Europe, the second largest market for off-highway vehicles, is also expected to register a good growth, contributed by Germany, France, and United Kingdom. Germany witnessed a 20% increase in the new residential building permits in 2016, and it is expected that the construction & building industry in the country will continue to experience the boom, owing to the growing demand for real estate in the country (due to increasing population growth and job security, and low borrowing costs).
The demand for 50-70 HP engines in the agricultural machinery segment is expected to increase at a fast pace. Agricultural machineries under 50-70 HP category includes majorly tractors and medium size combine harvesters. The medium size combine harvesters have an average of 4.8m length, 2.2m width and 2.8m height have been widely used in rice fields, especially in ASEAN countries, like Philippines, Indonesia, Vietnam and India. Thus, Asia-Pacific covered a major share of more than 80% for medium size combine harvester market in 2017. According to CEMA, the tractor sales of 50-70 HP has been remained stable in Europe in 2017, as only few EU countries like Spain, Denmark and UK recorded increased sales of tractors for 50-70 HP. For instance, UK registered 12,033 tractor units (more than 50 HP) in 2017 with 13.5% increase from 2016
Asia-Pacific to Register the Highest Growth
The emerging markets, where the farm sector is relatively less capitalized, are expected to lead the global agricultural equipment market. India, one of the biggest markets for agricultural equipment, has become highly labor-intensive and is expected to witness higher growth during the forecast period. The global agricultural machinery market is set to grow considerably in the Asia-Pacific region, and countries like Vietnam, Philippines, India, and China will be the main drivers of the market. Farm sizes are relatively small in the emerging markets of the Asia-Pacific, and do not require bigger capacity engines. The market for engines with horsepower of 30-50 is forecast to observe the highest growth rate for the agricultural tractors. The segment is forecast to be led by India, which is the largest market for agricultural tractors, globally, based on the number of units sold.
Key Developments in the Market:
- March 2018: Detroit-built Mahindra Roxor off-road vehicle revealed.
Reasons to Purchase this Report:
- Latest technology trends adopted by the manufacturers in the global off-highway vehicle engine market.
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1.1 Analysis Methodology
1.2 Scope of the Market
2. Executive Summary
3. Market Overview and Technology Trends
3.1 Current Market Scenario
3.2 Technology Trends
3.3 Industry Attractiveness - Porter's Five Forces Analysis
3.3.1 Bargaining Power of the Suppliers
3.3.2 Bargaining Power of the Consumers
3.3.3 Threat of New Entrants
3.3.4 Threat of Substitute Products and Services
3.3.5 Degree of Competition
4. Market Dynamics
5. Market Segmentation and Analysis - by Power Output
5.1 Agricultural Machinery
5.1.1 Up to 30 HP
5.1.2 30-50 HP
5.1.3 50-70 HP
5.1.4 70+ HP
5.2 Construction Machinery
5.2.1 Up to 100 HP
5.2.2 100-200 HP
5.2.3 200-400 HP
5.2.4 400+ HP
6. Market Segmentation and Analysis - by Fuel Type
7. Regional Market Analysis
7.1 North America
7.1.1 United States
7.1.4 Rest of North America
7.2.2 United Kingdom
7.2.6 Rest of Europe
7.3.4 Rest of Asia-Pacific
7.4 South America
7.4.3 Rest of South America
7.5 Middle East & Africa
7.5.1 Saudi Arabia
7.5.2 South Africa
7.5.3 Rest of Middle East & Africa
8. Competitive Landscape
8.2 Market Share Analysis
9. Company Profiles
9.1 AGCO Power
9.4 Deere & Company
9.5 Deutz AG
9.7 Mahindra and Mahindra
9.11 Weichai Power
9.12 Kubota Corporation
10. Future of the Market