In its recently published report on the 5-30 hp diesel engine market, 6WResearch said that the 5-30 hp diesel engine market in India is expected to witness substantial growth primarily due to high utilisation 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 the report, the 5-30 hp diesel engine market revenues are projected to grow at a CAGR of 3.9 per cent 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.
Ravi Bhandari, Research Analyst, 6Wresearch, said, “Growth in farm mechanisation on account of decreasing labour availability and increasing labour 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,” he further added.
Prakhar Srivastava, Research Associate, Research and Consulting, 6Wresearch, commented, “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.” He further added, “Leading organisations 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.”