Electric Farm Tractor Market - A Global and Regional Analysis

Focus on Application, Product and Country-Wise Analysis - Analysis and Forecast, 2020-2026

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A quick peek into the report

Market Report Coverage

Electric Farm Tractor Market
Forecast Period: 2021-2026
CAGR During Forecast Period: 11.1%

Electric Farm Tractor Market

Base Year

2020

Market Size in 2020

$116.5 Million

Forecast Period

2021-2026

Value Projection and Estimation by 2026

$218.9 Million

CAGR During Forecast Period

11.1%

Number of Tables

88

Number of Pages

174

Number of Figures

36

Market Segmentation

•    Application - Light-Duty Tractor, Medium-Duty Tractor, and Heavy-Duty Tractor

•    Battery Type - Lithium-Ion Battery, Lead-Acid Battery, and Others

•    Drivetrain Technology - Hybrid Electric Farm Tractor, Plug-in Hybrid Electric Farm Tractor, and Battery Electric Farm Tractor

Regional Segmentation

•    North America - U.S., Canada, Mexico, and Rest-of-North America

•    South America - Chile, Argentina, Brazil, and Rest-of-South America

•    Europe - Germany, Norway, France, Sweden, Netherlands, and Rest-of-Europe

•    U.K.

•    Middle East and Africa - U.A.E., South Africa, Saudi Arabia, Egypt, and Rest-of-Middle East and Africa

•    China

•    Asia-Pacific and Japan - Japan, Australia and New Zealand, India, Indonesia, and Rest-of-Asia-Pacific and Japan

Market Growth Drivers

•    Increased Focus on Sustainability

•    Increase in Urbanization

•    Increase in World Population

•    Rising Fuel Prices

Market Challenges

•    Inadequate Battery Technology and Charging Infrastructure

•    High Initial Cost of Equipment

Market Opportunities

•    Low Operating Costs

•    Increased Need for Productivity

Key Companies Profiled

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

How This Report Can Add Value

Product, application, and regional market estimations for the electric farm tractor market.

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.

Product/Innovation Strategy: The product segment helps the reader in understanding the different types of electric farm tractors available for deployment in the agriculture industry and their potential globally. Moreover, the study provides the reader a detailed understanding of the operation of different electric farm tractors by battery type (lithium-ion, lead-acid, and others) and by driveline technology (hybrid electric, plug-in hybrid electric, and battery electric). 

Recent Developments

•    In September 2021, Motivo Engineering launched e-tractor named HARVEST. It gathers energy from the solar panel, wind turbines, and other electrical grids. In one day, a single HARVEST unit can plow a field, transport items to the market, and power a home.
•    In August 2021, Deere & Company acquired the bear flag robotics to accelerate autonomous technology.
•    In June 2021, Ideanomics confirmed the full acquisition of a California-based manufacturer and supplier of electric tractors called Solectrac, Inc.
•    In December 2020, Sonalika launched the first field-ready electric tractor, named Tiger Electric. The high-quality battery could charge in ten hours using a home charging point.

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?

Report Summary

The market was valued at $116.5 million in 2020, which is expected to grow with a CAGR of 11.1% and reach $218.9 million by 2026.

Electric Farm Tractor Market

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 electric farm tractor market is still in the developing phase. Increased research and development activities are undergoing on the development of electric vehicle technology which is expected to increase the battery life offered by these tractors and thereby increase efficiency.

Global Electric Farm Tractor Market Overview

The global electric farm tractor market was valued 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.

Impact of COVID-19

The supply chain for the majority of the industries across the globe was impacted due to the COVID-19 pandemic, including the electric 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 invest in modern agricultural equipment.

Market Segmentation

Global Electric Farm Tractor by 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.

Global Electric Farm Tractor by Drivetrain Technology

The global electric farm tractor market in the drivetrain 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.

Global Electric Farm Tractor by 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.

Global Electric Farm Tractor by Region

North America generated the highest revenue of $40.1 million in 2020, which is attributed to technological advancements and government support. Also, leading players in the electric farm tractor market are operating in the North America region, which gives a wide range of options to the growers purchasing electric farm tractors.

Key Market Players and Competition Synopsis

Some of the key players operating in the market include 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, and EcoFactor.

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.

