Global market for electric tractors to grow to USD 319.23 million by 2032
According to a recently published research report by Fact.MR the global market for electric tractors at present is valued at USD 94.04 Million in 2022. The market is anticipated to grow to USD 319.23 million by the end of 2032.
Key driver of the global market for electric tractors is the need to find alternatives for fossil fuels, according to Fact.MR’s report. The benefits of electric tractors, such as zero emissions and substantially lower fuel costs, will drive sales of electric tractors. Moreover, stringent regulations related to emissions, and renewable energy represent a reason to pursue e-drive solutions in the agricultural industry, according to the researchers.
Limited availability restrains growth
However, the limited availability of electric tractors will restrain the growth of the market over the forecast period. And then there are practical disadvantages, such as low speed, limitation of battery technology and low energy storage capacity.
Electric vehicle batteries are made up of combustible components like lithium, manganese, and polymers. When lithium is exposed to water, it becomes extremely reactive. As a result, there are worries about these batteries’ performance and safety in extremely dry or moist settings, thus limiting future sales.
Lack of charging infrastructure
The researchers say most farmers prefer fossil fuel-based tractors owing to the easy availability of fossil fuels. Lack of charging infrastructure is a major challenge in developing countries that may deter the adoption of electric tractors.
Geographically, the global market for electric tractors is projected to be dominated by North America owing to the rising demand for compact tractors.
Asia-Pacific, spearheaded by India, is expected to grow at a significant rate in the global market for electric tractors over the near future. Owing to the major agricultural landscape Asian countries are anticipated to drive growth in this sector. The technological upgradation and government support in countries like India, China, and Indonesia are set to increase demand for electric tractors in the forecast years.
The Middle East & Africa and Latin America are expected to hold small shares in the global market, however, the sale of electric tractors is expected to grow at a significant pace over the studied period.
