A recent report ongoing study by Infinium Global Research on the electric tractor market provides an in-depth analysis of segments and sub-segments in the global as well as regional electric tractor market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electric tractor market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the electric tractor market. According to the report, the electric tractor market is projected to grow at a significant CAGR over the forecast period of 2022-2028.
Electric farm tractors are the new generation of tractors that are being developed by agricultural equipment manufacturers. Electric farm tractors have fewer mechanical parts. Unlike conventionally diesel-powered tractors, electric farm tractors are operated by battery. These tractors offer a large range of advantages over conventional tractors, like better efficiency and enhanced productivity within the agricultural field. The electrical motors have double the torque and as a result, are capable of pulling heavier loads. The electrical farm tractor market is within the developing phase. Increased research and development activities are undergoing on the advancement of electric vehicle technology which is anticipated to extend the battery life offered by these tractors and thereby increase efficiency.
Increasing utilization of the low carbon emission agriculture equipment will enhance the expansion of the market during the forecast period. The increase in Government initiatives to decrease in carbon footprint has enforced stringent emission norms. Globally government of varied countries has further promoted the adoption of electrical farm tractors and other agricultural machinery. This has resulted in an exceedingly change from the standard agriculture practice to a more modernized process. Furthermore, to extend the green mechanization level, the govt. of several countries is encouraging electric-powered farm tractors, by providing subsidies on the agricultural electric tractors, which is anticipated to strengthen the electrical tractors market. Thus, the govt. the initiative is projected to propel the expansion of the market during the forecast period. However, the high cost of the tractors will restrain the expansion of the market during the forecast period. The uncertainty of the mechanism and therefore the high cost of the battery will hamper the expansion of the market during the forecast period.
For customers, companies, and societies in the world, the coronavirus (COVID-19) pandemic is causing widespread uncertainty and economic slowdown. The outbreak of COVID-19 brought a negative impact on the electrical Tractor Market share because of the imposition of lockdown. The supply chain for the bulk of the industries across the world was impacted because of the COVID-19 pandemic, including the electrical farm tractor industry. During the COVID-19 pandemic, agricultural production was hindered for farmers, which led to a decrease in their revenue generation. This has left the farmers in no position to take a position in modern agricultural equipment. Because of these factors, the expansion of the market was hampered during the forecast period.
Based on the region, the worldwide electric tractor market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America holds the biggest share of the worldwide electric tractor market. The increasing presence of several major manufacturers will fuel the expansion of the market during the forecast period within the North American region. The Asia Pacific region is predicted to be the fastest-growing region during the forecast period. Moreover, the surging demand for tractors in countries like China and India is predicted to drive the expansion of the market. Furthermore, the demand for electric farm tractors is significantly increasing within the region to boost the productivity of the field.
The report on electric tractor market covers segments such as application, power source, and type. On the basis of application, the sub-markets include tillage, seed sowing, harvesting, and others. On the basis of power source, the sub-markets include battery operated, and solar powered. On the basis of type, the sub-markets include light & medium-duty tractor, and heavy-duty tractor.
The report provides profiles of the companies in the market such as John Deere, Ideanomics, Sonalika, Motivo Engineering, Caterpillar Inc., Escorts Limited, Monarch Tractor, Mahindra & Mahindra, Fendt, and Kubota Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the electric tractor market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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