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Electric Farm Tractor Market - By Tractors (Light-duty Tractor, Medium-duty Tractor, Heavy-duty Tractor), By Battery (Lithium-ion, Lead-acid), By Drivetrain (Hybrid, Plug-in Hybrid, Battery), By Application & Forecast, 2024 – 2032


Published on: 2024-07-07 | No of Pages : 240 | Industry : Agriculture

Publisher : MIR | Format : PDF&Excel

Electric Farm Tractor Market - By Tractors (Light-duty Tractor, Medium-duty Tractor, Heavy-duty Tractor), By Battery (Lithium-ion, Lead-acid), By Drivetrain (Hybrid, Plug-in Hybrid, Battery), By Application & Forecast, 2024 – 2032

Electric Farm Tractor Market Size

Electric Farm Tractor Market was valued at USD 155.6 million in 2023 and is estimated to register a CAGR of over 10% between 2024 & 2032. The increasing innovations and advancements in Electric Vehicle (EV) technology are spurring the electric farm tractor industry. Manufacturers are developing more efficient electric motors, high-capacity batteries, and advanced power management systems, resulting in improved performance, longer operating ranges, and faster charging times for these tractors.

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For instance, in November 2023, TAFE launched a new electric tractor that offers a 20-kW power output, featuring a highly efficient transmission, low noise powertrain, and a powerful electric motor with over 90% efficiency. This innovative design improved performance and sustainability, catering to the evolving needs of modern agriculture.

The surge in government subsidies and incentives is driving the electric farm tractor market by significantly reducing the upfront costs for farmers looking to adopt EVs. These subsidies and incentives often cover a portion of the purchase price or provide tax credits, making electric tractors more affordable. For instance, in November 2023, the Indian government extended the benefits of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme for electric tractors. Under this scheme, financial incentives are provided to manufacturers, dealers, and consumers of EVs including tractors.
 

Electric Farm Tractor Market Report Attributes
Report Attribute Details
Base Year 2023
Electric Farm Tractor Market Size in 2023 USD 155.6 Million
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 10%
2032 Value Projection USD 364.6 Million
Historical Data for 2018 - 2023
No. of Pages 220
Tables, Charts & Figures 300
Segments covered Tractors, battery, drivetrain, and application
Growth Drivers
  • Increasing technological advancements in batteries
  • Growing demand for sustainable agriculture
  • Increasing fuel prices globally
  • Rising government regulations on emissions
  • Surge in government subsidies and incentives
Pitfalls & Challenges
  • High initial costs and maintenance expenses
  • Limited range concerns

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Electric farm tractors offer a restricted operating range on a single battery charge, leading to range anxiety among users. This limitation can be a significant barrier for farmers with large fields or extensive operations, as they may require continuous usage throughout the day without the opportunity for frequent recharging. Without sufficient range, farmers may experience downtime or productivity losses, making it challenging to fully transition to electric farm tractors for their agricultural activities.

Electric Farm Tractor Market Trends

Autonomous electric tractors are gaining traction in the electric farm tractor industry, combining the benefits of electric propulsion with autonomous driving technology. Equipped with sensors, cameras, and GPS systems, these tractors have the capability to function autonomously, conducting tasks such as plowing, planting, and harvesting without direct human intervention. For instance, in May 2023, CNH Industrial introduced the New Holland T4 Electric Power, the industry's first all-electric light utility tractor prototype featuring autonomous capabilities. This innovative offering represents the potential for electric-powered and autonomous farming equipment to revolutionize traditional farming practices.

Advancements in battery charging technology are revolutionizing the market by addressing critical concerns such as charging time and infrastructure. With rapid development in fast-charging solutions, tractor batteries can now be replenished more quickly, boosting operational efficiency and minimizing downtime. This technological advancement also encourages their wide adoption in agriculture, contributing to sustainability and environmental conservation efforts.

Electric Farm Tractor Market Analysis

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Based on tractors, the market is divided into light-duty tractor, medium-duty tractor and heavy-duty tractor. The light-duty tractor segment accounted for a market share of around 37% and is projected to grow significantly till 2032 due to the increasing demand for smaller, versatile, and efficient agricultural machinery. Light-duty tractors are well-suited for small to medium-sized farms and are favored for their maneuverability, ease of operation, and lower operating costs. As farmers seek to enhance productivity while minimizing the environmental impacts, the adoption of light-duty electric tractors is expected to surge.

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Based on battery, the market is categorized into lithium-ion batteries, lead-acid batteries, and others. In 2023, the lithium-ion batteries segment will hold around 58% in the overall market and is anticipated to witness significant growth due to its numerous advantages such as higher energy density, longer lifespan, and faster charging capabilities. As the demand for electric farm tractors rises, manufacturers are increasingly focused on incorporating advanced lithium-ion battery technology to enhance tractor performance, increase operational efficiency, and meet the evolving needs of modern agriculture.

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Asia Pacific holds a market share of over 32% in 2023. Asia Pacific is poised for substantial growth in the electric farm tractor market due to increasing government initiatives promoting sustainable agriculture, the rising adoption of advanced farming technologies, and growing environmental concerns. The region's large agricultural sector, coupled with the rising awareness about the benefits of electric farm tractors, is propelling market expansion. Supportive policies and incentives are encouraging farmers to adopt electric tractors, fueling market growth in the region.

Electric Farm Tractor Market Share

Sonalika and Fendt hold a significant market share of over 20% in the market. Companies in the electric farm tractor industry employ several key strategies to enhance their market foothold. Fendt leverages its extensive experience and launches new tractors to penetrate the electric farm tractor industry effectively. For instance, in November 2023, Fendt expanded its offerings by introducing the e107 V Vario, a small electric tractor. The battery has a capacity of 100 kilowatt hours and produces approximately 70 horsepower; the company claims it can work for four to seven hours on a full charge. Plug it in for 45 minutes during lunchtime and it can increase from 20% to 80%.

Sonalika is focused on innovation and a customer-centric approach to introduce high-quality electric tractor solutions tailored to meet the evolving needs of farmers worldwide. For instance, in October 2023, ITL launched a new electric tractor featuring lightning-fast charging, taking only 3.5 hours. This rapid charging capability reduces downtime, enhancing operational efficiency for farmers and promoting the adoption of electric tractors in agricultural practices.

Electric Farm Tractor Market Companies

Major players operating in the electric farm tractor industry are

  • Alke
  • Deere & Company
  • Escorts Limited
  • Fendt
  • Kubota Corporation
  • Monarch Tractor
  • Motivo Engineering
  • Solectrac Inc.
  • Sonalika
  • Yanmar Holdings

Electric Farm Tractor Industry News

  • In November 2023, AGCO and BMZ collaborated to develop battery-powered agricultural machinery including the Fendt e100 Vario Battery Electric Tractor. This partnership seeks to promote sustainable agriculture by integrating electric and autonomous technology, contributing to the advancement of environment-friendly farming practices.
  • In June 2023, the Rwandan government and Volkswagen partnered to introduce locally assembled electric tractors to enhance agricultural production while reducing carbon emissions. Through the GenFarm Project, led by Rwanda's Ministry of Agriculture, this initiative seeks to modernize the agricultural sector, promoting sustainability and mechanization to boost productivity in the country.

The electric farm tractor market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and shipments (Units) from 2018 - 2032, for the following segments

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Market, By Tractors

 

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

Market, By Battery

  • Lithium-Ion
  • Lead-Acid
  • Others

Market, By Drivetrain

  • Hybrid
  • Plug-in Hybrid
  • Battery

Market, By Application

  • Tillage
  • Seed Sowing
  • Harvesting
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America 
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )