Engine Market for Off-Highway Vehicle
Engine Market for Off-Highway Vehicle is projected to grow at a CAGR of 7.65% from 2015 to 2020, to reach a market size of USD 38.9 Billion by 2020. Factors such as globalization, urbanization as a result of industrialization, increased spending on infrastructure development, and ever-increasing population are the biggest trends that shape construction and agriculture industry around the globe.
Market Dynamics of Engine Market
Drivers
- Rising Mechanization in Agriculture
- Growth of Infrastructure Activities
Restraints
- Heavy Investments, High Manufacturing, Operating, & Maintenance Cost
Opportunities
- Market Consolidation
- Renting or Leasing of Equipment
- Off-Highway Engines Powered by Alternate Fuels
Challenges
- Stringent Emission Norms
Increase in mechanization drives the agriculture tractors demand positively impacting the off-highway engines market
The agriculture tractor engine market is dominated by the <5L engine as majority of the agriculture tractors uses <5L engines. The major markets for agriculture tractor are China, India, and Indonesia where light or medium duty tractors are primarily used which are equipped with <5L engines. This is due to the size of the farm lands per farmer in this region is small as compared to the North American and European farm lands. The farmers in country like India have small farm lands where they either use cattle to plough farms or uses light duty tractors. Therefore, as demand for light or medium duty tractors is highest in high-volume markets such as India and China, the demand for <5L engines is the largest globally
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Target Audience of Engine Market
- Engine manufacturers
- Construction equipment manufacturers
- Agricultural tractor manufacturers
- Investment firms
- Equity research firms
- Private equity firms
Scope of the Engine Market Report
- By power output (Construction: <100HP, 101-200HP, 201-400HP, and >400HP; Agriculture: <30HP, 31-50HP, 51-80HP, 81-140HP, and >140HP)
- By engine capacity (<5L, 5-10L and >10L)
- By fuel type (Diesel and Gasoline & others)
- By region (Asia-Oceania, North America, Europe, and RoW)
The following are the major objectives of the study.
- To define, describe, and forecast the global off-highway engine market on the basis of power output, engine capacity, fuel type, end user and region
- To provide a detailed information regarding major factors influencing growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micro-markets with respect to individual growth trends, future prospects, and contribution to the total market
- To identify opportunities offered by various segments of the market to stakeholders
- To project the market for off-highway vehicle engines for the four key regions, namely, Asia- Oceania, Europe, North America, and RoW (Rest of the world) in terms of volume (million units) and value (USD million)
- To strategically profile key players and comprehensively analyze their core competencies such as technology and cost
- To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other industry activities carried out by key industry participants
Agriculture Mechanization: The rising trend
The use of agricultural machinery to improve the efficiency and productivity of the farms has gained a lot of attention in last few years. With time, the agricultural activities are becoming more mechanized around the world. Developed regions such as Europe and North America have large-sized farms, where the use of agriculture equipment becomes a necessity. In Asia-Oceania, increased awareness over the use of agricultural equipment and government initiatives to promote mechanization has triggered the market for agriculture equipment in the region.
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The off-highway vehicle engine ecosystem consists of engine manufacturers such as Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Deutz AG (Germany), and Kubota Corporation (Japan), the construction equipment manufacturers such as J. C. Bamford Excavators Ltd. (U.K.), Deere and Company (U.S.) and Hitachi Construction Machinery Co. Ltd. (Japan), agricultural tractor manufacturers such as AGCO Corporation (U.S.), Mahindra and Mahindra Ltd. (India) and Massey Ferguson Ltd (U.S.).
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