Table of Contents

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1.1    Industry Outlook
         1.1.1    Market Definition
         1.1.2    Supply Chain Network
         1.1.3    Government Initiatives
         1.1.4    Market Trends
                     1.1.4.1    Need for Increased Agricultural Production
                     1.1.4.2    Increasing Policies to Reduce Carbon Emission
                     1.1.4.3    Government Support in Providing Incentives and Subsidies
         1.1.5    Key Consortiums and Associations
         1.1.6    Patent Analysis
                     1.1.6.1    Patent Analysis (by Status)
                     1.1.6.2    Patents Analysis (by Organization)
1.2    Business Dynamics
         1.2.1    Business Drivers
                     1.2.1.1    Economic Drivers
                                    1.2.1.1.1    Increase in World Population
                                    1.2.1.1.2    Increase in Urbanization
                                    1.2.1.1.3    Shortage of Labor
                                    1.2.1.1.4    Rising Fuel Prices
                     1.2.1.2    Social Drivers
                                    1.2.1.2.1    Increased Focus on Sustainability
         1.2.2    Business Challenges
                     1.2.2.1    Inadequate Battery Technology and Charging Infrastructure
                     1.2.2.2    High Initial Cost of Equipment
         1.2.3    Business Strategies
                     1.2.3.1    Product Development and Innovation
                     1.2.3.2    Market Development
         1.2.4    Corporate Strategies
                     1.2.4.1    Mergers and Acquisitions
                     1.2.4.2    Partnerships, Joint Ventures, Collaborations, and Alliances
         1.2.5    Business Opportunities
                     1.2.5.1    Low Operating Costs
                     1.2.5.2    Increased Need for Productivity
         1.2.6    Impact of COVID-19 on the Global Electric Farm Tractor Market

2.1    Global Electric Farm Tractor Market (by Application)
         2.1.1    Light-Duty Tractor
         2.1.2    Medium-Duty Tractor
         2.1.3    Heavy-Duty Tractor
2.2    Demand Analysis of the Global Electric Farm Tractor Market (by Application)

3.1    Global Electric Farm Tractor Market (by Battery Type)
         3.1.1    Lithium-Ion Battery
         3.1.2    Lead-Acid Battery
         3.1.3    Others
3.2    Demand Analysis of the Global Electric Farm Tractor Market (by Battery Type)
3.3    Electric Farm Tractor Market (by Drivetrain Technology)
         3.3.1    Hybrid Electric Farm Tractor
         3.3.2    Plug-in Hybrid Electric Farm Tractor
         3.3.3    Battery Electric Farm Tractor
3.4    Demand Analysis of the Global Electric Farm Tractor Market (by Drivetrain Technology)

