Market Research Report
Off-highway Vehicle Engine Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||635753|
|Published||Content info||126 Pages
Delivery time: 2-3 business days
|Off-highway Vehicle Engine Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 126 Pages||
The global off-highway vehicle engine market is expected to register a CAGR of 7.67%, during the forecast period, 2019-2024.
In the scope of the market, only engines operated in agricultural and construction machinery have been considered.
The off-highway vehicle engine market study includes power output as well as fuel type.
50-70 HP - Largest Segment by Power Output in Agricultural Machinery
The market for 50-70 HP engines for agricultural machinery is expected to grow at a fast pace, witnessing a CAGR of 7.78%, during the forecast period.
Asia-Pacific Continues to Dominate the Global Market
The market for excavators and other types of construction machinery is anticipated to strengthen in China over the forecast period. Government spending on municipal infrastructure projects is the key reason for the healthy sales of construction machinery in 2018. For instance, cities around the country are expanding subways and other urban transportation systems.
In 2018, China is expected to continue the implementation of proactive and sound monetary policies and the development plans of Guangdong, Hong Kong, and Macao Bay Area.
Additionally, as the restrictions on foreign investment in land development, high-end hotels, office buildings, international exhibition centers, and the construction and operation of large theme parks has also been lifted in China. This is expected to increase the constructional activities in the country as well as increase the demand for high-performance construction equipment during the forecast period.
Similarly, in India, growing investments in the infrastructure sector and other strategic initiatives of the government are expected to boost the construction sector in the country. This in turn is expected to boost the demand for and usage of construction machinery in the country. Additionally, India is one of the largest tractor market in the world, with 41-50 hp being the largest selling segment. Tractors and power tillers play a significant role in the overall development of the agricultural sector in the country.
The market is captured by some of the major players, like Yanmar Co., Ltd., Cummins, Deutz AG, Man Engines & Components Inc., Deere & Company, Caterpillar Inc., Volvo Penta, etc.
Komatsu off-highway engines are classified under Cummins, as the company has entered into a joint venture agreement with Cummins, to manufacture diesel engines.