Electric Tractors Market is expected to reach $857 million by 2031

Meticulous Research®, a prominent global market research firm, has released a comprehensive research report titled “Electric Tractors Market by Type (Utility Tractors and Compact Tractors), Propulsion Type (BEV and HEV), Battery Capacity (Less than 15 kW and 15 kW to 40 kW), Power Output, Application (Agriculture, Constructions), and Geography – Global Forecast to 2031.”

For deeper insights into the market, including a comprehensive table of contents and figures, visit: https://www.meticulousresearch.com/product/electric-tractors-market-5795

According to this recent publication from Meticulous Research®, the global electric tractors market is anticipated to achieve a valuation of $857 million by 2031, with a Compound Annual Growth Rate (CAGR) of 7.7% from 2024 to 2031. By volume, the market is projected to reach 47.4 thousand units by 2030, growing at a CAGR of 9.2% during the same period. The expansion of the electric tractors market is primarily fueled by governmental support for the agriculture sector, increased investments by major automotive Original Equipment Manufacturers (OEMs), and escalating environmental concerns. Nevertheless, challenges such as substantial initial investments and inadequate EV charging infrastructure hinder market growth.

Moreover, the rising adoption of precision farming methods and burgeoning opportunities in emerging economies are poised to provide significant growth avenues for stakeholders in the electric tractors market. Nonetheless, consumer apprehensions regarding range limitations and the perceived lack of reliability in heavy-duty applications could impede market growth.

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The global electric tractors market is segmented based on type (utility tractors, compact tractors, row crop tractors, industrial tractors, and other vehicle types), propulsion type (battery electric tractors and hybrid electric tractors {pure hybrid electric tractors and plug-in hybrid electric tractors}), battery capacity (less than 15 kW, 15 kW to 40 kW, and more than 40 kW), and application (agriculture, constructions, logistics, airports, railways, commercial spaces, factories, and other applications). The report also assesses industry competitors and analyzes the market at regional and country levels.

By type, utility tractors are expected to dominate the global electric tractors market in 2024, driven by factors such as energy efficiency, emission reduction, and noise pollution mitigation compared to traditional tractors.

In terms of propulsion type, battery electric tractors are forecasted to hold a larger market share in 2024, attributed to stringent emission standards, increasing demand for fuel efficiency, and escalating interest in zero-emission vehicles.

Furthermore, electric tractors with a battery capacity of 15 kW to 40 kW are anticipated to lead the market in 2024, fueled by their suitability for heavy-load applications and supportive government policies.

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In the realm of power output, the 30HP to 80HP segment is projected to dominate the market in 2024, owing to its versatility and suitability for small and medium-sized farms.

Regarding applications, agriculture is expected to be the largest segment in 2024, driven by the environmental benefits and integration potential with precision agriculture technologies.

The report also delves into geographical segmentation, with Asia-Pacific projected to lead the market in 2023, supported by government initiatives and favorable policies promoting electrification, particularly in countries like China, Japan, and South Korea.

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Key Players:

Key Players in the electric tractors market include Solectrac Inc. (U.S.), Deere & Company (U.S.), Escorts Kubota Limited (India), Alkè s.r.l (Italy), Yanmar Holdings Co. Ltd. (Japan), AGCO Corporation (U.S.), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), Dongfeng Motor Corporation Ltd. (China), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), AutoNxt Automation Pvt. Ltd. (India), Motivo Engineering (U.S.), Monarch Tractor (U.S.), and Ztractor Inc (U.S.).


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