Electric Tractor Global Market Report 2024

Electric tractors are agricultural vehicles that utilize electric motors and batteries in lieu of traditional internal combustion engines. These tractors employ stored electricity from batteries to power their electric motors, which drive the vehicle and operate its mechanical components. Electric tractors are recognized for their potential environmental advantages, including reduced greenhouse gas emissions and noise pollution when compared to diesel-powered counterparts.

Electric tractors are categorized into light, medium-duty, and heavy-duty types. Light electric tractors are compact and versatile, designed for small-scale farming and landscaping tasks. They typically utilize lithium-ion or lead-acid batteries and can be powered by solar energy or rechargeable batteries. These tractors employ various drivetrain technologies such as battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). They find applications across agriculture, construction, mining, and logistics sectors.

The electric tractor market research report is one of a series of new reports that provides electric tractor market statistics, including electric tractor industry global market size, regional shares, competitors with a electric tractor market share, detailed electric tractor market segments, market trends and opportunities, and any further data you may need to thrive in the electric tractor industry. This electric tractor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric tractor market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth observed in the historical period can be linked to fluctuations in fuel prices, stringent environmental regulations, government subsidies and incentives for electric vehicles, increasing consumer awareness of environmental impacts, and competitive dynamics among manufacturers in the electric tractor sector.

The electric tractor market size is expected to see exponential growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. Anticipated growth in the forecast period can be attributed to ongoing advancements in battery technology, expected cost reductions in electric tractor components, urbanization trends, and increasing fragmentation of agricultural land. Additionally, there is a growing focus on health and safety regulations in agricultural settings and rising demand for agricultural machinery. Key trends expected in the forecast period include the integration of digital technologies, adoption of carbon-neutral farming methods, electrification of specialized agricultural applications, advancements in battery technology, and the emergence of hydrogen-powered electric tractors.

The electric tractor market is set to grow alongside the expansion of the agricultural sector. This sector encompasses various activities such as crop cultivation, livestock raising, and food production, responding to the growing global population, increased food demand, and technological advancements that enhance productivity and sustainability. Electric tractors are becoming more prevalent in agriculture due to their eco-friendliness and cost-effectiveness, promoting cleaner farming practices and reduced operational costs. In April 2024, the United States Department of Agriculture reported that the agriculture, food, and related industries contributed approximately $1.53 trillion to the U.S. GDP in 2023, with farm output accounting for $203.5 billion, driving the electric tractor market's growth.

Key players in the electric tractor market are prioritizing the development of new products such as high-battery-power electric trucks to stay competitive. These trucks, equipped with large-capacity battery packs, offer extended driving ranges and ample power for heavy loads. For instance, Fendt, a German agricultural machinery manufacturer, launched an electric tractor called the e107 V Vario in October 2023, featuring a 100 kWh battery providing four to seven hours of operation and a charging time from 20% to 80% in just 45 minutes, with 90 horsepower enabling speeds up to 40 km/h.

In August 2023, Kalmar, a Finnish cargo handling company, acquired the electric terminal tractor product line from Lonestar Specialty Vehicles (LSV), aiming to expand its electric solutions portfolio. This acquisition adds to Kalmar's offerings, with the new product line named Kalmar TX, formerly under LSV's brand. Lonestar Specialty Vehicles, a U.S.-based provider of electric tractors, was the previous owner of this product line.

Major companies operating in the electric tractor market are BYD Company Limited, Deere & Company, Tata Motors, Cummins Inc., Toyota Industries Corporation, Escorts Kubota Limited, Doosan Corporation, Sany Group, YANMAR HOLDINGS CO. LTD., Jungheinrich AG, Crown Equipment Corporation, Cargotec, Hyster-Yale Materials Handling Inc., Konecranes, Anhui Heli Co. Ltd., Hangcha Forklift, The Raymond Corporation, EP Equipment, Godrej & Boyce Mfg. Co. Ltd., Solectrac.

North America was the largest region in the electric tractor market in 2023. The regions covered in the electric tractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the electric tractor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric tractor market consists of sales of utility electric tractors, high-power electric tractors, and autonomous electric tractors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.