Off-Highway Vehicle Engine Market will exhibit a CAGR of 7.1% during the forecast period, and reach USD 15,809 million by 2027, and the Market value as per 2019 was USD 12,509 million.
Fortune Business Insights™ in a new report, titled, “Off-Highway Vehicle Engine Market Size, Share & Industry Analysis, By Power Output (HP) (Construction: Less than 100, 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 Regional Forecast, 2020-2027.”
Off-Highway Vehicle Engine Market Drivers and Restraint:
Rise in Agricultural Mechanization to Propel Adoption
Large-sized farms in North America and Europe necessitate the use of agricultural machinery. Furthermore, increased awareness among farmers in emerging economies regarding the benefits of agricultural machinery and government initiatives, such as agricultural mechanization programs implemented in South Korea, have fueled the demand for agricultural equipment such as heavy-duty combine harvesters and tractors in this region.
Agricultural mechanization enables the maximization of productivity while considerably reducing labor input-hours. Higher engine capacity tractors and combine harvesters enable farmers to enhance production and increase farm productivity. Hence, an increase in the adoption of agricultural machinery is expected to propel the growth of the market for off-highway vehicle engines.
Rising Infrastructure Activities to Augment Growth
Rapid urbanization, greater per capita income, and increasing population growth particularly in emerging economies have surged the demand for infrastructure across the globe. Furthermore, greater participation by the private sector in infrastructure projects coupled with an increase in government expenditure on these projects has fueled the demand for construction machinery equipment, which in turn propels the demand for engines for off-highway vehicles used in these projects such as loaders, excavators, and truck-mounted cranes, among others.
List of Key Players Covered in the Off-Highway Vehicle Engine Market Report:
• Caterpillar Inc. (Illinois, United States)
• Cummins Inc. (Indiana, US)
• Deutz AG (Cologne, Germany)
• Kubota Corporation (Osaka, Japan)
• Deere & Company (Illinois, US)
• Komatsu Ltd. (Tokyo, Japan)
• Hitachi Construction Machinery Co. Ltd. (Tokyo, Japan)
• AGCO Corporation (Georgia, US)
• JC Bamford Excavators Ltd. (Rocester, UK)
• Mahindra & Mahindra Ltd. (Mumbai, India)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/off-highway-vehicle-engine-market-103589
Some of the key industry developments in the Off-Highway Vehicle Engine Market Include:
• March 2020 – Komatsu launched the new PC30E-5 electric mini excavator in Japan, which offers excavation performance comparable with IC engine models with the same power output, while achieving greater noise reduction and zero exhaust gas emissions.
• March 2020 – John Deere Power Systems expanded its product lineup by introducing new 18.0L, 13.6L, and 4.5L engines that provide a higher power range and durable electric drivetrain solutions.
• March 2020 – Kubota Corporation announced the development of a new large displacement diesel engine to comply with EU Stage V emission regulations and consequently expand its lineup of engines with a power output of 200-400 HP.
• November 2019 – Komatsu continued expansion of its autonomous haulage system and reduced its carbon footprint in South America by delivering 37 ultra-class electrical autonomous dump trucks to the Brazilian resource company Vale’s Carajas mine.