Sales of Off-highway Engines to Double as Governments Push for Mechanization in Agriculture Industry
6 out of Every 10 Off-highway Engines Sold Worldwide is 50 Horsepower, the Segment Leads Global Off-Highway Engine Market
The latest study by Fact.MR conducted on the off-highway engines market offers comprehensive insights into key factors driving growth through 2031. It offers in-depth analysis based on segments in terms of engine capacity, power output, fuel type, and application. The report offers detailed analysis of the scope for expansion in developed and developing markets through 2021
Sep 27, 2021, 08:05 ET
NEW YORK, Sept. 27, 2021 /PRNewswire/ -- As per a comprehensive study conducted by Fact.MR, the global off-highway engines market is estimated to surpass US$ 8 billion by the end of 2021. On account of rapid urbanization and increasing number of massive construction projects across the globe, the market is expected grow at a CAGR of 7% during the forecast period from 2021 to 2031 in comparison to 2.3% CAGR registered over the past half-decade.
Rising focus on achieving fuel economy is ascertaining high growth prospects for the market. In addition to this, increasing deployment of light duty industrial trucks and technologically advanced material handling equipment in warehousing sector is expected to spur the sales of off-highway engines by 2X, totaling US$ 15.8 billion through 2031.
Increasing of number of government initiative across several nations to mechanize the agricultural industry is facilitating the market growth. According to a report published by the Ministry of Agriculture and Farmers Welfare, the government of India announced allocating around US$ 140 million towards agriculture mechanization in 2020 under its self-reliance initiative titled Aatmanirbhar Bharat. These initiatives are anticipated to create remunerative sales opportunities for the market player.
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50 horsepower (HP) engines are projected to remain most sought-after off-highway engines. Driven by the increasing application across various industries such as construction, warehousing, and agriculture industries among others, the segment is estimated to account for nearly 60% of the overall sales, as per Fact.MR.
"Leading manufacturers are emphasizing on developing novel energy-efficient and low-emission producing engines to comply with the stringent regulatory norms aimed at controlling carbon emission. This is expected to create opportunities for the market growth," says a Fact.MR analyst.
Key Takeaways from the Off-highway Engines Market Study
- The U.S. is expected to register the fastest growth in the North America market, expanding at a CAGR of 7% CAGR during the forecast period.
- Driven by the increasing number of construction projects in the country, the market in China is likely to grow at a robust CAGR of 8% through 2031.
- The India off-highway engines market is estimated to surge at a CAGR of 8% from 2021 to 2031, owing to the increasing government initiatives for farm mechanization in the country.
- In terms of application, agriculture is anticipated to remain the dominant segment, exhibiting growth at a CAGR of 6% over the next ten years.
- 4 L off-highway engines to lead the capacity segment, projected sales growth by 2.1x over the assessment period.
- Increasing demand for dozers, backhoe loaders, and excavators with 100-200 HP across the construction sector is spurring the sales of 100-200 HP off-highway engines.
- Government investment towards mechanizing construction and agriculture industry in countries such as India, Brazil, China, and others is driving the demand for off-highway engines.
- Heavy investment required along with the high cost of operation and maintenance are hampering the growth of the off-highway engines market.
- Growing environmental concerns and implementation of stringent regulatory emission norms are hindering the sales of diesel off-highway engines.
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Top manufacturers in the global off-highway engines landscape include Cummins Inc., Caterpillar Inc., John Deere & Company and Mahindra & Mahindra Ltd., as per Fact.MR.
Some of the leading players are focusing on novel products to address the demand for energy efficient and high productivity engines. Additionally, strategies such as partnerships, collaborations, agreement and acquisitions are also being adopted by several leading player. For instance,
- In February 2021, Kohler, an American manufacturing company, announced introducing its Kohler KDI 3404TCR SCR engine. It is a 4-stroke in-line diesel engine featuring a turbocharger and a high-pressure injection.
- In October 2020, Cummins India, an off-road engine equipment manufacturing company, announced initiating the production of electronically controlled Cummins B4.5 engines with a power range of 121 to 200 HP. The new plant is expected to have an annual production capacity of nearly 30,000 to 50,000 engines, but it is likely to expand in the future.
Some of the key players in the market profiled by Fact.MR are:
- Cummins Inc.
- Caterpillar Inc.
- FPT Industrial S.p.A
- John Deere
- J C Bamford Excavators Ltd.
- DEUTZ AG
- Yanmar Co., Ltd.
- Kubota Co.
- AGCO Co.
- Doosan Co.
- Kohler Co.
- Mahindra & Mahindra Ltd.
More Valuable Insights on Off-Highway Engines Market
Fact.MR, in its new report, offers an unbiased analysis of the global off-highway engines market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in off-highway engines market with detailed segmentation:
- By Engine Capacity
- Off-Highway Engines < 4 L
- Off-Highway Engines from 4–10 L
- Off-Highway Engines from 10–16 L
- Off-Highway Engines from 16–22 L
- Off-Highway Engines Above 22 L
- By Power Output
- Off-Highway Engines < 50 HP
- Off-Highway Engines from 50–100 HP
- Off-Highway Engines from 100–200 HP
- Off-Highway Engines from 200–300 HP
- Off-Highway Engines Above 300 HP
- By Fuel Type
- Gasoline Off-Highway Engines
- Diesel Off-Highway Engines
- Other Fuel Off-Highway Engines
- By Application
- Off-Highway Engines for Construction Equipment
- Off-Highway Engines for Agriculture Equipment
- Off-Highway Engines for Marine Engines
- Off-Highway Engines for Gensets
- Off-Highway Engines for Industrial Trucks
- Off-Highway Engines for Power Sports
- Off-Highway Engines for Other Applications
Key Questions Covered in the Off-Highway Engines Market Report
- The market survey also highlights projected sales growth of the off-highway engines market between 2021 and 2031
- The report offers insight into off-highway engines demand outlook for 2021-2031
- Off-highway engines market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Off-highway engines market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Off-highway Vehicle Lighting Market- As a light source inside the mounting, off-road highway vehicle lighting comprises HID, LED, Halogen, Incandescent lamps, and others. Global urbanization is increasing, particularly in rising regions such as China, India, and Mexico, which is boosting the construction industry and the off-highway vehicle lighting market. Construction activity in both the residential and commercial sectors is expanding as a result of increased population and desires for better infrastructure and other residential construction, which is expected to drive demand for off-highway vehicle lighting globally.
Excavator Market- Excavators are employed in a variety of industries, such as construction, mining, agriculture, and forestry. As the heavy construction equipment industry recovers from a major recession, demand for excavators will increase. The excavator market is predicted to increase gradually in the future, owing to the good growth of the construction sector, particularly in developing countries. Excavator manufacturers are working on delivering performance features that will meet the needs of end-users in the construction industry in order to take advantage of the growing demand for excavators as construction equipment.
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