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Electric Tractor Market Set to Witness Explosive Growth by 2027

North America dominates the electric market owing to rising demand for developed technology, the presence of key industry players in the industry, and effective farming methods that may propel the growth of the electric farm market in the region.

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Electric Tractor Market Set to Witness Explosive Growth by 2027

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  1. Global Electric Tractor Market

  2. About VynZ Research… • VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. • VynZ Research has one of the most qualified & experienced analysts, who are constantly tracking the markets and the technologies. The research team has years of proven experience and wide knowledge & understanding of the technology, application, business models, and regulators of the segments and the value chain involved. • A trusted & proven methodology that involves highest quality of primary research, secondary analysis collated & verified through various sources including cross checking with different industry experts. • Serving wide range of customers most of them from Fortune 2000 companies • With a dedicated 24x7 customer helpline our customers can reach for specifying their needs • Developing long term relationship with the clients and satisfying them is one of the crucial notches of the company. VynZ Research aims at gaining and retaining its clients in order to make long term customer relationship.

  3. Global Electric Tractor Market The global electric tractor market is expected to grow at a 2.6% CAGR during 2021-2027 and will reach USD 860 million by 2027. Electric tractors have chargeable electronic batteries and these tractors do not produce pollution and are environmentally friendly. The increased adoption of zero-emission vehicles in the agriculture sector, shortage of fossil fuels, requires less repair and maintenance cost, efficacy in work, cost-effective, resulting in the growth of the electric tractor market. Also, the rising population and the increased demand for food will be one of the factors that might drive the growth of the electric tractor market as it ensures better productivity which can help farmers. Furthermore, initiatives by the government to adopt developed technology like electric tractors will drive the growth of the market.

  4. Global Electric Tractor Market The COVID-19 outbreak has had an adverse impact on the global electric tractor market owing to strict lockdowns and disruption in trade activities. The global electric tractor market is divided into three categories based on drivetrain technology: hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in electric vehicles (PHEVs). Hybrid vehicles dominate the market as these vehicles can be operated by fuel and battery. North America dominates the electric market owing to rising demand for developed technology, the presence of key industry players in the industry, and effective farming methods that may propel the growth of the electric farm market in the region.

  5. Global Electric Tractor Market John Deere has been striving to electrify its vehicle lineup for years, but the company's acquisition of Kreisel Electric in December 2021 is likely to speed up the process. Since 2016, when John Deere debuted its first next-generation electric tractor prototype, the company has been progressively developing battery-electric work vehicles. Now, through a significant acquisition, the corporation is speeding up its electrification plans. The prominent players in the electric tractor industry include AGCO Corporation, Deere and Company, CLAAS KGaAmbH, Kubota Corporation, Escorts Limited, Caterpillar Inc., Yanmar Co. Ltd., and J.C. Bamford Excavators Ltd. (JCB).

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