Promoting policies for the introduction of electric vehicles and driving the market

European electric agricultural tractor market

DUBLIN, March 8, 2024 (Globe Newswire) — The “European Electric Agricultural Tractor Market: Analysis and Forecast, 2023-2028” report has been added. ResearchAndMarkets.com Recruitment.

The European Electric Agricultural Tractor Market (excluding UK) was valued at $32.94 million in 2023 and is expected to reach $63.2 million by 2028, growing by 13.92% during 2023-2028. Grows at CAGR. The electric agricultural tractor market is witnessing significant growth due to the following reasons: This is due to a variety of factors, including the increasing demand for sustainable farming practices in the agricultural sector, the adoption of electrification and automation of farm machinery, and advances in energy storage systems. Interest in electric farm tractors has increased significantly in recent years among farmers, manufacturers, and researchers in the agricultural industry, resulting in record sales of electric vehicles (EVs) in this sector.

Market introduction

The European electric agricultural tractor market is growing significantly due to multiple factors. There is a growing focus on sustainable farming practices across the continent, increasing the demand for environmentally friendly farming solutions. Additionally, the adoption of electrification and automation in agricultural machinery is gaining momentum, further propelling the market growth. European countries are also investing in advanced energy storage systems to support the electrification of agricultural equipment. Additionally, strict regulations aimed at reducing emissions from agricultural activities are encouraging farmers to transition to electric farm tractors. This change is reflected in increasing sales and growing interest among farmers, manufacturers and researchers in the region, pointing to promising prospects for the European electric agricultural tractors market.

Market segmentation:

Segmentation 1: By Application

• small tractor

• medium tractor

• large tractor

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Segmentation 2: By operating mode

Segmentation 3: By Drivetrain Technology

• battery electric

• hybrid electric

Segmentation 4: By country

• Germany

• France

• Norway

• ukraine

• Netherlands

• Sweden

• Belgium

• Greece

• Switzerland

• Rest of Europe

Overview of key market players and competition

The companies featured are selected based on information gathered from leading experts and an analysis of company coverage, product portfolio, and market penetration.

Overview of major companies

Market trend

• Advanced battery technology and future connectivity trends

• Advances in battery technology

• Future connectivity trends (5G and LoRaWAN)

• Practicing smart agriculture in response to climate change

business dynamics

• business driver

  • Growing awareness of sustainable practices in agriculture

  • Increased farm mechanization and technology adoption

  • Favorable policies towards the introduction of electric vehicles

  • Growing demand for electrification in the agricultural industry

• business challenges

  • Inadequate charging, network infrastructure and battery recycling challenges

  • The initial cost of equipment is high

  • Development of alternative engine models

  • Limited market penetration due to advantages of conventional tractors

• Business strategy

• Management strategy

  • mergers and acquisitions

  • Partnerships, joint ventures, collaborations, and alliances

• business chance

Case Study

key attributes

For more information on this report, please visit https://www.researchandmarkets.com/r/jo9m8o.

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