MARKET OVERVIEW - NORTH AMERICA ELECTRIC FARM TRACTORS MARKET
Electric farm tractors have introduced a revolution in the agriculture sector, these tractors are solving the problem of carbon emission caused by the use of heavy machineries in the agriculture industry. Electric farm tractor are the new generation tractors, these are the innovative tractor that have been designed after the electric vehicle technology has been arrived in the heavy machinery sector. These tractors are powered by rechargeable batteries, instead of fossil-fuels. The batteries of electric tractor can be easily recharged by plugging them into a socket or regular home charging, also in some of the cases, these batteries can be charged by the solar power as well. In addition to that, these batteries take 6-10 hours to charge a tractor battery. In the North America region, the market is expected to grow as the regulatory bodies in the countries have been actively focusing upon the adoption of e-vehicles.
MARKET DRIVERS
The North America Electric Farm Tractors market is driven by increased awareness about reducing emission of greenhouse gases from machineries used in the agriculture sector. Since, agriculture is one of the major sectors in the North America region, responsible for the greenhouse gas emission. For instance, according to a report released by the Environmental Protection Agency by the United States, agriculture sector has caused 11% of the greenhouse gas emission in the year 2020. Thus, a huge emphasis has been given upon the reduction of greenhouse gas emission, and adoption of electric vehicle is increasing in the region, which is likely to drive the market for electric farm tractors.
MARKET OPPORTUNITIES
The market is expected to have new opportunity, as the environment awareness across the region is growing at a rapid pace, and various countries are promoting the use of battery operated vehicles which is highly driving the market for electric farm tractors. For instance, in June 2022, US government proposed new steps to meet President Biden’s goal to build out the first-ever national network of 500,000 electric vehicle chargers along America’s highways and in communities, a key piece of the Bipartisan Infrastructure Law. Also, country is home to many of the electric vehicle manufacturers, which is likely to provide an opportunity to the electric farm tractor market to grow further.
MARKET RESTRAINTS
The market has major restraining factor like popularity of conventional tractors in the market, since these tractors have strong horse power, due to which various heavy machineries can be operated with the help of these tractors. Also, the electric farm tractors are in the developing phase, still many of the technical advancements are taking place in these tractors, while conventional tractors are being used for a long period of time and there are numerous manufacturers available in the market, producing conventional tractor.
MARKET GROWTH CHALLENGES
The Covid-19 pandemic hampered the growth of market to major extent which has created a major challenges for the market growth. Also, these tractors run upon batteries which can be recharged and it generally takes 6-8 hours to get a battery charged on a residential 15 amps unit and with this recharged battery, an electric tractor can be operated for 60-80 kilometers at a maximum speed of 20-25kms/hour or they can run from 4-8 hours on a fully recharged battery. Thus, in many of the cases, it is not suitable for the farmers to use electric tractors as they take a long time to charge and once the battery is drained, the work might get hampered.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of north america Electric Farm Tractors market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. As the environment awareness is increasing and the automotive industry is moving towards the electric automotive, market is expected to witness the growth at a specific CAGR from 2022-2028.
NORTH AMERICA ELECTRIC FARM TRACTORS MARKET SEGMENTAL OVERVIEW
The North America Electric Farm Tractors market comprises of different market segment like power source, power type, application and county.
NORTH AMERICA ELECTRIC FARM TRACTORS MARKET BY POWER TYPE
By power type, the North America Electric Farm Tractors includes key segment of
- Low & Medium Duty
- Heavy Duty
On the basis of power type, the market has been dominated by the low & medium duty tractors, these tractors are known to be the widely popular for low & medium duty type, since they cause precise movements to minimize fuel consumption, fertilizers, and seeds and to contribute to sales in the lower-middle duty market. Also, Growing concerns about environmental pollution are generating demand for small and medium-duty tractors market. Moreover, reduced operating costs and low maintenance of biodiesel machines will increase sales of these products in the developing economies.
NORTH AMERICA ELECTRIC FARM TRACTORS MARKET BY POWER SOURCE
The North America Electric Farm Tractors market on the basis of power source includes
- Battery Powered
- Solar Powered
Electric Farm Tractors based on the power source has been dominated by the battery powered tractors. Battery powered tractors are known to be widely popular in the market as they do not require complex configuration and they can be easily charged. Moreover, they add certain other benefits as well, such as batteries are portable, durable and require less maintenance. Also, in the last few years, regulatory bodies across the region are focusing upon developing EV charging infrastructure, which is likely to increase the popularity of battery powered electric tractors in the coming years as well.
NORTH AMERICA ELECTRIC FARM TRACTORS MARKET BY APPLICATION
The North America Electric Farm Tractors market has applications like
- Organic Farms
- Vineyards
- Equestrian Centres
Organic farms are expected to find increasing demand of electric tractors over the forecast period. Organic farming is an agricultural system that uses organic fertilizers extracted from animal and plant excrement. Organic farming improves agro-ecological health, including soil biological activity, biodiversity, and the biological cycle. Avoid the use of chemical or synthetic pesticides, fertilizers, and growth regulators. Favourable growth of organic farming worldwide and local government initiatives to promote organic farming contribute to the growth of electric tractor market.
NORTH AMERICA ELECTRIC FARM TRACTORS MARKET BY COUNTRY
The North America Electric Farm Tractors market is studied for the following countries
- United States
- Canada
- Mexico
North America is considered to be one of the most important regions for the electric farms tractors, since this region is consisting of countries like U.S. and Canada, which are widely recognized for their technological advancement in the field of machineries. Also, in this region, a great emphasis has been made upon the reduction of carbon emission, which is driving the market for the electric vehicles and helping the electric farm market to grow further. In this region, U.S. is the dominating country, owing to the factors such as various initiatives taken by government to increase the sale of electric farm tractors, and country has an efficient electric vehicle charging infrastructure. Also, adoption of battery operated vehicles in Canada makes it an important market for electric farm tractors.
COVID-19 IMPACT ANALYSIS ON NORTH AMERICA ELECTRIC FARM TRACTORS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Electric Farm Tractors market. In addition, complete analysis of changes on the North American Electric Farm Tractors market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. North America is considered to be the one of the most affected regions from the COVID pandemic, and automotive industry of the region has been considered as one of the most affected industries. For instance, according to an article issued by CNBC, sales of new vehicles in the U.S. was around 15% less as compared with 2019, which affected the sales of electric vehicles market as well. Moreover, during the pandemic, smaller tractors led declines in U.S. and Canada farm tractor unit sales while overall tractor inventories were down more than 40% year-over-year according to the data from the Association of Equipment Manufacturers (AEM), which has made adverse impact upon the North American Electric Farm Tractors Market. Moreover, in the whole region lockdown was imposed to restrain the spread of virus, which led to disruption in the supply chain as well, and led to downfall of the Electric Farm Tractor market. However, owing to rapid vaccination drive, lockdown has been lifted up and the market has been growing again at steady rate.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Electric Farm Tractors market is majorly focused on expanding the north america growth of Electric Farm Tractors with new product innovation, business expansion, increasing presence of range of manufacturer operating in Electric Farm Tractors has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- John Deere (United States)
- Alke (Italy)
- Solectrac (United States)
- Monarch Tractor (United States)
- Sonalika (India)
- Kubota (Japan)
