Canada Electric Farm Tractors Market Analysis Report 2023-2028 Featuring Monarch Tractor, EcoTractors, Buhler Industries, Escorts, & Electric Tractor Corp

DUBLIN, May 12, 2023 /PRNewswire/ — The “Canada Electric Farm Tractors Market- Size, Trends, Competitive Analysis and Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.

 

Canada’s electric farm tractors market is forecasted to grow at a CAGR of 11.1% from 2023 to 2027.

The electric farm tractors market in Canada is in nascent stage. However, electric tractors are becoming increasingly popular among Canadian farmers. The Governments focus on reducing its carbon footprint and transitioning to clean energy sources is also creating awareness among farmers about electric tractors. 

Several factors are driving the adoption of electric farm tractors in Canada. The Government offers financial incentives to encourage the adoption of electric vehicles, including farm tractors. These incentives also help offset the higher upfront costs of electric tractors. Consumers are increasingly interested in buying environmentally friendly products, including food products.

Using electric tractors, farmers can appeal to consumers looking for sustainably produced food. Growing preference for electric tractors among hobby farmers is another demand-driving factor. The farmers are also attracted to electric tractors as they require less maintenance and have fewer parts to replace. Overall, the combination of environmental concerns, government incentives, lower operating costs, and improved technology is driving the adoption of electric farm tractors in Canada.

There are several barriers to the widespread adoption of electric tractors in Canada. One of Canada’s biggest challenges in adopting electric farm tractors is the lack of charging infrastructure in rural areas. However, the Government and private companies are investing in building charging stations in rural areas to support the adoption of electric vehicles, including tractors.

Electric tractors have a limited range on a single charge, which may not be sufficient for some agricultural operations. This can be particularly challenging for farmers who need to cover large land areas. In addition, batteries used in electric tractors can experience reduced performance in cold weather, which may limit their use in some regions of Canada.

Utility Tractors dominate Canada’s electric farm tractor market, followed by row crop tractors. The orchard-type tractor is forecasted to be the fastest-growing segment in the country. Currently, lead-acid batteries are dominantly used in the Canadian electric farm tractor market; however, the adoption of lithium-ion batteries is expected to grow faster than lead-acid batteries in the coming years.

Competitive Landscape

There are several electric farm tractor manufacturers in Canada, including, Monarch Tractor, EcoTractors, Buhler Industries, Escorts Limited, Electric Tractor Corporation, among others.

The strategies adopted by major players vary depending on various factors, including market trends, government policies, and technological advancements.

The strategies of major electric farm tractor manufacturers in Canada are focused on developing and promoting electric tractors as a sustainable and efficient alternative to traditional diesel-powered tractors. Some general strategies and initiatives that major manufacturers have taken in recent years to promote electric farm tractors are:

Industry Dynamics

Drivers

• Growing emphasis on precision farming
• Government sponsored incentives and subsidies to promote electric tractors
• Dwindling agriculture laborers
• Increased Hobby farmers during the COVID-19 pandemic

Restraints

• Insufficient charging infrastructure
• High Cost of equipment & battery production

Opportunities

• Low Operating Costs
• Rising Fuel Prices

Company Profiles

• AGCO Corp.
• CNH Industrial N.V
• Deere and Company
• Escorts Limited
• Kubota Corporation
• Monarch Tractor
• Solectrac
• International Tractors Limited (Sonalika)
• Cellestial emobility
• Ztractor

Market Size and Forecast

Market Share, By Types

• Utility Tractors
• Row crop Tractors
• Garden Tractor
• Orchard Tractor

Market Share, By Horse Power

• Below 40 HP
• Above 40 HP

Market Share, By Battery Type

• Lead-Acid
• Lithium-Ion

For more information about this report visit https://www.researchandmarkets.com/r/yelv1a

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