Product Code: AGA1816SS
“The Asia-Pacific Electric Farm Tractor Market (excluding China) Expected to Reach $38.52 Million by 2028.”
Introduction to Asia-Pacific Electric Farm Tractor Market
The Asia-Pacific electric farm tractor market (excluding China) was valued at $19.49 million in 2023, which is expected to grow with a CAGR of 14.59% and reach $38.52 million by 2028. The growth of the electric farm tractor market can be attributed to multiple factors. These include the increasing need for sustainable farming practices in the agriculture sector, the electrification and automation of agricultural machinery, and the utilization of energy storage systems. In recent times, electric farm tractors have witnessed a significant rise in popularity within the farming community, as well as among manufacturers and researchers in the agricultural industry. This heightened interest has led to record-breaking sales of electric vehicles (EVs) in the sector.
KEY MARKET STATISTICS |
Forecast Period | 2023 - 2028 |
2023 Evaluation | $19.49 Million |
2028 Forecast | $38.52 Million |
CAGR | 14.59% |
Market Introduction
The APAC Electric Farm Tractor Market is experiencing notable growth due to several key factors. Firstly, there is a growing emphasis on sustainable and environmentally friendly agricultural practices in the region. This has led to increased demand for electric farm tractors as they offer a cleaner and more sustainable alternative to traditional diesel-powered tractors. Additionally, the automation of agricultural machinery and the integration of energy storage systems have further fueled the adoption of electric farm tractors.
Furthermore, government initiatives and incentives promoting the use of electric vehicles in agriculture have played a significant role in driving market growth. The APAC region, with its large agricultural sector, is witnessing a surge in interest and investment in electric farm tractors, leading to substantial market expansion.
Market Segmentation:
Segmentation 1: by Application
- Light-Duty Tractor
- Medium-Duty Tractor
- Heavy-Duty Tractor
Segmentation 2: by Mode of Operation
Segmentation 3: by Drivetrain Technology
- Battery Electric
- Hybrid Electric
Segmentation 4: by Country
- Japan
- India
- South Korea
- Australia & New Zealand
- Rest-of-Asia-Pacific
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of electric farm tractors available for deployment and their potential. Moreover, the study provides the reader with a detailed understanding of the electric farm tractor market by application (light-duty tractor, medium-duty tractor, and heavy-duty tractor), mode of operation (manual and autonomous), and by drivetrain technology (battery electric and hybrid electric).
Growth/Marketing Strategy: The APAC electric farm tractor market has seen major development by key players operating in the market, such as business expansion, product launch, partnership, collaboration, and joint venture. The favored strategy for the companies has been product development to strengthen their position in the electric farm tractor market.
Competitive Strategy: Key players in the APAC electric farm tractor market analyzed and profiled in the study involve major electric farm tractor manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the electric farm tractor market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and regional presence.
Some of the prominent names in this market are:
- Cellestial eMobility Private Limited
- Kubota Corporation
- Sonalika Group
