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
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
Market Segmentation
Insight by Component
Insight by Tractor Type
Insight by Battery Type
Insight by Drivetrain Technology
Insight by Application
Insight by Region