Electric And Diesel Tractor Market is Witnessed to Hit The Value Of USD 3.5 Billion By 2032
As per the current market research conducted by the CMI Team, the global Electric and Diesel Tractor Market size is expected to record a CAGR of 4.6% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 1.9 billion. By 2032, the valuation is anticipated to reach USD 3.5 billion.
Electric and Diesel Tractor Market: Growth Factors and Dynamics
- Modern Agriculture Needs: Escalating global food demand requires tractors with increased capabilities. Farmers seek powerful tractors to cultivate larger fields and enhance crop yields, addressing the challenge of feeding a growing population while maximizing land productivity.
- Technology Upgrades: Tractor manufacturers are integrating cutting-edge technologies to entice modern farmers. GPS-guided tractors streamline planting and harvesting, automation reduces labour-intensive tasks, and telematics offers real-time data for informed decision-making, fostering efficiency and convenience.
- Environmental Concerns: Growing environmental awareness urges a shift toward sustainable farming. Electric tractors gain significance as they generate zero tailpipe emissions, curbing pollution, and lessening agriculture’s ecological footprint, contributing to greener and more responsible farming practices.
- Government Support: Governments globally are endorsing greener practices. Subsidies, tax breaks, and grants for adopting eco-friendly machinery act as incentives, accelerating the adoption of electric tractors while steering the agricultural sector towards environmentally conscious choices.
- Cost Efficiency: Diesel tractors remain popular due to their robust torque and existing refuelling infrastructure. However, declining battery costs and increasing energy efficiency boost electric tractors’ appeal, offering long-term operational savings through reduced fuel and maintenance expenses.
- Market Competition: Intense rivalry between electric and diesel tractor manufacturers fosters innovation. This competition expands the array of choices for farmers, encouraging the creation of affordable, high-performing tractor solutions that cater to diverse agricultural needs, pushing the industry forward.
- Resource Management: The need for efficient resource utilization propels the adoption of electric and diesel tractors. Electric tractors reduce reliance on fossil fuels, conserving energy resources, while diesel tractors maintain relevance in areas with limited access to electricity, ensuring optimal resource utilization in diverse agricultural landscapes.
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Electric and Diesel Tractor Market: Partnership and Acquisitions
- AGCO Acquires JCA Industries: In 2022, AGCO Acquires JCA Industries, to increase engineering and software development capabilities to accelerate the development of highly automated and autonomous machines.
- Mahindra Group acquires subsidiary Hisarlar’s farm equipment: In 2021, Mahindra & Mahindra acquired a majority stake in Hisarlar, a Turkish tractor manufacturer, expanding their global presence and product offerings.
Electric and Diesel Tractor Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Electric and Diesel Tractor Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic-induced lockdowns disrupted global supply chains, leading to component shortages and factory closures, affecting manufacturing timelines for both electric and diesel tractors.
- Demand Fluctuations: The uncertainties caused by the pandemic led to varying demand patterns in the agricultural sector. Volatile market conditions influenced farmers’ decisions, causing fluctuations in the demand for tractors.
- Government Stimulus: Government relief packages and financial support injected liquidity into the agricultural sector. Subsidies and financing options incentivized farmers to invest in tractors, stimulating market recovery.
List of the prominent players in the Electric and Diesel Tractor Market:
- John Deere (USA)
- Mahindra & Mahindra Ltd. (India)
- CNH Industrial N.V. (Italy)
- Kubota Corporation (Japan)
- AGCO Corporation (USA)
- New Holland Agriculture (Italy)
- TAFE – Tractors and Farm Equipment Limited (India)
- CLAAS KGaA mbH (Germany)
- Deutz-Fahr (Germany)
- SAME Deutz-Fahr Group (Italy)
- Others
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