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Electric Farm Tractor Market Share

Report ID: GMI8279
Published Date: Feb 2024
Report Format: PDF

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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

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Industry size for electric farm tractor reached USD 155.6 million in 2023 and is set to expand at over 10% CAGR between 2024 and 2032 owing to the increasing innovations and advancements in EV technology.

The light-duty tractor segment accounted for an electric farm tractor market share of 37% and is projected to grow by 2032 due to the increasing demand for smaller, more versatile, and efficient agricultural machinery.

Asia Pacific held more than 32% revenue share of the electric farm tractor industry in 2023 and is estimated to expand at a notable CAGR through 2032 attributed to the increasing government initiatives promoting sustainable agriculture and rising adoption of advanced farming technologies in the region.

Some of the top electric farm tractor firms are Alke, Deere & Company Escorts Limited, Fendt, Kubota Corporation, Monarch Tractor, Motivo Engineering, Solectrac Inc., Sonalika, and Yanmar Holdings.