Pune, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The global 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, postulates 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.
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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.
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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
- Construction Machinery
- 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…!
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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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