Global Electric Farm Tractor Market Size Set to Touch USD 533 Million by 2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Global Electric Farm Tractor Market size to grow at a CAGR of 23% during the forecast period between 2022 and 2028, reaching a value of USD 532.9 million by 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Global Electric Farm Tractor Market size to grow at a CAGR of 23% during the forecast period between 2022 and 2028, reaching a value of USD 532.9 million by 2028. Major growth drivers for global electric farm tractor market are strict government regulations to reduce pollution and high fossil fuel prices. Demand for electric farm tractors is increasing due to reduced power consumption and maintenance costs, combined with the capacity to transport heavier loads. Growing environmental concerns have prompted farmers to employ emission-free and environmentally friendly farming practices. Increasing electric farm tractor sales are projected to drive the global electric farm tractor market during the forecast period. However, the increase in rental market due to latest edge technologies and higher efficiency is anticipated to hamper the market growth during the period in analysis.
Global Electric Farm Tractor Market – Overview
Electric farm tractors consist electric motor that works on batteries to generate power and have minimal mechanical parts. The global electric farm tractor market is driven by growing focus on clean and sustainable agriculture. Furthermore, the increase in precise farming enables farmers to enhance operational efficiency to bridge the gap between agricultural products availability and consumers willing to purchase. Precision farming is a combination of strategies and tools that enable farmers to optimize and raise soil quality and productivity by implementing a set of targeted effective initiatives owing to latest edge technologies. In addition, precision farming technology makes better use of resources, such as water, seeds, land, fertilizers, and agricultural equipment. As a result, both the quality and quantity of harvested crops increase.
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Global Electric Farm Tractor Market – Regional Analysis
Geographically, global electric farm tractor market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. The APAC region holds the highest market share in global market for electric farm tractors due to a spurring high demand for electric tractors in China and India. The agriculture sector is a critical component of India's economy. As a result, tractors are required to complete large-scale tasks. There is a considerable increase in demand for electric farm tractors in the region, which is being done to increase the field's total production.
Impact of COVID-19 on Global Electric Farm Tractor Market
COVID-19 pandemic adversely affected the supply chain for most of sectors around the world, including the electric farm tractor industry. Farmers' agricultural output was impaired by the COVID-19 pandemic, resulting in a decrease in revenue creation. As a result, farmers were unable to purchase advanced agricultural equipment. Furthermore, the imposition of a lockdown, travel restrictions, and the shutdown of industrial units has disrupted the whole supply chain, including farm equipment components procurement. As a result, new tractor production and sales fell, inhibiting worldwide electric farm tractor market growth. However, the market could grow rapidly following the easing of COVID-19-related restrictions worldwide.
Competitive Landscape
Major players operating in global electric farm tractor market include AGCO Corporation, Deere and Company, Kubota Corporation, Escorts Limited, Mahindra and Mahindra, Dongfend, SOLECTRAC, J.C. Bamford Excavators Ltd. (JCB), Alke, Cummins Inc., Fendt, Kubota Corporation, Motivo Engineering, Sonalika, Monarch Tractor, Yanmar Holdings Co., Ltd., AutoNxt Automation Pvt. Ltd., Cellestial, Ztractor, and EcoFactor. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product development.
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