Electric tractor market to grow by 28% annually
The market for electric tractors is expected to grow from $0.7 billion in 2024 to $3.4 billion by 2030, with an average annual growth rate of 28.3%.
This is stated in the market research by ResearchAndMarkets.
It is noted that the market for electric tractors in the coming years will be driven by growing demand for precision farming, strict emission standards and regulations, and the development of battery technology. As well as the use of electric tractors in greenhouses, vineyards and dairy farms.
In addition, OEMs are demonstrating their prototypes of hybrid, hydrogen, and electric tractors, creating a favorable environment for the widespread adoption of electric tractors around the world.
The segment of hybrid electric tractors with a power of 51-100 hp will be the fastest growing market. These machines are ideal for small and medium-sized farms and a variety of agricultural tasks. These hybrids combine diesel engines with electric power systems, reducing fuel consumption and emissions while maintaining performance.
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