Reduction of pollutant emission and fossil fuel dependency is an objective of energy policies across the globe. Governments across the globe are promoting the utilization of efficient vehicles, e.g., hybrid electric vehicles. Incorporation of electric drives in agricultural machines and tractors presents advantages such as expanded functionalities, energy efficiency, etc. Electric tractor takes the advantage of drives and decoupling loads from the engines that allow to operate at high efficiency. Vehicle manufacturers are making great strides in electric drive technology, also governments across the globe have set a target for phasing out fossil fuel-based vehicles. This revolution is gaining traction in the agriculture sector too, various manufacturers have recently introduced electric tractor in order to support electrification.
Electric tractors are available in the market in two different types based on their power sources, which include battery operated and solar powered.
Global Electric Tractors Market: Segmentation
The global electric tractors market can be segmented on the basis of power source and application.
Based on the power source, the global electric tractors market can be segmented into:
- Battery Operated
- Solar Powered
Based on the application, the global electric tractors market can be segmented into:
- Organic Farms
- Equestrian Centers
Global Electric Tractors Market: Dynamics
Electric tractors provide various advantages over their diesel counterparts such as they do not emit carbon dioxide, have less moving parts owing to which their repair and maintenance is easy, etc. The aforementioned factors are projected to boost the sale of electric tractors and in turn will propel the growth of the global electric tractors market over the near future. Moreover, stringent regulations related to the emissions, and renewable energy represent a reason to pursue e-drive solutions in the agricultural industry.
Availability of alternatives or fuel-based electric tractors in the market is expected to restrain the growth of the electric tractors market over the forecast period. Furthermore, electric tractors possess various disadvantages such as low speed, limitation of battery technology and low energy storage capacity, etc.
Prominent manufacturers of electric tractors are planning to introduce electric-powered tractors owing to their lower maintenance and service costs. For instance, Deere & Company has recently introduced the electric tractors in order to assist the farmers across the globe.
Global Electric Tractors Market: Regional Outlook
Geographically, the global electric tractors market is projected to be dominated by North America owing to the rising demand for compact tractors in the U.S. Europe in the global electric tractors market is expected to grow at significant rate over the near future supported by shifting preference towards electrification of the vehicles. Europe is expected to be followed by Asia-Pacific in the global electric tractors market over the forecast period. Asia-Pacific, spearheaded by India, is expected to grow at significant rate in the global electric tractors market over the near future. The Middle East & Africa and Latin America are expected to hold small shares in the global electric tractors market, however, the sale of electric tractors is expected to grow at significant pace over the studied period.
Global Electric Tractors Market: Participants
Examples of some of the key players involved in the global electric tractors market include Deere & Company, AGCO GmbH, The Escorts Group, SOLECTRAC, Multi Tool Trac BV, and MTZ Equipment Ltd., among others.
Prominent manufacturers involved in the manufacturing of electric tractors are involved in collaboration activities with the companies across the value chain of the electric tractor manufacturing in order to meet customer requirements.
The research report presents a comprehensive assessment of the Electric Tractors market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated Electric Tractors market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Electric Tractors market segments such as geographies, form, application and end-use industry.
The report covers exhaustive analysis on:
- Electric Tractors Market Segments
- Electric Tractors Market Dynamics
- Electric Tractors Market Size
- Electric Tractors Supply & Demand
- Electric Tractors Current Trends/Issues/Challenges
- Electric Tractors Competition & Companies involved
- Electric Tractors Value Chain
- Electric Tractors Technology
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The Electric Tractors market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on Electric Tractors market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected Electric Tractors market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Electric Tractors market performance
- Must-have information for Electric Tractors market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Fact.MR
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