Meticulous Research®—a leading global market research company, published a research report titled, ‘Electric Tractors Market by Type (Utility Tractors and Compact Tractors), Propulsion Type (BEV and HEV), Battery Capacity (Less than 15 kW and 15kW to 40 kW), Power Output, Application (Agriculture, Constructions), and Geography - Global Forecast to 2031.’
According to this latest publication from Meticulous Research®, the global electric tractors market is expected to reach $857 million by 2031, at a CAGR of 7.7% from 2024–2031. By volume, this market is expected to reach 47.4 thousand units by 2030, at a CAGR of 9.2% from 2024–2031. The growth of the electric tractors market is driven by increasing government initiatives supporting the agriculture sector, increasing investments by leading automotive OEMs, and rising environmental concerns. However, the high initial investments and lack of adequate EV charging infrastructure restrain the growth of this market.
Furthermore, the growing adoption of precision farming techniques and the expanding scope in emerging economies are expected to offer significant growth opportunities for players in the electric tractors market. However, range anxiety among consumers and the lack of reliable performance in heavy-duty applications may hinder the market's growth.
The global electric tractors market is segmented by type (utility tractors, compact tractors, row crop tractors, industrial tractors, and other vehicle types), propulsion type (battery electric tractors and hybrid electric tractors {pure hybrid electric tractors and plug-in hybrid electric tractors}), battery capacity (less than 15 kW, 15kW to 40 kW, and more than 40 kW), and application (agriculture, construction, logistics, airports, railways, commercial spaces, factories, and other applications). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Key Segment Insights
 Type: In 2024, utility tractors are expected to dominate the market due to their energy efficiency, reduced emissions, and quieter operation compared to diesel tractors. Industrial tractors are projected to experience the highest CAGR, driven by zero tailpipe emissions and the ability to use various energy sources.
 Propulsion Type: The battery electric tractors segment is anticipated to hold the largest market share in 2024, with a high growth rate attributed to stringent emission standards, demand for fuel efficiency, and declining battery prices.
 Battery Capacity: The 15kW to 40 kW segment is expected to lead the market in 2024, driven by the adoption of electric tractors for heavy load applications and favorable government policies.
 Power Output: Tractors with a power output of 30HP to 80HP are projected to dominate in 2024, suitable for small and medium-sized farms with tasks like plowing, tilling, and seeding.
 Application: The agriculture segment is expected to account for the largest share in 2024, driven by the elimination of pollutants and the integration with precision agriculture technologies. The factories segment is projected to grow at the highest CAGR due to government incentives promoting EV adoption.
Regional Insights
 Asia-Pacific: Expected to hold the largest market share in 2023, supported by government initiatives, subsidies, tax incentives, and regulations promoting EVs.
 Europe: Anticipated to register the highest CAGR, driven by the adoption of electric mobility, government subsidies, and the increasing use of electric tractors in agriculture and commercial spaces.
Key Players
The leading players in the global electric tractors market include Solectrac Inc. (U.S.), Deere & Company (U.S.), Escorts Kubota Limited (India), Alkè s.r.l (Italy), Yanmar Holdings Co. Ltd. (Japan), AGCO Corporation (U.S.), CLAAS KGaA mbH (Germany), Mahindra & Mahindra Limited (India), Dongfeng Motor Corporation Ltd. (China), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), AutoNxt Automation Pvt. Ltd. (India), Motivo Engineering (U.S.), Monarch Tractor (U.S.), and Ztractor Inc (U.S.)
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Key Questions Answered in the Report:
 What are the high-growth market segments in terms of type, propulsion type, battery capacity, and application?
 What is the historical market size for the global electric tractors market?
 What are the market forecasts and estimates for 2024–2031?
 What are the major drivers, restraints, opportunities, challenges, and trends in the global electric tractors market?
 Who are the major players in the global electric tractors market, and what are their market shares?
 What is the competitive landscape like?
 What are the recent developments in the global electric tractors market?
 What are the different strategies adopted by major market players?
 What are the trends and high-growth countries?
 Who are the local emerging players in the global electric tractors market, and how do they compete with other players?
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