Electric Tractor Market worth $3.4 billion by 2030 - Exclusive Report by MarketsandMarkets™

1. Electric Tractor Market worth $3.4 billion by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets Mar 13, 2024, 06:30 ET  CHICAGO, March 13, 2024 /PRNewswire/ -- Electric Tractor Market is estimated to grow from USD 0.7 billion in 2024 to USD 3.4 billion by 2030, at a CAGR of 28.3%, according to a new report by MarketsandMarkets™. Growing stringency in emission norms and advancements in overall battery technology are primarily driving the developments in electric tractors. Electric tractors o?er reduced carbon emissions and lower operational costs, making them attractive options. The electri?cation of tractors has challenges such as high initial cost, concerns about battery life and charging times, weight, and dawn-to-dusk demands. However, advancements in battery technology would further improve the performance and range of electric tractors, enhancing their practicality and usability in the ?eld. Furthermore, government incentives and regulations to reduce greenhouse gas emissions further encourage the adoption of electric tractors, driving market growth. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=109801941 Browse in-depth TOC on "Electric Tractor Market". 235 - Tables 55 - Figures         265 - Pages 

2. Electric Tractor Market Scope: Report Coverage Details Market Size USD 3.4 billion by 2030 Growth Rate CAGR of 28.3% Largest Market Europe Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2024-2030 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Propulsion (Battery, Hybrid & Hydrogen), Capacity (<50, 51–100 & >100kWh), Chemistry (LFP & NMC), Hybrid Tractor (<50, Segments Covered 51–100 & >100HP), Function (Agriculture, Utility & Industrial) and Region Geographies Covered Asia Pacific, Americas, and Europe Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Emergence of Hydrogen-powered electric tractors Key Market Drivers Growing stringent emission regulations Lithium-iron phosphate batteries are projected to be the most preferred batteries for electric tractors over the forecast period. Lithium iron phosphate (LFP) batteries for electric tractors have surged recently due to safety advancements, cost-e?ectiveness, and government initiatives. One signi?cant development is the increasing investments by key players in the agricultural machinery industry. For instance, Deere & Company started building a battery factory in North Carolina in August 2023, focusing on LFP batteries speci?cally for its electric vehicles and equipment. These investments signal a strategic shift towards sustainable agricultural practices, highlighting the importance of reliable battery technology in modern farming equipment. In November 2023, Faradion (UK) based LFP battery company partnered with Kubota Corporation (Japan) to explore LFP solutions for electric tractors, focusing on safety and performance enhancements. Moreover, in December 2020, the European Union launched a USD 2.6 billion initiative to support developing and producing sustainable batteries, including LFP, to reduce reliance on critical materials like cobalt. OEMs like Solectrac from the US also showcased the "e70N Narrow" electric tractor in August 2021, which o?ered 70 HP motor power and had an LFP battery that runs for 3–8 hours, depending upon load. These types of batteries are usually preferred for small farming purposes. 

