U.S. $340.69 Mn Electric Tractor Market Industry Outlook & Forecast 2024-2029

(MENAFN- GlobeNewsWire - Nasdaq) The U.S. Electric Tractor Market, valued at USD 140 million in 2023, is projected to reach USD 340.69 million by 2029, growing at a CAGR of 15.98%. Key trends include collaborations between OEMs and battery tech companies, resulting in efficient, sustainable models like Monarch's MK-V and John Deere's fuel-saving prototypes. Strict emissions regulations and government incentives drive adoption, despite high costs and limited infrastructure. Major players include Monarch Tractor and Solectrac, driving innovation and market growth.

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

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Attachment

• U.S. Electric Tractor Market

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