DUBLIN–(BUSINESS WIRE)–The “Malaysia Engine Testing Service Market Outlook: Market Forecast By Types, By Engine Types, By End Users (Component Manufacturers, Third Party Maintenance And Service), By Regions And Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Malaysia Engine Testing Service Market size is projected to grow at a CAGR of 7.4% during 2021E-27F.
Malaysia Engine Testing Service market report thoroughly covers market by types, engine types, end users and regions. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Malaysia Engine Testing Service Market Synopsis
Malaysia engine testing service market is growing at a significant rate over the past few years owing to the growing economic activities across the country which leads to more usage of machineries, and hence acting as a major growth driver for engine testing servicing.
The COVID-19 pandemic has negatively affected the engine servicing industry in terms of lower usage of machines in the peak season, strict lockdown disrupting major economic activities and supply chain system of the country as Malaysia is highly dependent on port trade activities and cargo services through sea route.
However, the market is expected to recover sharply in the coming years owing to lifting of lockdown restrictions and increasing budget allocation in the 12th Malaysian Plan 2021-2025 by the government.
The market is broadly divided into five segments: Agriculture, Marine, Power Generation, Construction Equipment and Industrial Equipment. Construction equipment segment dominates the market owing to their maximum use in infrastructure development activities and housing development plans.
Additionally, growth in number of construction projects across the country would further increase the demand for equipments in coming years leading to a significant market growth. In terms of market segment by engine types, diesel engine segment held the largest revenue share in the year 2020 as most of machines uses diesel as a fuel in order to get maximum production output for smooth operations.
Market by Types Analysis
In terms of types, construction equipment segment has captured 37.5% of the market share of revenues in 2020. Construction Equipment has accounted for maximum revenue share due to the use of machineries in the infrastructure development, enhancing the transportation system of the country.
Key Highlights of the Report
Company Profiles
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
By Engine Types
By End Users
By Regions
For more information about this report visit https://www.researchandmarkets.com/r/7wiii6
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