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3. Top Companies in Electric Tractor Industry - Kubota Corporation (Japan), Solectrac (US), AGCO Corporation (US) and CNH Industries NV (Netherlands)

The electric tractor market is estimated to grow from USD 0.7 billion in 2024 to USD 3.4 billion by 2030 at a CAGR of 28.3% during the forecast period. The electric tractor market is increasing due to advancements in battery technology, stringent emission norms, precision agriculture, and incentives for electric tractors. Hence, these factors are driving the electric tractor market.

The electric tractor market is dominated by globally established players such as Kubota Corporation (Japan), Solectrac (US), AGCO Corporation (US), CNH Industries NV (Netherlands), and Escorts Kubota Limited (India). These companies focus on developing new products and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this growing electric tractor market.

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Kubota Corp. (Kubota) is one of the leading players in manufacturing small and midsize construction, agricultural, and water treatment equipment produced and sold by Kubota. Compact/utility tractors, mini excavators, compact track loaders, engines, and rice farming equipment like combine harvesters and rice transplanters are some of its main offerings in the farm and industrial machinery market. The company manufactures 30 million engines and over 5.4 million tractors annually. It operates with a network of 174 consolidated subsidiaries and 8 affiliated companies through three business segments: Farm and industrial Machinery, Water Environment, and Other. The company is into manufacturing electric drivetrain, electric tractors with small capacity, plant expansion for batteries & manufacturing, and lastly has made investments in many advanced technologies for electric tractors. The company had showcased 2 electric tractors named as LXe-261 which is 26 HP, four-wheel drive electric tractor that is currently available for lease in Europe (France, Germany, United Kingdom, Spain, etc.) and the second product is a concept model for autonomous agriculture tractor showcased in Consumer Electronics Show (CES) in Las Vegas in January 2024. The company also focuses on web content which focuses on future farming and technologies named “Future Cube”. This website has showcased a fully autonomous electric tractor prototype, highlighting Kubota's research and development in advanced agricultural technologies. It was unveiled at CES March 2023, this exhibition highlighted Kubota's vision for the future of farming, where sustainability, automation, and data-driven insights come together to revolutionize agricultural practices. To stay ahead in innovation, the company has also made a joint venture with Accenture in August 2022 called "K-AGRI Digital Solutions" to address global issues related to food, water, and the environment through data and digital technology. This collaboration has made Kubota’s data-driven optimization which is used in electric tractor operations. Moreover, to stay ahead in technology Kubota Corporation had also signed a strategic collaboration program with NVIDIA in October 2020 to accelerate research on automated and unmanned agricultural machinery using NVIDIA's end-to-end AI platform. This has leveraged the future electric tractor features like autonomous navigation for Kubota.

Solectrac offers electric tractors that provide clean and sustainable alternatives to traditional diesel-powered models. Solectrac was founded in 2012 and acquired by Ideanomics in June 2021. Soletrac manufactures 100% battery-powered electric tractors designed for agriculture and recreational applications. These tractors, such as the utility and the Compact Electric Tractor (CET), are designed to provide environmentally friendly alternatives to traditional diesel-powered machinery. Solectrac has offered three powerful electric tractors named as “e25G, e25H and eUT+ Narrow” which are 25 HP category tractors and come with a 19-kW battery.  To make electric tractors with more affordable options, Solectrac has launched electric tractors financing and rental option for the buyers. This program was made for the buyers of smaller sized tractors i.e. 25 HP which is used in smaller tasks and operations. The company has launched the rental program in 70 different locations in the US. Also, Solectrac had signed a partnership deal with DLL which is a global financial solutions provider with Ideanomics' subsidiary Solectrac to give an access of DLL's financial resources and expertise, making it easier for farmers and landscapers to finance the purchase of electric tractors. For increasing the EV tractor adoption, Solectrac with California government has started a Core Voucher Program, where California government has offered a scrappage policy for their old tractors and vehicles to which they are giving the Core Voucher to buy the electric tractors with the amount of USD 16,147 for e25G Gear; USD 13,753 for e25H Hydrostatic, and finally USD 28,000 for buying eUT+ Narrow. This program will drive the electric tractor market in the US and Europe in the coming years.

AGCO Corporation offers a full range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The company manufactured tractors and its related components under several brands, including Challenger, Fendt, GSI, Massey Ferguson, Gleaner, and Valtra. AGCO under the brand Fendt have showcased two electric tractor products named as e107 V Vario and e100 Vario. These tractors are fully battery electric and have specialized applications in orchids, greenhouse, and vineyards. Moreover, AGCO continuously collaborates with various technology providers and farming solution providers to enhance its product portfolio and brand name. For instance, in November 2023, AGCO made a partnership with BMZ Group GmBH (Germany) who is a leading European battery technology company for developing and manufacturing batteries for Fendt e 100 Vario Electric Tractor. The company is also adopting some sustainable approach to reduce the greenhouse emission, to which they have made a partnership with Blue World Technologies from Denmark in November 2023. Where Blue World Technologies had developed fuel cell engines using methane and was installed with e 100 Vario electric tractor to increase the range of the vehicle. To stay ahead in the competition AGCO Corporation had acquired Appareo Systems, LLC in December 2021, to increase the engineering and production capabilities as well as capacity in software development and related hardware to deliver end-to-end enhanced technology solution for electric tractors. Hence these factors are driving the AGCO Corporation in the electric tractor market.

CNH Industrial N.V. company is into design, manufacturing, and sales of electric tractors and implements. CNH Industrial has a strong presence in the electric tractor market, with some models available under its Case IH and New Holland Agriculture brands. The company has invested heavily in research and development of electric vehicle technologies, and it has set a goal of having 25% of its product portfolio be electric by 2030. The company has adopted supply contract, acquisition, and partnership strategies to maintain its share in the farm equipment market. In November 2021, New Holland had announced a multi-year licensing agreement with Monarch Tractor which aimed to leverage Monarch's expertise in electric powertrains and autonomy to develop new electric tractor model for New Holland named as T4 Electric Power which was a 75HP tractor with a battery capacity of 110 kWh. The company is also focused on sustainable farming, where CNH Industrial acquired Raven Industries in November 2021. Raven Industries is a leading provider of precision agriculture technology, to which they developed "connected and electric farming solutions which were used in CNH Industrial's machinery, including potential applications for data-driven optimization for electric tractor operations.

Related Reports:

Electric Tractor Market by Propulsion (Battery, Hybrid & Hydrogen), Capacity (<50, 51–100 & >100kWh), Chemistry (LFP & NMC), Hybrid Tractor (<50, 51–100 & >100HP), Function (Agriculture, Utility & Industrial) and Region - Global Forecast to 2030

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