Off-Highway Vehicle Engine Market Size Worth USD 15,809 Million at 7.1% CAGR; Industry Leaders Such as Caterpillar and Komatsu to Invest in Developing Medium-Duty Vehicle Engines: Fortune Business Insights(TM)

March 2, 2021January 27, 2023 Raza

Pune, India, March 02, 2021 (GLOBE NEWSWIRE) — According to the report, Off-Highway Vehicle Engine market size is projected to reach USD 15,809 Million by 2027. Off-Highway Vehicle Engine Market was worth USD 12,509 million in 2019 and will exhibit a CAGR of 7.1% during the forecast period. Implementation of agriculture mechanization programs in developing nations will act as a powerful growth driver for this market.

Developing economies are heavily dependent on agriculture, and with their growing populations, the need for high farm yield is dire. To meet this challenge, governments and international organizations have been initiating various schemes to promote mechanization in the agriculture sector. For example, in India, under the Sub-Mission on Agricultural Mechanization, the government released INR 553crore to state governments in August 2020 to boost inclusive growth and productivity in agriculture through mechanization. Similarly, in Africa, the African Union is aggressively promoting the adoption of sustainable mechanization across the continent under its Comprehensive Africa Agriculture Development Program. Off-highway vehicles such as tractors and harvesters are thus expected to play a pivotal role in augmenting agricultural productivity in these regions.

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Increasing Focus on Sustainable Engines to Feed Market Growth

With traditional diesel engines used in heavy equipment emerging as major polluters, off-highway vehicle engine manufacturers are focusing on developing sustainable engines. For example, in April 2020, Komatsu Mining Corp. field tested its P&H 2650CX Hybrid Shovel, which exhibited the machine’s ability to lower fuel consumption by 40-50% compare to hydraulic excavators, while retaining its production capacity.

Some companies are also innovating new technologies to optimize electrification of electric and hybrid vehicles in agriculture. Danfoss Editron, for instance, launched a novel 3D configurator in February 2020 that enables users to design their own electric or hybrid engine, including choices of drivetrain models and battery packs, as per individual requirements. Introduction of smart technologies in engine designing is thus expected to boost the off-highway vehicle engine market growth.

Asia Pacific dominated the off-highway vehicle engine market share in 2019 with a market size of USD 8,754.0 million and the region is expected to lead the market during the forecast period as well. The major reason for the region’s commanding position is the large-scale infrastructure development projects being initiated in the region, such as India’s Bharatmala and Sagarmala projects and China’s Shanghai Urban Rail Transit Expansion.

In Europe, the primary growth drivers will be the surging demand for commercial construction activities and rising uptake of heavy-duty agricultural machinery. On the other hand, the market in North America is anticipated to perform impressively owing to increasing government expenditure on municipal infrastructures.

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Asia Pacific to Hold Lion’s Share on the Back of Massive Infrastructural Development Projects

Major companies in the off-highway vehicle engine market are tuning their strategies to align their offerings with the growing demand for electrified heavy-duty vehicles used in core sectors such as agriculture and construction. This strategy by key players is aimed at future-proofing their products in light of the heightening need for fuel- and energy-efficient machines and vehicles.

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September 2020: Proterra introduced the H Series battery packs, its customizable energy storage system for heavy-duty commercial vehicles. The new battery pack is narrow and compact, allowing it to be fitted comfortably into standard truck frame rails along with increased flexibility.

March 2020: Komatsu released its PC30E-5 electric mini excavator in Japan, expanding its portfolio of electric forklift trucks and hybrid construction machinery. The excavator delivers the same output as a conventional internal combustion engine, while having zero exhaust emissions and significantly lower noise levels.

Mahindra & Mahindra Ltd. (Mumbai, India)
AGCO Corporation (Georgia, US)
Komatsu Ltd. (Tokyo, Japan)
Kubota Corporation (Osaka, Japan)
Cummins Inc. (Indiana, US)
JC Bamford Excavators Ltd. (Rocester, UK)
Hitachi Construction Machinery Co. Ltd. (Tokyo, Japan)
Deere & Company (Illinois, US)
Deutz AG (Cologne, Germany)
Caterpillar Inc. (Illinois, US)

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Global Off-Highway Vehicle Engine Market Segmentation:

By Power Output:

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

By Geography:

North America (USA, Canada)
Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Rest of Latin America)
Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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