithium-Ion, Lead Acid
3) By Power Source: Solar Powered, Battery Operated
4) By DriveTrain Technology: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
5) By Application: Agriculture, Construction, Mining, Logistics

North America was the largest region in the electric tractor market in 2023. The regions covered in the electric tractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The expansion of the agricultural sector is expected to propel the growth of the electric tractor market going forward. The agricultural sector encompasses all activities related to the cultivation of crops, raising livestock, and production of food, fiber, and other agricultural products for human consumption and use. The agricultural sector is growing due to the increasing global population, rising food demand, and advancements in technology improving productivity and sustainability. Electric tractors are increasingly used in the agricultural sector for their environmental sustainability and cost-effectiveness in operations, contributing to cleaner farming practices and reduced operating expenses. For instance, in April 2024, according to the United States Department of Agriculture, a US-based government agency, In 2023, agriculture, food, and related industries contributed approximately $1.530 trillion to the U.S. gross domestic product (GDP), accounting for 5.6% of the total. Within this, the output from America’s farms amounted to $203.5 billion, constituting around 0.7% of the U.S. GDP. Therefore, The expansion of the agricultural sector is driving the growth of the electric tractor market.

Key Industry Players

Major companies operating in the electric tractor market are BYD Company Limited, Deere & Company, Tata Motors, Cummins Inc., Toyota Industries Corporation, Escorts Kubota Limited, Doosan Corporation, 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

The electric tractor market report table of contents includes:

1. Executive Summary
2. Electric Tractor Market Characteristics
3. Electric Tractor Market Trends And Strategies
4. Electric Tractor Market – Macro Economic Scenario
5. Global Electric Tractor Market Size and Growth
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32. Global Electric Tractor Market Competitive Benchmarking
33. Global Electric Tractor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Tractor Market
35. Electric Tractor Market Future Outlook and Potential Analysis
36. Appendix