Dublin, April 16, 2025 (GLOBE NEWSWIRE) -- The "U.S. Electric Tractor Market - Industry Outlook & Forecast 2024-2029" has been added to ResearchAndMarkets.com's offering.
The U.S. Electric Tractor Market was valued at USD 140 million in 2023 and is projected to reach USD 340.69 million by 2029, growing at a CAGR of 15.98%. This remarkable growth is driven by several key trends and industry dynamics.
MARKET TRENDS & DRIVERS
Collaborations Enhancing Efficiency
Collaborative efforts between OEMs and battery tech companies are improving electric tractors' efficiency and sustainability. Partnerships like Monarch Tractor and Foxconn have introduced innovative all-electric tractors, such as the MK-V, which reduce operational costs. John Deere's investment in Kreisel Electric's prototypes also highlights the potential for significant fuel savings. These advancements, along with decreased battery costs and incentives from the U.S. government, are set to propel the market forward.
Regulatory Influence on Market Growth
Tougher emission norms from agencies like the EPA and CARB drive the demand for electric tractors. With off-road vehicles contributing significantly to emissions, electric alternatives have become essential. Initiatives like the Clean Vehicle Rebate Project support farmers in adopting eco-friendly equipment. Companies such as Monarch Tractor and Solectrac lead in providing models that adhere to these regulations.
Incentives and Financial Support
The transition to electric tractors is supported by various incentives. The USDA's Rural Energy for America Program offers grants, covering substantial costs of electric tractors. Meanwhile, the Inflation Reduction Act provides impactful tax credits, and states offer rebates and financial assistance, thereby making electric tractors more accessible.
INDUSTRY RESTRAINTS
Challenges in Technology and Operations
Despite the positive trends, growth is impeded by issues like limited battery performance and high initial costs. Electric models are more expensive than diesel, and the lack of adequate charging infrastructure further hampers adoption. Addressing these challenges is crucial for market penetration.
SEGMENTATION INSIGHTS
By propulsion, battery-electric tractors dominate, especially among small to medium-sized farms, while hybrid models cater to larger farms. The market is segmented by battery capacity, with significant growth seen in the 40-80 kWh range, suitable for moderate to intensive energy demands.
REGIONAL ANALYSIS
Regionally, states like New York and California lead adoption due to substantial funding and incentives. The Midwest and the South are also witnessing growth, supported by grants and operational cost benefits.
VENDORS LANDSCAPE
Key players like Monarch Tractor, Solectrac, Yanmar America, and Mahindra are expanding due to technological advancements and governmental incentives. Their innovative products and strategic initiatives are pivotal in promoting sustainable agriculture.
Prominent Vendors
- AGCO Corporation
- CNH Industrial
- Deere & Company
- Kubota Corporation
- Mahindra
- Monarch
- Yanmar
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 173 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $140 Million |
| Forecasted Market Value (USD) by 2029 | $340.69 Million |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | United States |
Key Topics Covered:
1. Scope & Coverage
1.1. Market Definition
1.2. Segments Covered & Definition
1.3. Market Derivation
2. Premium Insights
2.1. Opportunity Pockets
2.2. Report Overview
2.3. Market Trends
2.4. Market Drivers
2.5. Market Restraints
2.6. Segmental Analysis
2.7. Geographical Analysis
2.8. Vendors Landscape
2.9. Key Question Answered
3. Market at a Glance
4. Introduction
4.1. Overview
4.2. Cost-Effectiveness of Electric Tractors Compared with Traditional Ones
4.3. Value Chain Analysis
5. Market Opportunities & Trends
6. Market Growth Enablers
7. Market Restraints
8. Market Landscape
8.1. Market Overview
8.2. Market Size & Forecast
8.3. Five Forces Analysis
9. Propulsion
10. Battery Capacity
11. Geography
12. Competitive Landscape
13. Key Company Profiles
13.1. Agco Corporation
13.2. Cnh Industrial
13.3. Deere & Company
13.4. Kubota Corporation
13.5. Mahindra
13.6. Monarch
13.7. Yanmar
14. Other Prominent Vendors
15. Report Summary
16. Quantitative Summary
17. Appendix
List of Exhibits
The companies mentioned in this U.S. Electric Tractor market report include:
- AGCO Corporation
- CNH Industrial
- Deere & Company
- Kubota Corporation
- Mahindra
- Monarch
- Yanmar
- Deutz-Fahr
- Solectrac
- Alamo Group
- SAME
- Caterpillar
- International Tractor Limited
- VST Tractors
- TAFE
- Ideanomics
- Ztractor
- CLAAS
For more information about this report visit https://www.researchandmarkets.com/r/5jv6fe
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