4.1    North America
         4.1.1    Market
                     4.1.1.1    Key Manufacturers in North America
                     4.1.1.2    Business Challenges
                     4.1.1.3    Business Drivers
         4.1.2    Application
                     4.1.2.1    North America Electric Farm Tractor Market (by Application)
         4.1.3    Product
                     4.1.3.1    North America Electric Farm Tractor Market (by Battery Type)
                     4.1.3.2    North America Electric Farm Tractor Market (by Drivetrain Technology)
         4.1.4    North America (by Country)
                     4.1.4.1    U.S.
                                    4.1.4.1.1    Market
                                                      4.1.4.1.1.1    Market Attributes
                                                      4.1.4.1.1.2    Business Challenges
                                                      4.1.4.1.1.3    Business Drivers
                                    4.1.4.1.2    Application
                                                      4.1.4.1.2.1    U.S. Electric Farm Tractor Market (by Application)
                     4.1.4.2    Mexico
                                    4.1.4.2.1    Market
                                                      4.1.4.2.1.1    Market Attributes
                                                      4.1.4.2.1.2    Business Challenges
                                                      4.1.4.2.1.3    Business Drivers
                                    4.1.4.2.2    Application
                                                      4.1.4.2.2.1    Mexico Electric Farm Tractor Market (by Application)
                     4.1.4.3    Canada
                                    4.1.4.3.1    Market
                                                      4.1.4.3.1.1    Market Attributes
                                                      4.1.4.3.1.2    Business Challenges
                                                      4.1.4.3.1.3    Business Drivers
                                    4.1.4.3.2    Application
                                                      4.1.4.3.2.1    Canada Electric Farm Tractor Market (by Application)
                     4.1.4.4    Rest-of-North America
                                    4.1.4.4.1    Market
                                                      4.1.4.4.1.1    Market Attributes
                                                      4.1.4.4.1.2    Business Challenges
                                                      4.1.4.4.1.3    Business Drivers
                                    4.1.4.4.2    Application
                                                      4.1.4.4.2.1    Rest-of-North America Electric Farm Tractor Market (by Application)
4.2    South America
         4.2.1    Market
                     4.2.1.1    Key Manufacturers in South America
                     4.2.1.2    Business Challenges
                     4.2.1.3    Business Drivers
         4.2.2    Application
                     South America Electric Farm Tractor Market (by Application)
         4.2.3    Product
                     4.2.3.1    South America Electric Farm Tractor Market (by Battery Type)
                     4.2.3.2    South America Electric Farm Tractor Market (by Drivetrain Technology)
         4.2.4    South America (by Country)
                     4.2.4.1    Chile
                                    4.2.4.1.1    Market
                                                      4.2.4.1.1.1    Market Attributes
                                                      4.2.4.1.1.2    Business Challenges
                                                      4.2.4.1.1.3    Business Drivers
                                    4.2.4.1.2    Application
                                                      4.2.4.1.2.1    Chile Electric Farm Tractor Market (by Application)
                     4.2.4.2    Argentina
                                    4.2.4.2.1    Market
                                                      4.2.4.2.1.1    Market Attributes
                                                      4.2.4.2.1.2    Business Challenges
                                                      4.2.4.2.1.3    Business Drivers
                                    4.2.4.2.2    Application
                                                      4.2.4.2.2.1    Argentina Electric Farm Tractor Market (by Application)
                     4.2.4.3    Brazil
                                    4.2.4.3.1    Market
                                                      4.2.4.3.1.1    Market Attributes
                                                      4.2.4.3.1.2    Business Challenges
                                                      4.2.4.3.1.3    Business Drivers
                                    4.2.4.3.2    Application
                                                      4.2.4.3.2.1    Brazil Electric Farm Tractor Market (by Application)
                     4.2.4.4    Rest-of-South America
                                    4.2.4.4.1    Market
                                                      4.2.4.4.1.1    Market Attributes
                                                      4.2.4.4.1.2    Business Challenges
                                                      4.2.4.4.1.3    Business Drivers
                                    4.2.4.4.2    Application
                                                      4.2.4.4.2.1    Rest-of-South America Electric Farm Tractor Market (by Application)
4.3    Europe
         4.3.1    Market
                     4.3.1.1    Key Manufacturers in Europe
                     4.3.1.2    Business Challenges
                     4.3.1.3    Business Drivers
         4.3.2    Application
                     4.3.2.1    Europe Electric Farm Tractor Market (by Application)
         4.3.3    Product
                     4.3.3.1    Europe Electric Farm Tractor Market (by Battery Type)
                     4.3.3.2    Europe Electric Farm Tractor Market (by Drivetrain Technology)
         4.3.4    Europe (by Country)
                     4.3.4.1    Norway
                                    4.3.4.1.1    Market
                                                      4.3.4.1.1.1    Market Attributes
                                                      4.3.4.1.1.2    Business Challenges
                                                      4.3.4.1.1.3    Business Drivers
                                    4.3.4.1.2    Application
                                                      4.3.4.1.2.1    Norway Electric Farm Tractor Market (by Application)
                     4.3.4.2    Germany
                                    4.3.4.2.1    Market
                                                      4.3.4.2.1.1    Market Attributes
                                                      4.3.4.2.1.2    Business Challenges
                                                      4.3.4.2.1.3    Business Drivers
                                    4.3.4.2.2    Application
                                                      4.3.4.2.2.1    Germany Electric Farm Tractor Market (by Application)
                     4.3.4.3    France
                                    4.3.4.3.1    Market
                                                      4.3.4.3.1.1    Market Attributes
                                                      4.3.4.3.1.2    Business Challenges
                                                      4.3.4.3.1.3    Business Drivers
                                    4.3.4.3.2    Application
                                                      4.3.4.3.2.1    France Electric Farm Tractor Market (by Application)
                     4.3.4.4    Netherlands
                                    4.3.4.4.1    Market
                                                      4.3.4.4.1.1    Market Attributes
                                                      4.3.4.4.1.2    Business Challenges
                                                      4.3.4.4.1.3    Business Drivers
                                    4.3.4.4.2    Application
                                                      4.3.4.4.2.1    Netherlands Electric Farm Tractor Market (by Application)
                     4.3.4.5    Sweden
                                    4.3.4.5.1    Market
                                                      4.3.4.5.1.1    Market Attributes
                                                      4.3.4.5.1.2    Business Challenges
                                                      4.3.4.5.1.3    Business Drivers
