Posted On: 2017-07-31
India 5-30 Hp diesel engine market is expected to witness substantial growth primarily due to high utilization in agricultural and commercial sector. Commercial and passenger three-wheeler, light commercial four-wheeler, diesel pump and mini farm equipment such as tractor and power tiller remains the key revenue generating segments in 5-30 Hp diesel engine market.
According to 6Wresearch, India 5-30 Hp diesel engine market revenues are projected to grow at a CAGR of 3.9% during FY2018-23. Government initiatives such as Pradhanmantri Krishi Sinchai Yojana, which aims to reduce monsoon dependency and increasing irrigation cover across the nation would rise the demand for farm equipment during the forecast period, thus driving the demand for 5-30 Hp diesel engines.
According to Ravi Bhandari, Research Analyst, 6Wresearch, "Growth in farm mechanization on account of decreasing labor availability and increasing labor cost are the prime factors for the growth of 5-30 Hp diesel engine market in the agricultural sector. However, diesel pump market is declining due to growing rural electrification and shifting focus to solar pumps."
"Diesel genset is another major application of 5-30 Hp diesel engines, which is expected to spur on account of growing telecom and commercial sectors," Ravi further added.
According to Prakhar Srivastava, Research Associate, Research and Consulting, 6Wresearch, "By cylinder type, single cylinder contributes the highest revenue share and is projected to maintain its dominance during the forecast period on account of high consumption in the automobile and agricultural equipment.
"Leading organizations working in the field of new product development in 5-30 Hp range for export as well as domestic market would surge the demand for single cylinder diesel engines in near future" Prakhar further added.
Some of the major companies in India 5-30 Hp diesel engine market include- Greaves Cotton, Simpson, Kirloskar and Mahindra.
"India 5-30 Hp Diesel Engine Market (2018-2023)" provides in-depth analysis with 63 figures and 28 tables covered in more than 120 pages. The report estimates and forecast the overall India 5-30 Hp diesel engine market by revenues, volume, types, cylinder types and applications such as auto, agriculture, power, & others and regions. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.