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- Erisha Agritech
- AutoNxt Automation
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Table of Contents
Executive Summary
1. Markets
- 1.1. Industry Outlook
- 1.1.1. Market Definition
- 1.1.2. Market Trends
- 1.1.2.1. Advanced Battery Technology and Future Connectivity Trends
- 1.1.2.1.1. Advancements in Battery Technology
- 1.1.2.1.2. Future Connectivity Trends (5G and LoRaWAN)
- 1.1.2.2. Climate Smart Agriculture Practices
- 1.1.3. Ecosystem/Ongoing Programs
- 1.1.3.1. Consortiums and Associations
- 1.1.3.2. Regulatory Bodies
- 1.1.3.3. Government Initiatives/Programs
- 1.2. Business Dynamics
- 1.2.1. Business Drivers
- 1.2.1.1. Rise in Awareness toward Sustainable Practices in Agriculture
- 1.2.1.2. Increased Farm Mechanization and Technology Adoption
- 1.2.1.3. Favoring Policies toward Electric Vehicle Adoption
- 1.2.1.4. Increased Demand for Electrification in Agriculture Industry
- 1.2.2. Business Challenges
- 1.2.2.1. Inadequate Charging, Network Infrastructure, and Battery Recycling Challenges
- 1.2.2.2. High Initial Cost of Equipment
- 1.2.2.3. Development of Alternative Engine Models
- 1.2.2.4. Limited Market Penetration Owing to Dominance of Conventional Tractors
- 1.2.3. Business Strategies
- 1.2.3.1. Product Development and Innovation
- 1.2.3.2. Market Development
- 1.2.4. Corporate Strategies
- 1.2.4.1. Mergers and Acquisitions
- 1.2.4.2. Partnerships, Joint Ventures, Collaborations, and Alliances
- 1.2.5. Business Opportunities
- 1.2.5.1. Integration of New/Advanced Technologies with Electric Farm Tractor
- 1.2.5.2. Opportunities in Developing Nations
- 1.3. Case Studies
- 1.3.1. Monarch Tractor Wente Vineyards Energy Case Study
- 1.3.2. Solectrac Inc Mushroom Farm Case Study
- 1.4. Start-Up Landscape
- 1.4.1. Key Start-Ups in the Ecosystem
- 1.5. Impact of Russia-Ukraine Crisis on Electric Farm Tractor Market
- 1.6. Cost Analysis - Comparision of Conventional and Electric Tractor
- 1.7. Architectural/Technical Comparison of Key Products in the Market
- 1.8. Role of Agrivoltaics in Electric Farm Tractor Market
- 1.9. Key Battery Technologies
- 1.9.1. Lithium-Ion Battery
- 1.9.2. Nickel, Mercury-Based Batteries, and Others
2. Region
- 2.1. China
- 2.1.1. Market
- 2.1.1.1. Buyer Attributes
- 2.1.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.1.1.2. Key Companies in China
- 2.1.1.3. Business Drivers
- 2.1.1.4. Business Challenges
- 2.1.2. Application
- 2.1.2.1. China Electric Farm Tractor Market (by Application)
- 2.1.3. Product
- 2.1.3.1. China Electric Farm Tractor Market (by Mode of Operation)
- 2.1.3.2. China Electric Farm Tractor Market (by Drivetrain Technology)
- 2.2. Asia-Pacific
- 2.2.1. Market
- 2.2.1.1. Key Companies in Asia-Pacific
- 2.2.1.2. Business Drivers
- 2.2.1.3. Business Challenges
- 2.2.2. Application
- 2.2.2.1. Asia-Pacific Electric Farm Tractor Market (by Application)
- 2.2.3. Product
- 2.2.3.1. Asia-Pacific Electric Farm Tractor Market (by Mode of Operation)
- 2.2.3.2. Asia-Pacific Electric Farm Tractor Market (by Drivetrain Technology)
- 2.2.4. Asia-Pacific Electric Farm Tractor Market (by Country)
- 2.2.4.1. Japan
- 2.2.4.1.1. Market
- 2.2.4.1.1.1. Buyer Attributes
- 2.2.4.1.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.2.4.1.1.2. Business Challenges
- 2.2.4.1.1.3. Business Drivers
- 2.2.4.1.2. Application
- 2.2.4.1.2.1. Japan Electric Farm Tractor Market (by Application)
- 2.2.4.1.3. Product
- 2.2.4.2. India
- 2.2.4.2.1. Market
- 2.2.4.2.1.1. Buyer Attributes