                                    4.3.4.5.2    Application
                                                      4.3.4.5.2.1    Sweden Electric Farm Tractor Market (by Application)
                     4.3.4.6    Rest-of-Europe
                                    4.3.4.6.1    Market
                                                      4.3.4.6.1.1    Market Attributes
                                                      4.3.4.6.1.2    Business Challenges
                                                      4.3.4.6.1.3    Business Drivers
                                    4.3.4.6.2    Application
                                                      4.3.4.6.2.1    Rest-of-Europe Electric Farm Tractor Market (by Application)
4.4    U.K.
         4.4.1    Market
                     4.4.1.1    Key Manufacturers in U.K.
                     4.4.1.2    Business Challenges
                     4.4.1.3    Business Drivers
         4.4.2    Application
                     4.4.2.1    U.K. Electric Farm Tractor Market (by Application)
         4.4.3    Product
                     4.4.3.1    U.K. Electric Farm Tractor Market (by Battery Type)
                     4.4.3.2    U.K. Electric Farm Tractor Market (by Drivetrain Technology)
4.5    Middle East and Africa
         4.5.1    Market
                     4.5.1.1    Key Manufacturers in Middle East and Africa
                     4.5.1.2    Business Challenges
                     4.5.1.3    Business Drivers
         4.5.2    Application
                     4.5.2.1    Middle East and Africa Electric Farm Tractor Market (by Application)
         4.5.3    Product
                     4.5.3.1    Middle East and Africa Electric Farm Tractor Market (by Battery Type)
                     4.5.3.2    Middle East and Africa Electric Farm Tractor Market (by Drivetrain Technology)
         4.5.4    Middle East and Africa (by Country)
                     4.5.4.1    U.A.E.
                                    4.5.4.1.1    Market
                                                      4.5.4.1.1.1    Market Attributes
                                                      4.5.4.1.1.2    Business Challenges
                                                      4.5.4.1.1.3    Business Drivers
                                    4.5.4.1.2    Application
                                                      4.5.4.1.2.1    U.A.E. Electric Farm Tractor Market (by Application)
                     4.5.4.2    South Africa
                                    4.5.4.2.1    Market
                                                      4.5.4.2.1.1    Market Attributes
                                                      4.5.4.2.1.2    Business Challenges
                                                      4.5.4.2.1.3    Business Drivers
                                    4.5.4.2.2    Application
                                                      4.5.4.2.2.1    South Africa Electric Farm Tractor Market (by Application)
                     4.5.4.3    Saudi Arabia
                                    4.5.4.3.1    Market
                                                      4.5.4.3.1.1    Market Attributes
                                                      4.5.4.3.1.2    Business Challenges
                                                      4.5.4.3.1.3    Business Drivers
                                    4.5.4.3.2    Application
                                                      4.5.4.3.2.1    Saudi Arabia Electric Farm Tractor Market (by Application)
                     4.5.4.4    Egypt
                                    4.5.4.4.1    Market
                                                      4.5.4.4.1.1    Market Attributes
                                                      4.5.4.4.1.2    Business Challenges
                                                      4.5.4.4.1.3    Business Drivers
                                    4.5.4.4.2    Applications
                                                      4.5.4.4.2.1    Egypt Electric Farm Tractor Market (by Application)
                     4.5.4.5    Rest-of-Middle East and Africa
                                    4.5.4.5.1    Market
                                                      4.5.4.5.1.1    Market Attributes
                                                      4.5.4.5.1.2    Business Challenges
                                                      4.5.4.5.1.3    Business Drivers
                                    4.5.4.5.2    Application
                                                      4.5.4.5.2.1    Rest-of-Middle East and Africa Electric Farm Tractor Market (by Application)
4.6    China
         4.6.1    Market
                     4.6.1.1    Key Manufacturers in China
                     4.6.1.2    Business Challenges
                     4.6.1.3    Business Drivers
         4.6.2    Application
                     4.6.2.1    China Electric Farm Tractor Market (by Application)
         4.6.3    Product
                     4.6.3.1    China Electric Farm Tractor Market (by Battery Type)
                     4.6.3.2    China Electric Farm Tractor Market (by Drivetrain Technology)
4.7    Asia-Pacific and Japan
         4.7.1    Market
                     4.7.1.1    Key Manufacturers in Asia-Pacific and Japan
                     4.7.1.2    Business Challenges
                     4.7.1.3    Business Drivers
         4.7.2    Application
                     4.7.2.1    Asia-Pacific and Japan Electric Farm Tractor Market (by Application)
         4.7.3    Product
                     4.7.3.1    Asia-Pacific and Japan Electric Farm Tractor Market (by Battery Type)
                     4.7.3.2    Asia-Pacific and Japan Electric Farm Tractor Market (by Drivetrain Technology)
         4.7.4    Asia-Pacific and Japan (by Country)
                     4.7.4.1    Japan
                                    4.7.4.1.1    Market
                                                      4.7.4.1.1.1    Market Attributes
                                                      4.7.4.1.1.2    Business Challenges
                                                      4.7.4.1.1.3    Business Drivers
                                    4.7.4.1.2    Application
                                                      4.7.4.1.2.1    Japan Electric Farm Tractor Market (by Application)
                     4.7.4.2    Australia and New Zealand
                                    4.7.4.2.1    Market
                                                      4.7.4.2.1.1    Market Attributes
                                                      4.7.4.2.1.2    Business Challenges
                                                      4.7.4.2.1.3    Business Drivers
                                    4.7.4.2.2    Application
                                                      4.7.4.2.2.1    Australia and New Zealand Electric Farm Tractor Market (by Application)
                     4.7.4.3    India
                                    4.7.4.3.1    Market
                                                      4.7.4.3.1.1    Market Attributes
                                                      4.7.4.3.1.2    Business Challenges
                                                      4.7.4.3.1.3    Business Drivers
                                    4.7.4.3.2    Application
                                                      4.7.4.3.2.1    India Electric Farm Tractor Market (by Application)
                     4.7.4.4    Indonesia
                                    4.7.4.4.1    Market
                                                      4.7.4.4.1.1    Market Attributes
                                                      4.7.4.4.1.2    Business Challenges
                                                      4.7.4.4.1.3    Business Drivers
                                    4.7.4.4.2    Application
                                                      4.7.4.4.2.1    Indonesia Electric Farm Tractor Market (by Application)
                     4.7.4.5    Rest-of-Asia-Pacific and Japan
                                    4.7.4.5.1    Market
                                                      4.7.4.5.1.1    Market Attributes
                                                      4.7.4.5.1.2    Business Challenges
                                                      4.7.4.5.1.3    Business Drivers
                                    4.7.4.5.2    Application
                                                      4.7.4.5.2.1    Rest-of-Asia-Pacific and Japan Electric Farm Tractor Market (by Application)

