Electric farm tractors refer to the tractors that use an electric motor & batteries instead of a conventional internal combustion engine to obtain a drive.
According to MarkNtel Advisors’ research report, “Global Electric Farm Tractor Market Analysis, 2021,” the market is likely to grow at a CAGR of around 5.7% during 2021-26 due to the increasing awareness regarding sustainable and clean farming, mounting fuel prices and snowballing government initiatives to promote using clean technologies. Further, the demand for electric farm tractors among small farmers is significantly increasing owing to the low power consumed by the electric farm tractors, thereby propelling the overall market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||John Deere, Alke, Escorts Limited, Motivo Engineering, Monarch Tractor, Mahindra and Mahindra, Solectrac, Fendt, Kubota Corporation|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic negatively impacted the growth of the Global Electric Farm Tractor Market. The imposition of the lockdown, movement restrictions, and shutdown of manufacturing units have disrupted the entire supply chain and affected the supply of farm equipment parts. In addition to this, the pandemic declined the new tractor sales and reduced the production capacity of electric farm tractors.