- 2.2.4.2.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.2.4.2.1.2. Business Challenges
- 2.2.4.2.1.3. Business Drivers
- 2.2.4.2.2. Application
- 2.2.4.2.2.1. India Electric Farm Tractor Market (by Application)
- 2.2.4.2.3. Product
- 2.2.4.3. Australia and New Zealand
- 2.2.4.3.1. Market
- 2.2.4.3.1.1. Buyer Attributes
- 2.2.4.3.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.2.4.3.1.2. Business Challenges
- 2.2.4.3.1.3. Business Drivers
- 2.2.4.3.2. Application
- 2.2.4.3.2.1. Australia and New Zealand Electric Farm Tractor Market (by Application)
- 2.2.4.3.3. Product
- 2.2.4.4. South Korea
- 2.2.4.4.1. Market
- 2.2.4.4.1.1. Buyer Attributes
- 2.2.4.4.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.2.4.4.1.2. Business Challenges
- 2.2.4.4.1.3. Business Drivers
- 2.2.4.4.2. Application
- 2.2.4.4.2.1. South Korea Electric Farm Tractor Market (by Application)
- 2.2.4.4.3. Product
- 2.2.4.5. Rest-of-Asia-Pacific
- 2.2.4.5.1. Market
- 2.2.4.5.1.1. Buyer Attributes
- 2.2.4.5.1.1.1. Charging Infrastructure, Government Subsidies, and Farm Information
- 2.2.4.5.1.2. Business Challenges
- 2.2.4.5.1.3. Business Drivers
- 2.2.4.5.2. Application
- 2.2.4.5.2.1. Rest-of-Asia-Pacific Electric Farm Tractor Market (by Application)
- 2.2.4.5.3. Product
3. Markets - Competitive Benchmarking and Company Profiles
- 3.1. Competitive Benchmarking
- 3.1.1. Electric Farm Tractor Companies
- 3.2. Company Profiles
- 3.2.1. Cellestial eMobility Private Limited
- 3.2.1.1. Company Overview
- 3.2.1.2. Role of Cellestial eMobility Private Limited in the Electric Farm Tractor Market
- 3.2.1.3. Product Portfolio
- 3.2.1.4. Product Pricing
- 3.2.1.5. Customer Profiles
- 3.2.1.5.1. Target Customers
- 3.2.1.6. Corporate Strategies
- 3.2.1.6.1. Partnerships, Joint Ventures, Collaborations, Agreements, and Alliances
- 3.2.1.7. Analyst View
- 3.2.2. Kubota Corporation
- 3.2.2.1. Company Overview
- 3.2.2.2. Role of Kubota Corporation in the Electric Farm Tractor Market
- 3.2.2.3. Product Portfolio
- 3.2.2.4. Customer Profiles
- 3.2.2.4.1. Target Customers
- 3.2.2.5. Business Strategies
- 3.2.2.5.1. Product Developments
- 3.2.2.5.2. Market Development
- 3.2.2.6. Corporate Strategies
- 3.2.2.6.1. Mergers and Acquisitions
- 3.2.2.7. Analyst View
- 3.2.3. Sonalika Group
- 3.2.3.1. Company Overview
- 3.2.3.2. Role of Sonalika Group in the Electric Farm Tractor Market
- 3.2.3.3. Product Portfolio
- 3.2.3.4. Product Pricing
- 3.2.3.5. Customer Profiles
- 3.2.3.5.1. Target Customers
- 3.2.3.5.2. Key Clients
- 3.2.3.6. Business Strategies
- 3.2.3.6.1. Product Developments
- 3.2.3.7. Analyst View
- 3.2.4. Erisha Agritech
- 3.2.4.1. Company Overview
- 3.2.4.2. Role of Erisha Agritech in the Electric Farm Tractor Market
- 3.2.4.3. Product Portfolio
- 3.2.4.4. Product Pricing
- 3.2.4.5. Customer Profiles
- 3.2.4.5.1. Target Customers
- 3.2.4.6. Business Strategies
- 3.2.4.6.1. Product Developments
- 3.2.4.7. Corporate Strategies
- 3.2.4.7.1. Partnerships, Joint Ventures, Collaborations, and Alliances
- 3.2.4.8. Analyst View
- 3.2.5. AutoNxt Automation
- 3.2.5.1. Company Overview
- 3.2.5.2. Role of AutoNxt Automation in the Electric Farm Tractor Market
- 3.2.5.3. Product Portfolio
- 3.2.5.4. Customer Profiles
- 3.2.5.4.1. Target Customers
- 3.2.5.5. Business Strategies
- 3.2.5.5.1. Product Developments
- 3.2.5.6. Analyst View
4. Research Methodology
- 4.1. Data Sources
- 4.1.1. Primary Data Sources
- 4.1.2. Secondary Data Sources
- 4.1.3. Data Triangulation
- 4.2. Market Estimation and Forecast