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Electric Farm Tractor Market Trends

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

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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.

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.