New York, June 27, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Power Take-off Market” published by Consegic Business Intelligence, the market was sized at USD 413.17 million in 2022 and is expected to reach over USD 730.64 million by the year 2030, growing at a CAGR of 7.9%.
Power Take-Off (PTO) is defined as a device employed in vehicles and machinery to transfer power effectively from a power source to operate auxiliary equipment. The auxiliary equipment includes hydraulic pumps, generators, winches, compressors, and agricultural implements. In addition, the PTO is located at the rear of the vehicle or machine and is connected to the engine through a driveshaft to transfer power from the engine to the auxiliary equipment.
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The major factor responsible for driving the growth of the power take-off market is the increasing demand from the automotive industry to power the hydraulic systems responsible for raising and lowering the tipper mechanism. Additionally, power take-off systems are essential in fire trucks and emergency vehicles to power various auxiliary equipment including hydraulic pumps, generators, and air compressors further driving the growth of the market. For instance, in January 2022, Mack Trucks introduced Mack mDRIVE automated manual transmission system with a dual power takeoff option to maximize the functioning and performance of hydraulic systems in vehicles. The dual PTO system works efficiently with two direct mount hydraulic pumps, thus contributing significantly in accelerating the market growth.
Moreover, the growing demand of power take-offs in electric and hybrid vehicles to operate various systems and equipment including hydraulic systems, compressors, and refrigeration units is expected to create potential opportunities for the growth of the market. Power take-off systems offer a convenient and efficient solution for powering such auxiliary functions, enabling enhanced functionality and versatility for fleet operators. However, the high manufacturing cost associated with power take-offs serves as a major restraint for the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 730.64 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 7.9% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | 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 |
| 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Power Take-off Market Growth Drivers:
- Increasing demand for 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 is responsible for raising and lowering the tipper mechanism, thus 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.
Opportunities
- The growing demand of PTO in electric and hybrid vehicles to operate various systems and equipment including hydraulic systems, compressors, and refrigeration units is expected to create potential opportunities for the growth of the market.
Global Power Take-off Market Segmentation Details:
Based on Type, the mechanical power take-off segment contributed the largest shares to the market growth in 2022 as mechanical PTO is a cost-effective system in comparison to hydraulic and electrical systems. Additionally, mechanical power take-off systems are vastly deployed in various industries including agriculture and construction as the systems offer compatibility with a wide range of equipment and machinery. Mechanical power take-off systems are flexible and accommodate different power requirements and equipment configurations, becoming suitable for various applications, thus driving the growth of the mechanical segment.
Based on Mounting Type, the 6-bolt power take-off segment offered substantial shares to the global power take-off market in the year 2022. The growth of the market is credited to the ability of power take-off to be easily integrated into different powertrain configurations, allowing for seamless installation and connection to auxiliary equipment. Moreover, the advancements in technology to reduce carbon footprints and fuel consumption are also contributing significantly in promoting the growth of the 6-bolt power take-off segment.
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Based on Application, the automotive segment offered substantial shares to the global power take-off market in the year 2022. The growth is attributed to the ability of power take-off to transfer power from the vehicle's engine to the hydraulic pump, allowing for efficient and controlled operation of the dumping or tipping function. Additionally, power take-off systems are essential in fire trucks and emergency vehicles to power various auxiliary equipment including hydraulic pumps, generators, and air compressors further driving the growth of the market.
Based on region, North America has been a major contributor to the growth of the power take-off market owing to the early adoption of advanced technologies including power take-off to effectively transfer power from the engine to auxiliary equipment. Additionally, the region encompasses key manufacturers that invest heavily in research and development to improve product performance, efficiency, and compatibility. Moreover, the key players also apply strategic decisions through mergers and acquisitions to expand the existing customer base and to strengthen the market position. Consequently, the early adoption of advanced technologies and the presence of key players serve as the major factor responsible for accelerating the growth of the power take-off market in North America.
Recent Developments
- In March 2023, a madein successful test of the DRDOs power take-off shaft was organized on light combat aircraft in Bengaluru. The product is designed and manufactured by the Combat Vehicles Research & Development Establishment and Chennai Defense Research and Development Organization for the transmission of power between aircraft mounted accessory gearbox and aircraft engine gearbox.
- In May 2022, ZF and Mercedes-Benz Trucks partnered together to equip the electric trucks with eWorX, an electrified Power Take-Off (PTO) system to effectively transfer power with zero-emissions.
Key Market Highlights
- Globally, power take-offs are divided based on the type into mechanical, electrical, and hydraulic.
- In the context of mounting type, the market is separated into power take-offs - 6 bolt, power take-offs - 8 bolt, power take-offs - 10 bolt, and others.
- The application segment is classified into automotive, machinery, agriculture, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in power take-off systems.
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List of Major Global Power Take-off Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- 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
Global Power Take-off Market Segmentation:
- By Type
- Mechanical
- Electrical
- Hydraulic
- By Mounting Type
- Power Take Offs - 6 Bolt
- Power Take Offs - 8 Bolt
- Power Take Offs - 10 Bolt
- Others
- By Application
- Automotive
- Machinery
- Agriculture
- Others
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Key Questions Covered in the Power Take-off Market Report
- What will be the potential market valuation for the power take-off market by 2030?
- The market valuation for the power take-off market is expected to be approximately USD 730.64 Million by 2030 driven by the increasing adoption of PTO systems in the automotive industry.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the power take-off market's growth in the coming years?
- Asia Pacific is anticipated to have the largest impact on the power take-off market during the forecast period owing to the expanding agriculture industry that raises the demand for advanced power take-off.
- What specific segmentation details are covered in the power take-off market report, and how is the dominating segment impacting the market growth?
- Automotive segment accounted for the largest market share in 2022 by application as power take-off systems are employed in dump trucks and tippers to power the hydraulic systems responsible for raising and lowering the tipper mechanism.
- What specific segmentation details are covered in the power take-off market report, and how is the fastest segment anticipated to impact the market growth?
- The agriculture segment accounted for the largest market share as power take-off systems are primarily deployed to power a wide range of equipment attached to tractors including rotary tillers, mowers, balers, sprayers, seeders, spreaders, and hay rakes.
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