The report "Engine Market for Off-Highway Vehicle by Power Output (HP) (Construction: <100, 101-200, 201-400, >400; Agriculture: <30, 31-50, 51-80, 81-140, >140), Capacity (<5L, 5.1L-10L, >10L), Fuel Type (Diesel, Gasoline & Others), & by Region - Forecast to 2020" published by MarketsandMarkets says the market 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.
Read a summary of the report, which includes 88 market tables and 60 figures spread, as well as an in-depth TOC on "Engine Market for Off-Highway Vehicle."
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 the construction and agriculture industry around the globe.
Growth in infrastructure activities: Key driver for construction engines
The construction industry across the globe has grown significantly over the past few years. In its 2015 budget, the Chinese government increased its expenditure for infrastructure development by 4.4% over the previous year, while according to the U.S. Census Bureau, private construction spending reached around USD 687 Billion in 2014. In Asia-Oceania, the Chinese infrastructure investments reached USD 1.8 Trillion in 2013, making it the largest construction market in 2013. In 2015, China authorized its policy banks to issue new infrastructure bonds worth USD 48 Billion. The money is slated to be used in housing, pipeline infrastructure, and other domestic projects. Indonesia has shown promising growth over the past couple of years and became the fourth largest construction market in Asia with USD 267 Billion construction spending in 2013. This growth can be coupled with the population growth, rapid urbanization, increased per capita income, and participation from the larger private sector in infrastructure projects. As a collective effect of the points mentioned above, there is an estimated growth in infrastructure activities around the globe, thus, resulting in the growth of the Engine Market for construction equipment.
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.
These factors have contributed in the development of a healthy environment for engine manufacturers for construction and agriculture applications.
The report covers all the major players in the global off-highway vehicle Engine Market that includes companies such as Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Deere and Company (U.S.), Deutz AG (Germany), and Kubota Corporation (Japan) among others.
The report covers the off-highway vehicle Engine Market, in terms of volume ('000 units) and value (USD Million). It explains the qualitative and quantitative aspects of the off-highway vehicle Engine Market on the basis of region, power output, engine capacity, end-use industry, and fuel type from 2015 to 2020.