Global Electric Farm Tractor Market Research Report: Forecast (2021-2026)

Market Overview

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.

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.

Market Segmentation

Four-Wheel Accounted for the Largest Market Share

Based on the Drive Type, the market bifurcates into Two-Wheel and Four-Wheel. However, the Four-Wheel segment acquired the largest share in the Global Electric Farm Tractor Market in the previous few years. It owes to the surging demand for highly efficient puling power in the agricultural field. In addition to this, four-wheel-drive tractors have a longer life, enhance productivity, and are suitable for undulated terrain and slopes. Thus, these factors are likely to boost the sales of four-wheel tractors and fuel the overall market growth in the forecast period, cites MarkNtel Advisors in their research report, “Global Electric Farm Tractor Market Analysis, 2021.”

Manual Operation Attained the Highest Market Share

Based on the Mode of Operation, the market classifies into Manual and Autonomous modes of operation. The Manual Mode of Operation captured a significant share in the Global Electric Farm Tractor Market in the previous few years. Its demand is high as it is more powerful and can maintain specific speed and consistency. In addition to this, high power enables traveling to the hills with ease, thereby propelling the segment growth in the coming years.

Regional Landscape

Asia Pacific Region Dominated the Market 

Geographically, the Asia Pacific region held the largest share in the Global Electric Farm Tractor Market in the past few years due to the surging demand for tractors in countries like China and India. In India, the agricultural industry occupies the largest share. Hence, tractors play a crucial role in performing large operations efficiently. Moreover, demand for electric farm tractors is significantly increasing in the region to enhance the productivity of the field.

Market Driver

Burgeoning Demand for Electric Tractors Boost the Market Growth

The demand for electric farm tractors is significantly increasing as it is beneficial for reducing fuel costs, mitigates carbon emissions, and escalates using energy sources efficiently. In addition to this, to ensure the vehicle's reliability, the use of electric farm tractors is increasing significantly. Further, the introduction of advanced technologies and the rising adoption of these technologies into the automotive industry are other critical aspects likely to provide lucrative opportunities to drive market growth.

Competitive Landscape

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 & Mahindra, Solectrac, Fendt, and Kubota Corporation.

Key Questions Answered in the Market Research Report:

1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Electric Farm Tractor Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Electric Farm Tractor Market? 
4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Global Electric Farm Tractor Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Electric Farm Tractor Market study?   

Market Outlook, Segmentation, and Statistics: 

• Impact of COVID-19 on Global Electric Farm Tractor Market
• Market Size & Analysis
  • By Revenues
  • By Units Sold
• Market Share & Analysis
  • By Tractor Type
    • Light
    • Medium Duty
    • Heavy Duty
  • By Drive Type
    • Two-Wheel
    • Four-Wheel
  • By Mode of Operation
    • Manual
    • Autonomous
  • By Battery Type
    • Lead Acid Battery
    • Lithium-Ion Battery
  • By Region
    • North America
    • South America
    • Europe
    • Middle East & Africa
    • Asia-Pacific
  • By Competitors
    • Competition Characteristics
    • Market Share & Analysis
    • Competitive Matrix
• Global Electric Farm Tractor Market Hotspots & Opportunities
• Global Electric Farm Tractor Market Regulations & Policy
• Key Strategic Imperatives for Success and Growth
• Global Competition Outlook
  • Competition Matrix
  • Company Profile