Electric farm tractors are offered with multiple configurations with respect to tractor type, battery type, and drivetrain technology. Light-duty, medium-duty, and heavy-duty electric tractors are offered by manufacturers. Farmers can opt for the tractors which they find suitable for their field operations. Also, by battery type, lithium-ion, lead-acid, and other battery type options are offered by the manufacturers. By drivetrain technology, electric farm tractors are offered in hybrid electric, plug-in hybrid electric, and battery electric specifications. One of the major challenges in the better adoption of electric farm tractors is the low battery life that is offered by these tractors. Since the market is still in the initial stages, the battery life offered by these electric tractors is quite low, which is expected to become a hindrance in the adoption of these tractors by farmers. With further research on the technology, better battery capacity is expected to be offered by electric farm tractor manufacturers, which are expected to grow the market in the forecast period 2021-2026. There has been a recent push in the agricultural industry toward agricultural mechanization and digitization. The deployment of modern agricultural equipment is pushed by government bodies all over the world. Electric farm tractors have the ability to revolutionize the current agricultural setup and increase agricultural production and efficiency by manifolds. Increased subsidies offered to farmers on purchasing electric farm tractors is a great solution against the low adoption of these tractors in the current scenario. This will push the adoption of electric farm tractors and thereby increase agricultural production.
The global electric farm tractor market has seen major development by key players operating in the market, such as merger and acquisition, business expansion, partnership, collaboration, and joint venture activities. The favored strategy for the companies has been product launches to strengthen their position in the electric farm tractor market. For instance, in February 2021, Deere & Company launched the GridCON electric cable tractor. The GridCON research project and tractor are part of the company’s continued efforts in the electrification of agricultural machinery, offering new opportunities for farms to supply and use their own energy.
Another strategy adopted by the players in the market is merger and acquisition. The companies have put in considerable efforts to develop new strategies for increasing the availability of electric farm tractors. For instance, in August 2021, Deere & Company acquired the bear flag robotics to accelerate autonomous technology. Also, in December 2020, Sonalika launched the first field-ready electric tractor, named, Tiger Electric. The high-quality battery could charge in 10 hours using a home charging point.
The product segment for the electric farm tractor market includes the segmentation by battery type and by driveline technology. By battery type, lithium-ion, lead-acid, and others (nickel-based batteries) are included. By driveline technology, hybrid electric, plug-in electric vehicle, and battery electric vehicles are included.
The global electric farm tractor market in the battery type segment is expected to be dominated by lead-acid batteries in 2020. Further in the forecast period, the adoption of lithium-ion batteries is expected to grow due to the advantages of these batteries over lead-acid batteries.
The global electric farm tractor market in the driveline technology segment is expected to be dominated by hybrid electric vehicles. Hybrid vehicles are a great starting point for further growth in the electric farm tractor market as these vehicles are run by both fuel and battery.
Market reports are based on expectations, estimates and projections as of the date such information is available. Any recommendation contained in this report may not be suitable for all investors or businesses. The market conclusions drawn are necessarily based upon a number of estimates and assumptions that, while considered reasonable by BIS Research Inc. as of the date of such statements, are inherently subject to market fluctuations and business, economic and competitive uncertainties and contingencies.
Key Questions Answered in the Report
• What is the estimated global electric farm tractor size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?
• What are the key trends, market drivers, and opportunities in the market pertaining to the global electric farm tractor market?
• What are the major restraints inhibiting the growth of the global electric farm tractor market?
• What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?
• What is the competitive strength of the key players in the electric farm tractor market based on an analysis of their recent developments, product offerings, and regional presence?
• What is the competitive benchmarking of the key electric farm tractor companies in the agriculture market based on the analysis of their market coverage and market potential?
• How much revenue is each segment expected to record during the forecast period, along with the growth percentage? The segments are as follows:
- Product, including battery type (lithium-ion, lead-acid, and others) and driveline technology (hybrid electric, plug-in hybrid vehicle, and battery electric).
- Application, including light-duty, medium-duty, and heavy-duty.
- Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, the Middle East, Africa, and South America
• What is the type of players and stakeholders operating in the market ecosystem of an electric farm tractor, and what is their significance in the global market?
Get the free sample report of the global electric farm tractor market exclusively made by Bis Research:
