Emphasis on Battery Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, And Solid Oxide Fuel Cell); Installation (OEM and Aftermarket); and Region/Country
The Hydrogen Powered Tractor Market Globally is expected to reach USD 4.27 Billion in 2030 by growing at a CAGR of 60.49%. One of the factors attributed to the slow growth was the lower availability of tractor models using fuel-cell electric transmission. Additionally, with the higher prices of the existing model of FCEV tractors, the demand for the respective products was also on the lower side.
However, with various tractor manufacturing companies extensively working on the development and launch of hydrogen tractors, the market is anticipated to thrive in the forecast years, i.e., 2023-2030. In 2021, Hyundai announced its NorCal Zero project, which will begin operating 30 Xcient FCEVs in California in the second quarter of 2023. It was said to be the largest commercial deployment of Class 8 hydrogen fuel cell electric trucks and tractors in the US.
Additionally, there are some other factors that can contribute to the upsurge in the demand for hydrogen tractors, such as rising government support in terms of subsidies, ease of establishing manufacturing units, etc.
For the adoption of hydrogen fuel cell electric tractors, it is necessary to first develop the hydrogen production and distribution ecosystem. Various government initiatives have been observed recently, which are anticipated to promote the establishment of this ecosystem. For instance, in January 2023, the government of India announced an investment of approximately USD 2.4 billion under its National Hydrogen Mission. The investment would help in linked incentive schemes for the buyers as well as assist in enhancing the production of hydrogen within India.
Additionally, with a high degree of focus on sustainability across all modes of commercial activities, of which agricultural work is a crucial part, the need for transforming tractors from diesel to fuel-cell electric (hydrogen) has also been on the higher side. According to the International Energy Association (IEA), the adoption of hydrogen across the globe has been on the higher side.
According to H2stations.org, around 1700 hydrogen fuel stations were present across the globe in 2023. Of these, a major portion of hydrogen fueling stations were in the Asia-Pacific region. Especially, China and Japan have been the forerunners in terms of the adoption of hydrogen for the upcoming adoption of new-age transportation reliant on it.
Some of the major players operating in the market include CNH Industrial NV, Buhler Versatile Inc., Kubota Corporation, AGCO Corporation, Terberg Benschop B.V., Allis Chamler, Amogy Inc., Ballard Power Systems, Blue Fuel Systems, BMW, Cummins Inc., and Deere Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst battery type, Proton Exchange Membrane segment dominated the market in 2022.”
Based on by product, the hydrogen tractor market is segmented into proton exchange membrane fuel cell, phosphoric acid fuel cell, and solid oxide fuel cell. Of these proton exchange membrane fuel cell is anticipated to hold a considerable market share in the global hydrogen fuel cell market. As the respective types of fuel cell offer higher power density and low weight, which is important for transportation purposes. PEM also operate at a lower temperature, basically 80 degree Celsius, which helps to start the engines quickly and avoid the warm-up of engines. Other types of fuel cell batteries are mostly suited for low-end variants of tractors with limited operational usage..
“Amongst installation, the retrofit segment generated the highest revenue in 2022.”
The global hydrogen tractor market is in the introductory phase as the majority of the manufacturers are working on retrofitting of the existing vast tractor fleet with hydrogen fuel cell technology. As the usage of sustainable fuel for agricultural equipment, including tractors, is readily improving, many of the companies have started offering an add-on retrofitting device in order to transform the existing tractor models to partially or fully operate through hydrogen. For instance, in 2020, New Fuel Station along with New Holland announced to launch of a combination of hydrogen and diesel tractors. The tractor is retrofitted with five cylinders of 11.5 kg capacity of hydrogen.
“Europe dominated the market for Hydrogen Tractor market in 2022.”
Europe is one of the prime markets for hydrogen tractors due to the high focus of the countries in the region on the reduction of carbon emissions through all of the vehicles used for agricultural and transportation purposes. Additionally, some of the other factors have also proven to be conducive to the development and adoption of the respective technology. This includes government policies, private sector inclination towards offering low to no carbon emission products, consumer awareness towards low emission, and reduction of operational cost.
Some of the recent developments observed are as follows: In 2020, the Netherlands became the first country to launch a full-fledged hydrogen-fuel tractor. New Holland tractors, along with Blue Fuel Solutions, developed a hydrogen tractor with 11.5-kg hydrogen and 470-liter of water storage. The model uses a combination of hydrogen and diesel mix to achieve its optimum power.
However, as the application of hydrogen is growing the focus on enhancing production capacity is also growing.
Hydrogen Tractor Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumptions
3. Market Synopsis
4. Executive Summary
5. Global Hydrogen Powered Tractor Market Revenue, 2020-2030f
6. Market Insights By Battery Type
7. Market Insights By Installation
8. Market Insights By Region
9. Global Hydrogen Powered Tractor Market Dynamics
10. Global Hydrogen Powered Tractor Market Opportunities
11. Competitive Scenario
12. Global Hydrogen Powered Tractor Market Value Chain & Marginal Analysis
13. Demand And Supply-side Analysis
14. Company Profiled
15. Disclaimer
Research Methodology for the Hydrogen Tractor Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Hydrogen Tractor market were the three major steps undertaken to create and analyze the adoption of Hydrogen Tractor in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Hydrogen Tractor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Hydrogen Tractor market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Hydrogen Tractor market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as security level, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Hydrogen Tractor market. Further, we conducted factor analysis using dependent and independent variables such as security level, and application of the Hydrogen Tractor market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Hydrogen Tractor market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Hydrogen Tractor market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Hydrogen Tractor market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of Battery type, and installation in the global Hydrogen Tractor market.
The main objective of the Hydrogen Tractor Market Study
The current & future market trends of the global Hydrogen Tractor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the global Hydrogen Tractor market?
Q2: What are the driving factors for the growth of the global Hydrogen Tractor Market?
Q3: Which segment has the largest share of the global Hydrogen Tractor market by Battery Type?
Q4: What are the emerging technologies and trends in the global Hydrogen Tractor market?
Q5: Which region will dominate the global Hydrogen Tractor market?
Q6: Who are the key players operating in the global Hydrogen Tractor market?
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