India Engines Market to Cross $ 31 Billion by 2023
Rapidly
increasing automobile sales along with growth in agriculture and power
generation sectors backed by favorable government initiatives to boost demand
for engines in India through 2023
According to recently
published TechSci Research report, “India Engines Market
By Fuel Type, By Application, By Power, Competition Forecast &
Opportunities, 2023’’, India
engines market is anticipated to surpass $ 31 billion by 2023,
predominantly on account of booming automotive sector, as the demand for
passenger cars has increased tremendously over the last decade or so. This can
be attributed to rising per capita income and rapid urbanization in the country.
Moreover, government initiatives like ‘Make in India’ and ‘GST’ have made
engine manufacturing a lucrative business in the country. India is the largest
tractor manufacturer in the world and tractors are another major end user of
engines. Demand for generator sets is also on the rise due to power outages in
major parts of the country.
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Among fuel type, diesel engines accounted for the largest value share in
India engines market in 2017 and are likely to maintain their dominance
throughout forecast period as well, on account of higher efficiency of diesel
engines and their sturdiness and robust built, which is suitable for heavy load
bearing, along with comparatively low maintenance as compared to gasoline or
natural gas engines. Some of the major companies operating in India
engines market include Maruti Suzuki India Limited, Mahindra & Mahindra
Limited, Tata Motors Limited, Hyundai Motor India Limited, TAFE Motors and
Tractors Limited, etc. India engines market is primarily dominated by Indian
companies and the scenario is likely to prevail during forecast period as well.
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“Growth in agricultural sector and
investments in research and development activities in various sectors in India
are the major drivers for India engines market. India is not only focusing on
enhancing its capacity in indigenization of engines but has also shown
promising growth trajectory in the exports of engines and machinery over the
last few years. Moreover, heavy investments by
government in various initiatives and schemes such as Sagarmala Scheme, Blue
Revolution Scheme for Fishermen, etc., along with rapid industrialization would
further positively influence India engines market during the forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India Engines Market By Fuel Type, By
Application, By Power, Competition Forecast & Opportunities, 2023’’ has evaluated the future growth
potential of India engines market and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decision. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in India engines market.
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