5.1    Competitive Benchmarking
5.2    Market Share Analysis
         5.2.1    Market Share Analysis of Global Electric Farm Tractor Companies
         5.2.2    Alke
                     5.2.2.1    Company Overview
                                    5.2.2.1.1    Role of Alke in the Global Electric Farm Tractor Market
                                    5.2.2.1.2    Product Portfolio
                     5.2.2.2    Strengths and Weaknesses of Alke
         5.2.3    Cummins Inc.
                     5.2.3.1    Company Overview
                                    5.2.3.1.1    Role of Cummins Inc. in the Global Electric Farm Tractor Market
                                    5.2.3.1.2    Product Portfolio
                     5.2.3.2    Business Strategies
                                    5.2.3.2.1    Product Developments
                     5.2.3.3    Corporate Strategies
                     5.2.3.4    Strengths and Weaknesses of Cummins Inc.
         5.2.4    Deere & Company
                     5.2.4.1    Company Overview
                                    5.2.4.1.1    Role of Deere & Company in the Global Electric Farm Tractor Market
                                    5.2.4.1.2    Product Portfolio
                     5.2.4.2    Business Strategies
                                    5.2.4.2.1    Product Developments
                     5.2.4.3    Strengths and Weaknesses of Deere & Company
         5.2.5    Escorts Limited
                     5.2.5.1    Company Overview
                                    5.2.5.1.1    Role of Escorts Limited in the Global Electric Farm Tractor Market
                                    5.2.5.1.2    Product Portfolio
                     5.2.5.2    Business Strategies
                                    5.2.5.2.1    Product Developments
                     5.2.5.3    Strengths and Weaknesses of Escorts Limited
         5.2.6    Fendt
                     5.2.6.1    Company Overview
                                    5.2.6.1.1    Role of Fendt in the Global Electric Farm Tractor Market
                                    5.2.6.1.2    Product Portfolio
                     5.2.6.2    Business Strategies
                                    5.2.6.2.1    Product Developments
                     5.2.6.3    Strengths and Weaknesses of Fendt
         5.2.7    Kubota Corporation
                     5.2.7.1    Company Overview
                                    5.2.7.1.1    Role of Kubota Corporation in the Global Electric Farm Tractor Market
                                    5.2.7.1.2    Product Portfolio
                     5.2.7.2    Business Strategies
                                    5.2.7.2.1    Product Developments
                     5.2.7.3    Strengths and Weaknesses of Kubota Corporation
         5.2.8    Motivo Engineering
                     5.2.8.1    Company Overview
                                    5.2.8.1.1    Role of Motivo Engineering in Global Electric Farm Tractor Market
                                    5.2.8.1.2    Product Portfolio
                     5.2.8.2    Strengths and Weaknesses of Motivo Engineering
         5.2.9    Solectrac, Inc.
                     5.2.9.1    Company Overview
                                    5.2.9.1.1    Role of Solectrac, Inc. Inc. in the Global Electric Farm Tractor Market
                                    5.2.9.1.2    Product Portfolio
                     5.2.9.2    Business Strategies
                                    5.2.9.2.1    Product Developments
                     5.2.9.3    Strengths and Weaknesses of Solectrac, Inc.
       5.2.10    Sonalika
                     5.2.10.1    Company Overview
                                      5.2.10.1.1    Role of Sonalika in the Global Electric Farm Tractor Market
                                      5.2.10.1.2    Product Portfolio
                     5.2.10.2    Business Strategies
                                      5.2.10.2.1    Product Developments
                     5.2.10.3    Strengths and Weaknesses of Sonalika
       5.2.11    Monarch Tractor
                     5.2.11.1    Company Overview
                                      5.2.11.1.1    Role of Monarch Tractor in the Global Electric Farm Tractor Market
                                      5.2.11.1.2    Product Portfolio
                     5.2.11.2    Business Strategies
                                      5.2.11.2.1    Product Developments
                     5.2.11.3    Strengths and Weaknesses of Monarch Tractor
       5.2.12    Yanmar Holdings Co., Ltd.
                     5.2.12.1    Company Overview
                                      5.2.12.1.1    Role of Yanmar Holdings Co., Ltd. in the Global Electric Farm Tractor Market
                                      5.2.12.1.2    Product Portfolio
                     5.2.12.2    Business Strategies
                                      5.2.12.2.1    Product Developments
                     5.2.12.3    Strengths and Weaknesses of Yanmar Holdings Co., Ltd.
       5.2.13    AutoNxt Automation Pvt. Ltd.
                     5.2.13.1.1    Company Overview
                     5.2.13.2    Role of AutoNxt Automation Pvt. Ltd. in the Global Electric Farm Tractor Market
                                      5.2.13.2.1    Product Portfolio
                     5.2.13.3    Strengths and Weaknesses of AutoNxt Automation Pvt. Ltd. Strength
       5.2.14    Cellestial
                     5.2.14.1    Company Overview
                                      5.2.14.1.1    Role of Cellestial in the Global Electric Farm Tractor Market
                                      5.2.14.1.2    Product Portfolio
                     5.2.14.2    Strengths and Weaknesses of Cellestial
       5.2.15    Ztractor
                     5.2.15.1    Company Overview
                                      5.2.15.1.1    Role of Ztractor in Global Electric Farm Tractor Market
                                      5.2.15.1.2    Product Portfolio
                     5.2.15.2    Business Strategy
                                      5.2.15.2.1    Product Development
                     5.2.15.3    Corporate Strategies
                                      5.2.15.3.1    Collaborations
                     5.2.15.4    Strengths and Weaknesses of Ztractor
       5.2.16    EcoFactor
                     5.2.16.1    Company Overview
                                      5.2.16.1.1    Role of Ecofactor in the Global Electric Farm Tractor Market
                                      5.2.16.1.2    Product Portfolio
                     5.2.16.2    Business Strategy
                                      5.2.16.2.1    Product development
                     5.2.16.3    Strengths and Weaknesses of Ecofactor
       5.2.17    Other Key Players

