Reliable Data You Can Trust
Reliable Data You Can Trust
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.
Please Choose One of them.