3. LFP batteries use readily available and economical materials like iron and phosphate compared to nickel, manganese, and cobalt in Li-NMC batteries. Owing to this, the production cost of these batteries is lower than that of NMC batteries. Also, the LFP batteries o?er signi?cantly longer lifespans, often exceeding 5,000 charge cycles compared to 2,000-3,000 for Li-NMC. This translates to lower replacement costs and longer battery life. The LFP batteries also have other advantages over NMC or NCA, like higher resistance to elevated temperatures. Though they require more physical space due to lower energy density, they o?er safety bene?ts and stability, particularly at higher temperatures. Hence, these recent developments, bene?ts, and investments have given the LFP batteries the highest market share in the forecasted period. >100 KWh is the fastest-growing battery capacity segment for the electric tractor market. Tractors equipped with battery capacities exceeding 100 kWh represent a transformative leap in the electri?cation of agricultural machinery, o?ering unprecedented power and e?ciency for heavy-duty ?eld operations - these higher battery capacities electric tractors are used in larger farmlands. Geographically, Europe has a higher availability of farmlands, which requires highly mechanized equipment and a higher battery capacity electric tractor, so the demand for >100 kWh battery capacity electric demand is higher in Europe. OEMs like Deere & Company (US), Tadus (Turkey), Fendt (Germany), and Case IH (US) are actively involved in developing >100 kWh tractor prototypes. For instance, Deere & Company showcased the SESAM (Sustainable Energy Supply for Agricultural Machinery) electric tractor prototype, which boasts a massive 130 kWh battery capacity that delivers up to 400 horsepower, comparable in power and performance to conventional diesel-powered tractors. Moreover, a German startup named Tadus also showcased their prototype, E-Traktor, in August 2023, an electric battery tractor with a battery capacity of 130 kWh. Also, a key player from Turkey named ZY Elektric showcased their prototype "King Size 320 HP" battery electric tractor with a battery capacity of 155 kWh. These high-powered battery capacity electric tractors are built for heavy-duty applications with higher battery ranges. Their products are not commercially available, but they have a potential future in the European market. While electric tractors with >100 kWh battery capacities hold immense promise for sustainable agriculture, their adoption still faces cost and infrastructure limitations. However, manufacturers are making signi?cant strides in overcoming these barriers. For example, Fendt (Germany), a leading agricultural machinery manufacturer, has announced plans to introduce electric tractors with battery capacities exceeding 100 kWh by leveraging advancements in battery technology and charging 

4. infrastructure. These electric tractors o?er power, performance, and environmental bene?ts needed to meet the demands of modern agriculture with heavy machinery farming, which reduces reliance on fossil fuels and mitigates carbon emissions. Overall, regulatory pressure, technological innovation, market demand, and the pursuit of operational e?ciency and sustainability are expected to drive the adoption and advancement of >100 kWh electric tractors in the agricultural machinery market in the coming years. Americas to be the third largest region in the electric tractor market. The Americas region is estimated to be the third largest growing electric tractors industry, with key countries like the US, Canada, Mexico, Brazil, and Argentina contributing signi?cantly. This growth is propelled by stringent environmental measures and upcoming emission regulations, compelling manufacturers to focus on electric and hybrid tractors. The region has a robust agricultural sector with a signi?cant emphasis on technology and innovation. Electric tractors in the Americas have leveraged autonomous operation capabilities to reduce labor requirements and improve productivity. These tractors perform tasks such as plowing, seeding, and harvesting autonomously, guided by sensors and GPS systems. In December 2022, CNH Industrial (CNHI) revealed the New Holland T4 Electric Power, the ?rst all-electric light utility tractor prototype with autonomous features. The tractor has a peak power of 120 hp and a maximum torque of 440 Nm. The roof of the tractor has sensors, cameras, and control units. CNH Industrial developed the tractor in collaboration with Monarch Tractor, a California-based tractor manufacturer focusing on electri?cation and autonomy. America's governing body has provided several schemes to increase the adoption of electric tractors. For instance, US Federal Tax gives a USD 7,500 tax credit for purchasing qualifying electric vehicles, including electric tractors for some selected models, subject to eligibility criteria. Also, the California government has o?ered a scrappage policy for their old vehicles which California government gives the "Core Voucher" to buy electric tractors with the amount of USD 16,147.00 for e25G Gear, USD 13,753.00 for e25H Hydrostatic, and ?nally USD 28,000.00 for buying eUT+ Narrow. Also, the Central Coast Community Energy (CCCE) for the US is providing grants to substitute heavy-duty agricultural vehicles with fully electric equipment, where customers receive incentives covering 50 to 70% of the overall project expenses, capped at USD 75,000. Funding allocation operates on a ?rst-come, ?rst-served principle. 