6.1    Data Sources
         6.1.1    Primary Data Sources
         6.1.2    Secondary Data Sources
         6.1.3    Data Triangulation
6.2    Market Estimation and Forecast
         6.2.1    Factors for Data Prediction and Modelling

Table 1:    Government Initiatives
Table 2:    Key Consortiums in Electric Farm Tractor Industry
Table 3:    Light-Duty Electric Farm Tractors Offered by Key Companies in Electric Farm Tractor Market
Table 4:    Medium-Duty Electric Farm Tractors Offered by Key Companies in Electric Farm Tractor Market
Table 5:    Heavy-Duty Electric Farm Tractors Offered by Key Companies in Electric Farm Tractor Market
Table 6:    Global Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 7:    Global Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 8:    Global Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 9:    Global Electric Farm Tractor Market (by Region), $Million, 2020-2026
Table 10:    North America Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 11:    North America Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 12:    North America Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 13:    North America Electric Farm Tractor Market (by Country), $Million, 2020-2026
Table 14:    U.S. Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 15:    Mexico Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 16:    Canada Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 17:    Rest-of-North America Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 18:    South America Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 19:    South America Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 20:    South America Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 21:    South America Electric Farm Tractor Market (by Country), $Million, 2020-2026
Table 22:    Chile Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 23:    Argentina Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 24:    Brazil Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 25:    Rest-of-South America Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 26:    Europe Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 27:    Europe Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 28:    Europe Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 29:    Europe Electric Farm Tractor Market (by Country), $Million, 2020-2026
Table 30:    Norway Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 31:    Germany Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 32:    France Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 33:    Netherlands Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 34:    Sweden Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 35:    Rest-of-Europe Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 36:    U.K. Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 37:    U.K. Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 38:    U.K. Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 39:    Middle East and Africa Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 40:    Middle East and Africa Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 41:    Middle East and Africa Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 42:    Middle East and Africa Electric Farm Tractor Market (by Country), $Million, 2020-2026
Table 43:    U.A.E. Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 44:    South Africa Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 45:    Saudi Arabia Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 46:    Egypt Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 47:    Rest-of-Middle East and Africa Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 48:    China Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 49:    China Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 50:    China Electric Farm Tractor Market (by Drivetrain Technology), $Million, 2020-2026
Table 51:    Asia-Pacific and Japan Electric Farm Tractor Market, (by Application), $Million, 2020-2026
Table 52:    Asia-Pacific and Japan Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Table 53:    Asia-Pacific and Japan Electric Farm Tractor Market, (by Drivetrain Technology), $Million, 2020-2026
Table 54:    Asia-Pacific and Japan Electric Farm Tractor Market (by Country), $Million, 2020-2026
Table 55:    Japan Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 56:    Australia and New Zealand Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 57:    India Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 58:    Indonesia Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 59:    Rest-of-Asia-Pacific and Japan Electric Farm Tractor Market (by Application), $Million, 2020-2026
Table 60:    Alke: Product Portfolio
Table 61:    Cummins Inc.: Product Portfolio
Table 62:    Cummins Inc.: Product Developments
Table 63:    Cummins Inc.: Partnerships and Joint Ventures
Table 64:    Deere & Company: Product Portfolio
Table 65:    Deere & Company: Product Developments
Table 66:    Escorts Limited: Product Portfolio
Table 67:    Escorts Limited: Product Developments
Table 68:    Fendt: Product Portfolio
Table 69:    Fendt: Product Developments
Table 70:    Kubota Corporation.: Product Portfolio
Table 71:    Kubota Corporation: Product Developments
Table 72:    Motivo Engineering: Product Engineering
Table 73:    Solectrac, Inc. Inc: Product Portfolio
Table 74:    Solectrac, Inc: Product Developments
Table 75:    Sonalika: Product Portfolio
Table 76:    Sonalika: Product Developments
Table 77:    Monarch Tractor: Product Portfolio
Table 78:    Monarch Tractor: Product Developments
Table 79:    Yanmar Holdings Co., Ltd.: Product Portfolio
Table 80:    Yanmar Co. Ltd.: Product Developments
Table 81:    AutoNxt Automation Pvt. Ltd.: Product Portfolio
Table 82:    Cellestial: Product Portfolio
Table 83:    Ztractor: Product Portfolio
Table 84:    Ztractor: Product Development
Table 85:    Ztractor: Collaborations
Table 86:    Ecofactor: Product Portfolio
Table 87:    Ecofactor: Product Development
Table 88:    Other Key Players in Global Electric Farm Tractor Market

