ELECTRIC FARM TRACTOR MARKET

KEY FINDINGS

• Electric tractors eliminate tailpipe emissions, contributing to cleaner air and a reduced carbon footprint. This aligns with the growing focus on sustainable agriculture.
• Many governments are offering subsidies and tax breaks to encourage the adoption of electric farm equipment, making them more affordable for farmers.
• Battery technology is constantly improving, offering greater range and faster charging times for electric tractors, addressing a key concern.
• Major agricultural machinery manufacturers like John Deere, Kubota, and Mahindra & Mahindra are investing heavily in electric tractor development.
• Startups specializing in electric farm equipment are also attracting significant investments, bringing innovative solutions to the market.
• Governments are allocating funds to research and development of battery technology and charging infrastructure specifically for electric farm equipment.
• Advancements in battery technology are crucial for electric tractors. Increased battery range allows for longer operation on a single charge, while faster charging times minimize downtime.
• Electric tractors can be equipped with sensors and data collection tools, enabling farmers to precisely manage inputs like water and fertilizer, leading to optimized yields and resource use.
• Electric tractors operate significantly quieter than diesel models, creating a more pleasant working environment for farmers and reducing noise pollution in rural communities.
• Electric tractors rely on electricity, which can be cheaper and more stable in price compared to fluctuating diesel costs. This offers farms greater cost predictability and potentially significant savings.

ELECTRIC FARM TRACTOR MARKET INTRODUCTION

Electrification in auto industry has been a global trend for more than 5 years now and it was just a matter of time when it would trickle down to off highway vehicles.

Equipment manufacturers across the globe are experimenting with various electrical equipment to improve tractors and implements.

ELECTRIC FARM TRACTOR MARKET DYNAMICS

Electrically driven tractors could be very efficient in energy consumption and the weight-to-power ratio/power density. The absence of emissions could be a crucial environmental benefit.

The agriculture industry believes there are a few barriers that are preventing the electrification of agriculture tractors. The biggest problem lies in the specific energy of Li-ion batteries and the pulling power from electric motors as compared to Diesel as a fuel.

India being the biggest farm tractor market accounting for almost 35-38% of global production is also making progress on the electric front. In 2017, Escorts Ltd launched India`s first electric tractor concept. The product was aimed to cater to 22 HP to 90 HP range and compliant with tier 4 emission norms of Europe and America.

US-based Solectrac has manufactured 10-12 units of eUtility models based on two-wheel drive Farmtrac diesel tractor hardware from Escorts. It already has the Solectrac e70N in development which is a larger 70hp-equivalent model with four-wheel drive.

ELECTRIC FARM TRACTOR MARKET RECENT LAUNCH

More than 60,000 linked vehicles in the construction, mixed fleet, garbage, and recycling industries are served by Coretex, a telematics solutions supplier in North America, Australia, and New Zealand.

Coretex also provides fleet management and compliance solutions. EROAD anticipates the acquisition will strengthen its position as a global telematics supplier and assist in achieving its target of 250,000 global units. EROAD has more than 300 employees spread across New Zealand, Australia, and North America. The merged firm is positioned to boost EROAD's market share in North America following the New Zealand Commerce Commission's decision to approve the transaction.

EROAD said that it had bolstered its position as a provider of trailer telematics and in-vehicle management systems in the North American market. According to EROAD, Coretex's range of products, solutions, and services will create new growth opportunities in vertical industries like construction, mixed fleets, waste management, and recycling.

By using an end-to-end vertical industry strategy, Coretex excels at considering client needs within the context of the supply chain. With a goal of finishing the integration within the next 12 to 18 months, the combined organisation is currently engaged in strategic planning to expand on the justification stated in the business case for the acquisition.

ELECTRIC FARM TRACTOR MARKETNEW PRODUCT DEVELOPMENT

As per John Deere, the future farming vision is centered around three fields:

1. Electrification
2. Artificial Intelligence (AI) and
3. Automation and autonomy

• In March 2020- John Deere showcased “Joker”, the fully autonomous electric tractor with articulated steering and a tracked single axle.

• In Jan 2020- Kubota unveiled prototypes of electric tractors and electric compact excavators. It is actively engaged in research and development of electric components like motors, inverters, and battery packs.

• In Nov 2019, CNH Industrial N.V.: STEYR showcased future farming technology with its STEYR Konzept - a hybrid-powered concept tractor

ELECTRIC FARM TRACTOR MARKET SIZE AND FORECAST

The global electric farm tractor market is estimated at $XXM in 2023 growing at --% CAGR till 2030

ELECTRIC FARM TRACTOR MARKET RECENT LAUNCHES

ELECTRIC FARM TRACTOR MARKETCOMPANY PROFILES

1. John Deere
2. Case New Holland
3. Escorts Ltd
4. Mahindra and Mahindra
5. Solectrac
6. AGCO
7. Fendt

ELECTRIC FARM TRACTOR MARKETREPORT WILL ANSWER FOLLOWING QUESTIONS

1. Market opportunity for electric tractors by region, application, and power output (Units and $M), 2024-2030
2. Important growth drivers and trends in electric farm tractor market
3. New product development and impact of development in Lithium-ion batteries
4. COVID impact on electric tractor adoption