5. Moreover, the OEMs are also partnering with banks or ?nancial institutions to o?er low-interest loans, lease programs, or ?exible payment plans tailored to the needs of farmers. For instance, Monarch Tractor (US) and CNH Industrial Capital (Netherlands) announced a ?nancial services partnership on May 2023, which aimed to make Monarch's MK-V electric tractor more accessible to farmers by providing more comprehensive ?nancing options through CNH Industrial Capital's expertise and established dealer network. Also, in January 2023, Solectrac (US) launched electric tractor ?nancing and rental choices for buyers of 25 HP electric tractors, which are used for smaller tasks and operations in the US. Adding further, Solectrac in November 2022 also partnered with DLL (Netherlands), which is a global ?nancial solutions provider which bene?ted Solectrac to access to DLL's extensive ?nancial resources and expertise, making it easier for farmers and landscapers to ?nance the purchase of electric tractors in the US. Hence, these leveraging ?nancing options have propelled the adoption of electric tractors in the Americas. Vineyards are growing in the Americas, particularly in regions like California, Oregon, Washington State, and parts of South America such as Chile and Argentina due to favorable climate, soil, and tourism & hospitality. OEMs like Monarch Tractor in the US provide customized electric tractors tailored to the unique needs of vineyards in the Americas. Their MK-V series electric tractors are designed and customized to navigate the narrow rows and uneven terrain commonly found in vineyards, o?ering superior maneuverability and precision. Equipped with advanced sensors and AI-driven technology, these machines also autonomously perform tasks such as pruning, spraying, and harvesting, reducing labor costs and increasing operational e?ciency for vineyard operators. Also, the local presence of key players such as Deere & Company, Monarch Tractors, Case IH, Fendt, Kubota Corporation, Solectrac, and International Tractor Limited are o?ering electric tractors in the Americas. Hence, all these factors have propelled the demand for electric tractors and made the Americas the second fastest-growing region. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=109801941 Key Market Players: The major players in Electric Tractor Companies include Kubota Corporation (Japan), Solectrac (US), AGCO Corporation (US), CNH Industries NV (Netherlands), and Escorts Kubota Limited (India). Recent Developments 

6. In November 2023, The Fendt launched the e107 V Vario electric tractor, a fully battery-electric, narrow-track tractor designed for specialized applications in orchards, vineyards, greenhouses, and municipalities. The e107 V Vario has a maximum power output of 68 horsepower (50 kW) and a battery capacity of 100 kWh, which provides an estimated range of 4 to 7 hours for partial load applications such as cutting, mowing, or road maintenance. In September 2023, Kubota Corporation launched the "Future Cube" webpage, which showcases a fully autonomous electric tractor prototype, highlighting Kubota's research and development in advanced agricultural technologies. Unveiled at CES March 2023, this exhibition highlighted Kubota's vision for the future of farming, where sustainability, automation, and data-driven insights come together to revolutionize agricultural practices. In August 2023, Solectac launched the eUT+ Narrow electric tractor, a zero-emission electric tractor. This vehicle is designed to be comparable to diesel tractors, with a hitch that can lift 5,500 pounds. The eUT+ Narrow has 60 kWh / 560 amps at 106 volts, Lithium Iron phosphate (LFP), and a 70HP. This tractor is o?ered at USD 7499 for a 12-inch bucket attachment with a 19kW motor capacity. In August 2023, Solectrac launched the e25H model, a compact and accessible electric tractor ideal for smaller farms, vineyards, and landscaping endeavors. It comes with 25HP power to tackle lighter tasks like mowing, tilling, and hauling with its electric motor's instant torque. This eco-friendly machine boasts a 5-hour range on a single charge, catering to most workday needs. Maneuvering tight spaces is a breeze thanks to its compact size and foldable ROPS, while features like LED headlights and a PTO enhance its versatility. The company also o?ers a 19kW motor with Li NMC battery with this tractor. In September 2022, The Kubota launched LXe-261, a 26-horsepower, four-wheel drive electric tractor currently available for lease in Europe (France, Germany, United Kingdom, Spain, etc.). It is the ?rst electric tractor launched by Kubota. The LXe-261 has a lithium-ion battery that provides up to three to four hours of operating time on a single charge. The battery can be fast charged in one hour. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=109801941 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Electric Construction Equipment Market - Global Forecast to 2030 

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