Figure 1:    Global Electric Farm Tractor Market, $Million, 2020-2026
Figure 2:    Market Drivers and Challenges in Global Electric Farm Tractor Market
Figure 3:    Global Electric Farm Tractor Market (by Battery Type), $Million, 2020-2026
Figure 4:    Global Electric Farm Tractor Market (by Driveline Technology), $Million, 2020-2026
Figure 5:    Global Electric Farm Tractor Market (by Application), $Million, 2020-2026
Figure 6:    Global Electric Farm Tractor Market (by Region), $Million, 2020
Figure 7:    Electric Farm Tractor Market Coverage
Figure 8:    Supply Chain Analysis of Global Electric Farm Tractor Market
Figure 9:    Global Electric Farm Tractor Patent Trend, 2005-2021
Figure 10:    Total Number of Patents for Electric Farm Tractor Market (by Year), January 2015-December 2021
Figure 11:    Patent Analysis (by Status), January 2015-December 2021
Figure 12:    Total Patents Filed or Granted for Electric Farm Tractor Market (by Year), January 2015-December 2021
Figure 13:    Patents Analysis (by Organization), January 2015-December 2021
Figure 14:    Percentage of Total Urban Population, 2001-2020
Figure 15:    Employment in Agriculture, 2000-2019
Figure 16:    Percent of Value Addition by Agriculture, Forestry, and Fishery
Figure 17:    Agriculture Sector Emissions
Figure 18:    Agriculture Revenue Generated per Worker (In $)
Figure 19:    Share of Key Market Strategies and Development, January 2018-December 2021
Figure 20:    Product Development (by Company), January 2018-December 2021
Figure 21:    Market Developments (by Company), January 2018-December 2021
Figure 22:    Mergers and Acquisitions (by Company), January 2018-December 2021
Figure 23:    Partnerships, Collaborations and Joint Venture (by Company), January 2018-December 2021
Figure 24:    Global Electric Farm Tractor Market (by Application), $Million, 2020-2026
Figure 25:    North America Electric Farm Tractor Market, $Million, 2020-2026
Figure 26:    South America Electric Farm Tractor Market, $Million, 2020-2026
Figure 27:    Europe Electric Farm Tractor Market, $Million, 2020-2026
Figure 28:    U.K. Electric Farm Tractor Market, $Million, 2020-2026
Figure 29:    Middle East and Africa Electric Farm Tractor Market, $Million, 2020-2026
Figure 30:    China Electric Farm Tractor Market, $Million, 2020-2026
Figure 31:    Asia-Pacific and Japan Electric Farm Tractor Market, $Million, 2020-2026
Figure 32:    Competitive Market High and Low Matrix
Figure 33:    Market Share Analysis of Electric Farm Tractor Companies, 2020
Figure 34:    Data Triangulation
Figure 35:    Top-Down and Bottom-Up Approach
Figure 36:    Assumptions and Limitations

