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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR (2021-2026) | 5.7% |
| 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.
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:
Market Outlook, Segmentation, and Statistics:
Frequently Asked Questions
A. The Global Electric Farm Tractor Market is forecast to grow at a CAGR of 5.7% during 2021-26.
A. John Deere, Alke, Escorts Limited, Motivo Engineering, Monarch Tractor, Mahindra and Mahindra, Solectrac, Fendt, Kubota Corporation are a few of the leading players in the Global Electric Farm Tractor Market.
A. The Four-Wheel segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Asia Pacific continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Electric Farm Tractor Market.
A. Increasing awareness regarding sustainable & clean farming, mounting fuel prices, and snowballing government initiatives to promote using clean technologies are the prime factors likely to drive the Global Electric Farm Tractor Market.
A. The sudden outbreak of the COVID-19 pandemic has negatively impacted the growth of the Global Electric Farm Tractor Market. The imposition of the lockdown, restriction on movement, and shutdown of manufacturing have led to a decline in the new tractor sales and a reduction in the production capacity of electric farm tractors.
