The global electric tractor market is expected to witness a CAGR of 2.6% during the forecast period. The global electric tractor market is in the developing stage and is anticipated to grow at a prominent rate during the forecast period 2021-2027 Factors affecting the growth of the electric tractor market are the adoption of smart agricultural products, awareness about smoke-free, sustainable agriculture methods, and initiatives taken by the government.

Electric vehicles use clean and green energy and play a major role in decreasing air and noise pollution globally. Nevertheless, automobile manufacturers have made great progress in electric drive technology, and governments around the world have also set goals to phase out fossil-fuel vehicles. This elective-drive revolution is also making breakthroughs in agriculture, and manufacturers have introduced electric tractors to support electrification.

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The COVID-19 outbreak has adversely affected the global electric tractor market due to strict lockdown, restrictions on global trade, and strict regulations by the government. This had a negative impact on the production and demand, created disruption in the supply chain, and had a financial impact on firms. However, as the government begins to relax restrictions, the electric farm tractor market will begin to flourish in the next few years.

Based on application, the global electric tractor market is categorized into agriculture, construction, and mining & transportation. Electric tractors are efficient in terms of energy consumption and weight power/power density ratio. Moreover, the reduction in the emission of CO2 is an important environmental benefit. Thus to improve work efficiency and reduce fuel consumption results in reducing exhaust emissions from agriculture tractors and are extensively used in are tillage, harvesting, irrigation, seed sowing, spraying, and fertilizing.

Asia-Pacific is anticipated to be the fastest-growing region during the forecast period owing to the rise in demand for tractors in countries such as China and India. There are many agriculture-dependent economies in the region and initiatives taken by the government will boost the growth of the electric tractor market in the region.

Some of the major players in the global electric tractor market include AGCO Corporation, Deere and Company, CLAAS KGaA mbH, Kubota Corporation, Escorts Limited, Caterpillar Inc., Yanmar Co. Ltd., and J.C. Bamford Excavators Ltd. (JCB).

Source: VynZ Research