The U.S. Electric Tractors Market Share, Size, & Forecast Analysis 2029 - $340.69 Million by 2029 - Arizton

According to Arizton’s latest research report, the U.S. electric tractors market is growing at a CAGR of 15.98% during 2023-2029.

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Report Scope:  

Market Size - Revenue (2029): $340.69 Million  

Market Size – Revenue (2023): $140 Million  

CAGR (2023-2029): 15.98%  

Historic Year: 2020-2022  

Base Year: 2023  

Forecast Year: 2024-2029  

Market Segmentation: Propulsion, Battery Capacity, Geography

Geographical Analysis: U.S. (Midwest, South, West, Northeast)

The Role of OEM and Battery Tech Collaborations in the US Electric Tractors Market

The growing collaboration between original equipment manufacturers (OEMs) and battery manufacturers is driving the demand for electric tractors in the US agricultural sector. These partnerships are enabling OEMs to integrate advanced battery technologies, improving the efficiency, reliability, and lifespan of electric tractors. For instance, Monarch Tractor’s partnership with Foxconn has led to the production of the MK-V all-electric tractor, which offers significant cost savings for farmers. Similarly, John Deere’s investment in Kreisel Electric has resulted in a powerful electric tractor prototype, reducing fuel costs by up to 75% annually.

AGCO has also teamed up with GreenVolts to develop an electric tractor for mid-sized farms, further diversifying the market. These collaborations, combined with the falling cost of lithium-ion batteries and government incentives, are making electric tractors more affordable and appealing. As a result, the electric tractor market in the US is poised for rapid growth.

Regional Trends Driving the Adoption of Electric Tractors in the US

The US electric tractor market is expanding as states adopt progressive policies and provide incentives to support sustainable farming practices. In the Northeast, states like New York and Vermont are leading the charge, with New York offering $75 million in funding for green technologies. The Monarch Tractor has gained popularity among small farms, especially in organic farming and vineyards. The Midwest, traditionally reliant on fuel-powered machinery, is starting to embrace electric tractors, with Illinois launching a grant program to support the transition. In the South, states like Texas are gradually adopting electric models, driven by rising fuel costs and federal initiatives such as the Clean Energy for Agriculture Program.

California remains at the forefront of electric tractor adoption, backed by strict environmental regulations and substantial funding, including $50 million in grants. Infrastructure availability, particularly EV charging stations, is crucial for adoption, with growing investments in rural areas. As technological advancements and incentives continue, the electric tractor market is set to grow, with over 15% annual adoption increases projected in key regions.

The US Electric Tractor Market: Key Players and Trends

The US electric tractor market is rapidly growing. As of 2023, the market has seen substantial growth, spurred by rising diesel costs and federal incentives for electric vehicles. Key players in the market include major manufacturers like John Deere, Mahindra, Monarch Tractor, Solectrac, and Kubota. John Deere maintains a dominant position, but Monarch Tractor and Solectrac are carving out niches with their innovative electric and autonomous solutions.

The market is moderately concentrated, with companies like Mahindra investing heavily to expand production. Monarch Tractor leads in automation and data analytics, while Solectrac focuses on zero-emission tractors. Other companies, such as Yanmar and Deutz-Fahr, are more conservative in their approach. As the market continues to evolve, innovation is expected to drive further growth, particularly with players focused on sustainability and technological advancements.

The U.S. Less than 20 kWh Electric Tractor Market to Hold the Largest Share

The US market for under-20 kWh electric tractors is experiencing rapid growth, primarily catering to small-scale and urban farms focused on sustainable agriculture. These compact, energy-efficient tractors provide a low-cost, environmentally friendly alternative to traditional machinery, making them increasingly popular among farmers seeking to reduce emissions and operational costs. States like California and New York are driving adoption through grants and subsidies, with models such as Solectrac's e25 and Farmtrac’s FT 25G gaining traction due to their affordability and suitability for light-duty tasks.

Despite their popularity, the under-20 kWh segment faces challenges, including limited operational range (4-6 hours per charge) and power constraints for more demanding tasks. However, technological advancements and improved battery efficiency are expected to address these issues.  

The Midwest U.S. to Contribute $138.73 Million by 2029

The availability of charging infrastructure is another key factor influencing adoption in the Midwest. While states like California and New York have robust networks of charging stations, the Midwest is still in the early stages of building out electric vehicle (EV) charging infrastructure. However, progress is being made. In 2023, the Midwest Electric Vehicle Charging Coalition announced plans to expand the region’s network of charging stations, with a focus on rural areas where electric tractors are most likely to be adopted. By 2025, it is expected that more than 250 new EV charging stations will be installed across the Midwest, including in agricultural hubs like Iowa, Nebraska, and Indiana. This expansion will help alleviate some of the concerns about the reliability and accessibility of charging infrastructure, which remains a critical barrier for large-scale electric tractor adoption.

The Midwest electric tractor market is expected to continue growing at a steady pace. A 16% annual growth rate in the adoption of electric tractors in the region over the next five years, with an increasing number of farms opting for electric models as the technology becomes more cost-competitive with diesel-powered tractors. 

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Key Company Profiles

·        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

Market Segmentation

Propulsion

·        Battery Electric

·        Hybrid Electric

Battery Capacity

·        <20 kWh

·        20−40 kWh

·        40−80 kWh

·        >100 kWh

Geography

United States

·        Midwest

·        South

·        West

·        Northeast  

The Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to understand the U.S. electric tractors market thoroughly. Request for Free Sample to get a glance at the report now: https://www.arizton.com/market-reports/us-electric-tractor-market 

What Key Findings Will Our Research Analysis Reveal?  

How big is the U.S. electric tractor market?

What is the growth rate of the U.S. electric tractor market?

Which region dominates the U.S. electric tractor market share?

What are the significant trends in the U.S. electric tractor industry?

Who are the key players in the U.S. electric tractor market?   

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