Off-Highway Vehicle Engine Market Size Analysis, Growth Drivers, Share, and Business Opportunities 2020 to 2026
Off-Highway Vehicle Engine Marketsize is projected to reach USD 15,809 million by 2027, exhibiting a CAGRof 7.1% during the forecast period. Implementation of agriculture mechanizationprograms in developing nations will act as a powerful growth driver for thismarket.
Fortune Business Insights™ in itsreport, titled “Off-Highway Vehicle Engine Market Size, Share& COVID-19 Impact Analysis, By Power Output (HP) (Construction: Less than100, 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 RegionalForecast, 2020-2027”. Developing economies are heavilydependent on agriculture, and with their growing populations, the need for highfarm yield is dire. To meet this challenge, governments and internationalorganizations have been initiating various schemes to promote mechanization inthe agriculture sector.
For example, in India, under theSub-Mission on Agricultural Mechanization, the government released INR 553croreto state governments in August 2020 to boost inclusive growth and productivityin agriculture through mechanization. Similarly, in Africa, the African Unionis aggressively promoting the adoption of sustainable mechanization across thecontinent under its Comprehensive Africa Agriculture Development Program.Off-highway vehicles such as tractors and harvesters are thus expected to playa pivotal role in augmenting agricultural productivity in these regions.
According to the report, the globalmarket value stood at USD 12,509 million in 2019. The report also offers thefollowing:
- 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 Enginesto Feed Market Growth
With traditional diesel engines used inheavy equipment emerging as major polluters, off-highway vehicle enginemanufacturers are focusing on developing sustainable engines. For example, inApril 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. Somecompanies are also innovating new technologies to optimize electrification ofelectric and hybrid vehicles in agriculture.
Danfoss Editron, for instance, launcheda novel 3D configurator in February 2020 that enables users to design their ownelectric or hybrid engine, including choices of drivetrain models and batterypacks, as per individual requirements. Introduction of smart technologies inengine designing is thus expected to boost the off-highway vehicle enginemarket growth.
Regional Insights
Asia Pacific to Hold Lion’s Share onthe Back of Massive Infrastructural Development Projects
Asia Pacific dominated the off-highway vehicle engine market share in 2019 withmarket size of USD 8,754.0 million and the region is expected to lead themarket during the forecast period as well. The major reason for the region’scommanding position is the large-scale infrastructure development projectsbeing initiated in the region, such as India’s Bharatmala and Sagarmalaprojects and China’s Shanghai Urban Rail Transit Expansion.
In Europe, the primary growth driverswill be the surging demand for commercial construction activities and risinguptake of heavy-duty agricultural machinery. On the other hand, the market inNorth America is anticipated to perform impressively owing to increasinggovernment expenditure on municipal infrastructures.
Competitive Landscape
Strategic Investments in Heavy-DutyElectric Vehicles to Heat up Competition
Major companies in the market are tuning their strategies to align theirofferings with the growing demand for electrified heavy-duty vehicles used incore sectors such as agriculture and construction. This strategy by key playersis aimed at future-proofing their products in light of the heightening need forfuel- and energy-efficient machines and vehicles.
List of Key Players Covered in theOff-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 ThisResearch:
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, itscustomizable energy storage system for heavy-duty commercial vehicles. The newbattery pack is narrow and compact, allowing it to be fitted comfortably intostandard truck frame rails along with increased flexibility.
March 2020: Komatsu released its PC30E-5 electric miniexcavator in Japan, expanding its portfolio of electric forklift trucks andhybrid construction machinery. The excavator delivers the same output as aconventional internal combustion engine, while having zero exhaust emissionsand significantly lower noise levels.
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