The electric farm tractor market is projected to reach $218.9 million by 2026, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 11.1% during the period 2021-2026.
Electric farm tractors are the new generation of tractors that are being developed by agricultural equipment manufacturers. Unlike conventionally diesel-powered tractors, electric farm tractors are run by battery. These tractors offer a wide range of benefits over conventional tractors, such as better efficiency and enhanced productivity in the agricultural field.
The detailed study is a compilation of 88 Market Data Tables and 36 Figures spread through 174 Pages and in-depth TOC on Electric Farm Tractor Market – Analysis and Forecast, 2021-2026
USP of the Report
This report will help with the following objectives:
• Product, application, and regional market estimations for the electric farm tractor market.
• Extensive competitive benchmarking of the top 15 players (including OEMs and equipment providers) has been done to offer a holistic view of the global electric farm tractor market landscape.
Analyst’s Take on the Market
According to Rakhi Tanwar, Principal Analyst, BIS Research, “The electric farm tractor market is expected to be a great replacement over diesel-powered tractors. Through a better adoption of these tractors, agricultural productivity and efficiency can be boosted, and agricultural revenue generation for farmers can be maximized.”
Key Companies Operating in The Market
The companies that are profiled in the report have been selected based on the selective pool of players, primarily Tier-1 (holding 50-60% of the market), mid-segment players (comprising 30-40% share), and small and emerging companies (holding the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the electric farm tractor industry.
Some of the leading companies in this market include names such as Alke, Cummins Inc., Deere & Company, Escorts Limited, Fendt, Kubota Corporation, Motivo Engineering, Solectrac, Inc., Sonalika, Monarch Tractor, Yanmar Holdings Co., Ltd., AutoNxt Automation Pvt. Ltd., Cellestial, Ztractor, EcoFactor
Market Segmentation of Electric Farm Tractor
Application: The global electric farm tractor market in the application segment is expected to be dominated by light-duty vehicles followed by medium-duty vehicles. Since light-duty tractors have low curb weight, battery performance is better, which attracts the farmers towards these tractors.
Driveline Technology: The global electric farm tractor market in the driveline technology segment is expected to be dominated by hybrid-electric vehicles. Hybrid vehicles are a great starting point for further growth in the electric farm tractor market as these vehicles are run by both fuel and battery.
Battery Type: The global electric farm tractor market in the battery type segment is expected to be dominated by lead-acid batteries in 2020. Further in the forecast period, the adoption of lithium-ion batteries is expected to grow due to the advantages of these batteries over lead-acid batteries.
Region: North America generated the highest revenue of $40.1 million in 2020, which is attributed to technological advancements and government support. The region is expected to witness a high growth of a CAGR of 11.6% during the forecast period 2021-2026.
Report Overview: https://bisresearch.com/industry-report/electric-farm-tractor-market.html
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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 and 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?
BIS Research Related Market Studies:
• Powered Agriculture Equipment Market- https://bisresearch.com/industry-report/global-powered-agriculture-equipment-market.html
• Precision Agriculture Market- https://bisresearch.com/industry-report/precision-agriculture-market.html
• Agriculture Technology-as-a-Service Market- https://bisresearch.com/industry-report/global-agriculture-technology-service-market.html
About BIS Research
BIS Research, a premium market intelligence company, offers in-depth insights and consulting to Fortune 500 companies. We are established and known for tracking the growth of deep technologies across key industry verticals and the subsequent challenges and opportunities associated with deep tech across markets, applications, and products.
With more than 1,000 clients, over 10,000 plus primary interviews, and approximately 200 reports published in a year, BIS Research has often been sighted for its ability to track emerging tech trends early on. We provide market estimations, analysis on emerging high-growth applications, technology analysis, highly segmented granular country-level market data, and other important market parameters that come in handy for our clients during strategic decision-making.
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