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Electric Tractor Market Size, Share & Trends Analysis - Global opportunity analysis and industry forecast 2030

Electric Tractor Market Size, Share & Trends Analysis - Global...

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Electric Tractor Market Size, Share & Trends Analysis - Global opportunity analysis and industry forecast 2030
Electric Tractor Market Size, Share...
Report Code
RO13/107/1013

Publish Date
22/Nov/2021

Pages
200
PRICE
$ 4950/-
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The global electric tractor market size was US$ 710 million in 2019. The global electric tractor market is forecast to reach the value of US$ 856 million in 2030 by growing at a compound annual growth rate (CAGR) of 2.5% during the forecast period from 2021-2030.

Electric tractors are enabled with chargeable electronic batteries. These tractors are environment-friendly and do not produce pollution. 

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively influenced the growth of the global electric tractor market. The epidemic affected many economies, due to which governments had to impose strict lockdown. The entire trade activities are disrupted due to travel restrictions. Moreover, the pandemic has majorly impacted the financial growth of people. As a result, the market witnessed a sudden slowdown in trade activities. 

Factors Influencing

  • The demand for no-emission vehicles in the agriculture sector is growing. It would further increase due to rising awareness regarding pollution control. Thus, the global electric tractor market would grow inevitably during the forecast period. 
  • Advantages like low repair & maintenance costs, work efficiency, cost-effectiveness are all forecast to propel the market growth.  Moreover, the shortage of fossil fuel and the eco-friendly nature of electric tractors may accelerate the demand for electric tractors in the future.
  • Government initiatives to prompt the adoption of advanced technology, such as electric tractors, may surge market growth in the coming years. 
  • Low efficiency and availability of effective alternatives may slow down the growth of the global electric vehicles market. 
  • The growing population and rising demand for food may become another factor for the market growth in the coming years. The electric tractors ensure better productivity which can benefit farmers. Thus, it would drive market growth in the coming years. 

Geographic Analysis

North America holds the largest share in the global electric tractor market due to the growing demand for advanced technology. Moreover, the rising demand for efficient farming methods and the existence of prominent players in the industry may prompt the region's growth in the future. The Asia Pacific is forecast to be observed as the rapidly growing region in the global electric tractor market. It is because of the growing farming activities and rising demand for efficient technologies. Furthermore, the region is home to several agriculture-dependent economies, which would create significant opportunities for the leading companies in the global electric tractor market. In addition, government initiatives in emerging countries, such as China and India, may create huge demand for electric tractors during the analysis period. Thus, it would propel the market growth in these regions. 

Competitors in the Market

  • AGCO Corporation
  • Deere And Company
  • Kubota Corporation
  • Escorts Limited
  • Caterpillar Inc.
  • Yanmar Co. Ltd.
  • J.C. Bamford Excavators Ltd. (JCB)
  • Other Prominent Players

Market Segmentation

Insight by Component

  • Sensor
  • Gps
  • Vision System
  • Others

Insight by Tractor Type

  • Light-Duty
  • Medium-Duty
  • Heavy-Duty

Insight by Battery Type

  • Lead-Acid
  • Lithium-Ion

Insight by Drivetrain Technology

  • Hybrid Electric Vehicles (HEV)
  • Battery Electric Vehicles (Bevs)
  • Plug-In Electric Vehicles (Phevs)

Insight by Application

  • Agriculture
  • Construction
  • Mining
  • Transportation

Insight by Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
  • South America
  • Brazil
  • Argentina
  • Rest of South America

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