Off-Highway Vehicle Engine Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
Off-Highway Vehicle Engine Market
size is projected to reach USD 15,809 million by 2027, exhibiting a CAGR
of 7.1% during the forecast period. Implementation of agriculture mechanization
programs in developing nations will act as a powerful growth driver for this
market.
Fortune Business Insights™ in its
report, titled “Off-Highway Vehicle Engine Market Size,
Share & COVID-19 Impact Analysis, By Power Output (HP) (Construction: Less
than 100, 101-200, 201-400, More than 400; Agriculture: Less than 30, 31-50,
51-80, 81-140, More than 140), By Fuel Type (Diesel, Gasoline, Others), and
Regional Forecast, 2020-2027”. Developing economies are
heavily dependent on agriculture, and with their growing populations, the need
for high farm yield is dire. To meet this challenge, governments and
international organizations have been initiating various schemes to promote
mechanization in the agriculture sector.
For example, in India, under the
Sub-Mission on Agricultural Mechanization, the government released INR 553crore
to state governments in August 2020 to boost inclusive growth and productivity
in agriculture through mechanization. Similarly, in Africa, the African Union is
aggressively promoting the adoption of sustainable mechanization across the
continent under its Comprehensive Africa Agriculture Development Program.
Off-highway vehicles such as tractors and harvesters are thus expected to play
a pivotal role in augmenting agricultural productivity in these regions.
According to the report, the global
market value stood at USD 12,509 million in 2019. The report also offers the
following:
- Piecemeal study of the various factors driving the market for
off-highway vehicle engine;
- Microscopic analysis of the market’s restraining factors;
- Comprehensive examination of all the market segments; and
- Tangible research into the regional and competitive dynamics
influencing market growth.
Market Driver
Increasing Focus on Sustainable Engines
to Feed Market Growth
With traditional diesel engines used in
heavy equipment emerging as major polluters, off-highway vehicle engine
manufacturers are focusing on developing sustainable engines. For example, in
April 2020, Komatsu Mining Corp. field tested its P&H 2650CX Hybrid Shovel,
which exhibited the machine’s ability to lower fuel consumption by 40-50%
compare to hydraulic excavators, while retaining its production capacity. Some
companies are also innovating new technologies to optimize electrification of
electric and hybrid vehicles in agriculture.
Danfoss Editron, for instance, launched
a novel 3D configurator in February 2020 that enables users to design their own
electric or hybrid engine, including choices of drivetrain models and battery
packs, as per individual requirements. Introduction of smart technologies in
engine designing is thus expected to boost the off-highway vehicle engine
market growth.
Regional Insights
Asia Pacific to Hold Lion’s Share on
the Back of Massive Infrastructural Development Projects
Asia Pacific dominated the off-highway vehicle engine market share in 2019 with
market size of USD 8,754.0 million and the region is expected to lead the
market during the forecast period as well. The major reason for the region’s
commanding position is the large-scale infrastructure development projects
being initiated in the region, such as India’s Bharatmala and Sagarmala
projects and China’s Shanghai Urban Rail Transit Expansion.
In Europe, the primary growth drivers
will be the surging demand for commercial construction activities and rising
uptake of heavy-duty agricultural machinery. On the other hand, the market in
North America is anticipated to perform impressively owing to increasing
government expenditure on municipal infrastructures.
Competitive Landscape
Strategic Investments in Heavy-Duty
Electric Vehicles to Heat up Competition
Major companies in the market are tuning their strategies to align their
offerings with the growing demand for electrified heavy-duty vehicles used in
core sectors such as agriculture and construction. This strategy by key players
is aimed at future-proofing their products in light of the heightening need for
fuel- and energy-efficient machines and vehicles.
List of Key Players Covered in the
Off-Highway Vehicle Engine Market Report:
- Mahindra & Mahindra Ltd. (Mumbai, India)
- AGCO Corporation (Georgia, US)
- Komatsu Ltd. (Tokyo, Japan)
- Kubota Corporation (Osaka, Japan)
- Cummins Inc. (Indiana, US)
- JC Bamford Excavators Ltd. (Rocester, UK)
- Hitachi Construction Machinery Co. Ltd. (Tokyo, Japan)
- Deere & Company (Illinois, US)
- Deutz AG (Cologne, Germany)
- Caterpillar Inc. (Illinois, US)
Browse Detailed Overview of This
Research:
https://www.fortunebusinessinsights.com/off-highway-vehicle-engine-market-103589
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Off-Highway Vehicle Engine Market Analysis, Insights and
Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Output
(Horsepower)
- Construction Machinery
- Less than 100
- 101-200
- 201-400
- More than 400
- Agricultural Machinery
- Less than 30
- 31-50
- 51-80
- 81-140
- More than 140
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
Industry Developments:
September 2020: Proterra introduced the H Series battery packs, its
customizable energy storage system for heavy-duty commercial vehicles. The new
battery pack is narrow and compact, allowing it to be fitted comfortably into
standard truck frame rails along with increased flexibility.
March 2020: Komatsu released its PC30E-5 electric mini
excavator in Japan, expanding its portfolio of electric forklift trucks and
hybrid construction machinery. The excavator delivers the same output as a
conventional internal combustion engine, while having zero exhaust emissions
and significantly lower noise levels.
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