Sales of Off-highway Engines to Double as Governments Push for Mechanization in Agriculture Industry
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
Key Drivers
Key Restraints
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Competitive Landscape
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,
Some of the key players in the market profiled by Fact.MR are:
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:
Key Questions Covered in the Off-Highway Engines Market Report
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