According to MarkNtel Advisors’ research report, “Global Electric Farm Tractor Market Analysis, 2021,” the market is likely to grow at a CAGR of 5.7% during 2021-26 due to the rising trend of collaborations & acquisitions between small farmers & commercial farm owners. In addition to this, mounting demand for highly efficient puling power increases the need for using electric motors in the farm tractor.
Further, electric farm tractors are cost-effective. Therefore, an electric farm tractor helps maximize the yield at a lower operational cost. Apart from this, low-emission & maintenance charges of electric farm tractors are other critical aspects likely to fuel the overall market growth in the forecast period.
Key questions answered in the study
Two-Wheel to Grow at Substantial Rate
Based on the Drive Type, the market bifurcates into Two-Wheel and Four-Wheel. The Two-Wheel segment is likely to grow considerably in the Global Electric Farm Tractor Market during the forecast period as it is very affordable and has a simple design. In addition to this, the two-wheel drive allows for a shorter turning radius. Hence, these factors contribute to the growth of the Two-Wheel segment.
“Global Electric Farm Tractor Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Electric Farm Tractor providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Europe Exhibits Fastest Growth
Europe is likely to register the fastest growth in the Global Electric Farm Tractor market during 2021-26 due to the abundant availability of large-sized farms in various European countries, including the UK, Netherlands, and Spain. Farms in Europe account for a large part of the total land area. In addition to this, the surging adoption of smart agriculture practices in the region contributes to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, “Global Electric Farm Tractor Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the Global Electric Farm Tractor Market are John Deere, Alke, Escorts Limited, Motivo Engineering, Monarch Tractor, Mahindra and Mahindra, Solectrac, Fendt, and Kubota Corporation.