What are the modern agricultural practices adopted by the farmers | Growth of Global Electric Farm Tractor Market?

The agriculture industry is one of the biggest industries in the world. Conventional agriculture requires ideal climatic conditions, land availability, and fertility, along with sufficient water availability. Since 2010, there has been an increase in the rate of population growth which is expected to reach 9.72 billion by 2050. To cater to the demands of the growing population, the use of modern agricultural equipment is being promoted around the world. A tractor is one of the primary pieces of equipment that is deployed in the agricultural field. A modern tractor enables ease in pulling agricultural implements in the field. Thus, electric farm tractors are expected to be a great driver toward growth in modern agricultural practices in the agricultural industry.

Electric farm tractors come with a wide range of benefits over diesel-powered tractors. These tractors offer better efficiency over diesel tractors, and emissions caused by diesel tractors will also be completed eliminated with better adoption of electric farm tractors by farmers. Electric farm tractors also have better torque output than diesel tractors as a motor is running the vehicle, which makes it easier to pull heavy agricultural implements on the field.

There are limited manufacturers of electric farm tractors at present as the market is still in the growing stage. Some of the key companies offering electric farm tractors include Deere & Company, Monarch Tractor, and Kubota Corporation. With increased research and development related to the technology, the adoption scenario of electric farm tractors is expected to grow manifolds in the forecast period 2021-2026.

Global Electric Farm Tractor Market Overview by Bis Research

The global electric farm tractor market is estimated to be at $116.5 million in 2020, which is expected to grow with a CAGR of 11.1% and reach $218.9 million by 2026. The growth in the global electric farm tractor market is expected to be driven by increasing demand for agricultural digitization and automation, along with a need for low emissions to solve the problem of pollution. A major factor driving the farm electric farm tractor market is the increase in government initiatives and support toward agricultural digitization. Government initiatives increase the awareness of electric farm tractors and the benefits of these tractors over conventional diesel. One of the major challenges in the growth and development of the global electric farm tractor market is the low battery life offered by these tractors. Farmers might not be attracted to these tractors as low battery life might act as a hindrance in their field work. The global electric farm tractor market is expected to grow in the coming years with increased government initiatives for the upliftment of the market. Some of the leading companies operating in the global electric farm tractor market are Alke, AutoNxt Automation Pvt. Ltd., Cummins Inc., Cellestial, Deere & Company, Ecofactor, Escorts Limited, Fendt, Kubota Corporation, Motivo Engineering, Solectrac, Inc., Sonalika, Monarch Tractor, Yanmar Holdings Co., Ltd., and Ztractor.

Market reports are based on expectations, estimates, and projections as of the date such information is available. Any recommendation contained in this report may not be suitable for all investors or businesses. The market conclusions drawn are necessarily based upon a number of estimates and assumptions that, while considered reasonable by BIS Research Inc. as of the date of such statements, are inherently subject to market fluctuations and business, economic and competitive uncertainties and contingencies.

Key Questions Answered in the Report

•    What is the estimated global electric farm tractor size in terms of revenue for the forecast period 2021-2026, and what is the expected compound annual growth rate (CAGR) during the forecast period 2021-2026?

•    What are the key trends, market drivers, and opportunities in the market pertaining to the global electric farm tractor market?

•    What are the major restraints inhibiting the growth of the global electric farm tractor market?

•    What kinds of new strategies are being adopted by the existing market players to strengthen their market position in the industry?

•    What is the competitive strength of the key players in the electric farm tractor market based on an analysis of their recent developments, product offerings, and regional presence?

•    What is the competitive benchmarking of the key electric farm tractor companies in the agriculture market based on the analysis of their market coverage and market potential?

•    How much revenue is each segment expected to record during the forecast period, along with the growth percentage? The segments are as follows:

        -    Product, including battery type (lithium-ion, lead-acid, and others) and driveline technology (hybrid electric, plug-in hybrid vehicle, and battery electric).

        -    Application, including light-duty, medium-duty, and heavy-duty.

        -    Region, including North America, the U.K., Europe, Asia-Pacific and Japan, China, the Middle East, Africa, and South America

•    What is the type of players and stakeholders operating in the market ecosystem of an electric farm tractor, and what is their significance in the global market?

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