Global Power Take-Off Market growing at a CAGR of 7.9% from 2023 to 2030
Category : Machinery and Equipment | Published Date : Jun 2023 | Type : Press Release
Key Market Overview
The power take-off market is poised for strong expansion and is projected to reach USD 730.64 Million by 2030. The market was sized at USD 413.17 Million in 2022 and is predicted to grow at a compound annual growth rate of 7.9% during the period 2023-2030.
The report highlights the increasing adoption of power take-off in the automotive industry to operate auxiliary equipment in medium and heavy-duty vehicles. Consegic Business Intelligence provides an inclusive research report on the power take-off market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Power Take-off Market By Overview
Consegic Business Intelligence provided an inclusive research report on the automotive electric vacuum pump market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The electrical power take-off is expected to register the fastest CAGR during the forecast period. The growth is attributed to the high power density offered by electrical power take-off to transmit large amounts of power in compact and lightweight designs. In addition, electrical power take-off systems offer smooth and precise power transmission, allowing for fine control over the auxiliary equipment. Moreover, electrical systems minimize power losses and wastage during power transmission, resulting in improved system efficiency, thus driving the growth of the market.
Get Free SampleMarket Dynamics
Driver:
- Increasing demand of power take-off to operate auxiliary equipment in medium and heavy-duty vehicles is driving the market growth.
- Rising demand of power take-off from the agriculture industry to enhance the mechanization of farming operations is propelling the growth of the market.
- The increasing demand of power take-offs from the automotive industry to power the hydraulic systems responsible for raising and lowering the tipper mechanism is accelerating the market growth.
Restraints:
- The high manufacturing cost associated with power take-offs serves as a major restraint for the growth of the market.
- The power losses associated with PTO systems resulting in increased fuel consumption is impeding the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Mechanical, Electrical and Hydraulic |
| By Mounting Type | Power Take Offs - 6 Bolt, Power Take Offs - 8 Bolt, Power Take Offs - 10 Bolt, and Others |
| By Application | Automotive, Machinery, Agriculture, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for Power Take-off Market is highly competitive with major players including Bezares, CNH Industrial N.V., Hyva, and Interpump Group S.p.A. that have a strong market position in current market circumstances. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the power take-off market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Bezares
- CNH Industrial N.V.
- Hyva
- Interpump Group S.p.A.
- Kozanoglu Kozmaksan Ltd.
- O.M.F.B. S.p.A.
- Ozceylanlar Hydraulic Co.
- Parker Hannifin Corporation
- Sunfab Hydraulics AB
- Viatec Inc.
- Weichai Power Co.,Ltd
- ZF Friedrichshafen AG