Market Report Coverage

Electric Farm Tractor Market

Base Year

2020

Market Size in 2020

$116.5 Million

Forecast Period

2021-2026

Value Projection and Estimation by 2026

$218.9 Million

CAGR During Forecast Period

11.1%

Number of Tables

88

Number of Pages

174

Number of Figures

36

Market Segmentation

•    Application - Light-Duty Tractor, Medium-Duty Tractor, and Heavy-Duty Tractor

•    Battery Type - Lithium-Ion Battery, Lead-Acid Battery, and Others

•    Drivetrain Technology - Hybrid Electric Farm Tractor, Plug-in Hybrid Electric Farm Tractor, and Battery Electric Farm Tractor

Regional Segmentation

•    North America - U.S., Canada, Mexico, and Rest-of-North America

•    South America - Chile, Argentina, Brazil, and Rest-of-South America

•    Europe - Germany, Norway, France, Sweden, Netherlands, and Rest-of-Europe

•    U.K.

•    Middle East and Africa - U.A.E., South Africa, Saudi Arabia, Egypt, and Rest-of-Middle East and Africa

•    China

•    Asia-Pacific and Japan - Japan, Australia and New Zealand, India, Indonesia, and Rest-of-Asia-Pacific and Japan

Market Growth Drivers

•    Increased Focus on Sustainability

•    Increase in Urbanization

•    Increase in World Population

•    Rising Fuel Prices

Market Challenges

•    Inadequate Battery Technology and Charging Infrastructure

•    High Initial Cost of Equipment

Market Opportunities

•    Low Operating Costs

•    Increased Need for Productivity

Key Companies Profiled

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

How This Report Can Add Value

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.

Product/Innovation Strategy: The product segment helps the reader in understanding the different types of electric farm tractors available for deployment in the agriculture industry and their potential globally. Moreover, the study provides the reader a detailed understanding of the operation of different electric farm tractors by battery type (lithium-ion, lead-acid, and others) and by driveline technology (hybrid electric, plug-in hybrid electric, and battery electric). 

Recent Developments

•    In September 2021, Motivo Engineering launched e-tractor named HARVEST. It gathers energy from the solar panel, wind turbines, and other electrical grids. In one day, a single HARVEST unit can plow a field, transport items to the market, and power a home.
•    In August 2021, Deere & Company acquired the bear flag robotics to accelerate autonomous technology.
•    In June 2021, Ideanomics confirmed the full acquisition of a California-based manufacturer and supplier of electric tractors called Solectrac, Inc.
•    In December 2020, Sonalika launched the first field-ready electric tractor, named Tiger Electric. The high-quality battery could charge in ten hours using a home charging point.

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?

Report Summary

Electric Farm Tractor Market

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 electric farm tractor market is still in the developing phase. Increased research and development activities are undergoing on the development of electric vehicle technology which is expected to increase the battery life offered by these tractors and thereby increase efficiency.

Global Electric Farm Tractor Market Overview

The global electric farm tractor market was valued 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.

Impact of COVID-19

The supply chain for the majority of the industries across the globe was impacted due to the COVID-19 pandemic, including the electric 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 invest in modern agricultural equipment.

Market Segmentation

Global Electric Farm Tractor by 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.

Global Electric Farm Tractor by Drivetrain Technology

The global electric farm tractor market in the drivetrain 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.

Global Electric Farm Tractor by 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.

Global Electric Farm Tractor by Region

North America generated the highest revenue of $40.1 million in 2020, which is attributed to technological advancements and government support. Also, leading players in the electric farm tractor market are operating in the North America region, which gives a wide range of options to the growers purchasing electric farm tractors.

Key Market Players and Competition Synopsis

Some of the key players operating in the market include 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, and EcoFactor.

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.

FAQ's

What is the estimated growth rate of the electric farm tractor market in the coming years?

The global electric farm tractor market was valued at $116.5 million in 2020, which is expected to grow with a CAGR of 11.1% and reach $218.9 million by 2026.

Which are the top market players operating in the electric farm tractor market?

The top market players are 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.

What are the factors driving the growth of the electric farm tractor market?

Factors driving the growth of the electric farm tractor market are increased focus on sustainability, increase in urbanization, increase in World Population, and rising fuel prices.

What are the challenges restricting the growth of the electric farm tractor market?

Some of the main challenges restricting the growth of the electric farm tractor market are inadequate battery technology and charging infrastructure, and the high initial cost of equipment.

What are some of the opportunities in the electric farm tractor market?

The potential opportunities that are likely to boost the growth of the electric farm tractor market are low operating costs and increased need for productivity.

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