Rockville, Dec. 08, 2022 (GLOBE NEWSWIRE) -- As per this new survey by Fact.MR, market research and competitive intelligence provider, the global off-highway diesel engine market is estimated at US$ 98.6 billion in 2022 and is forecasted to increase at CAGR of 6.6% from 2022 to 2032. The global market is expected to grow along with the rapid expansion of the construction equipment market across the world.
Engines of a vehicle are designed to convert chemical energy into heat energy and heat energy into mechanical energy. These engines use fuel to create heat and the converted mechanical energy is used to run the vehicle. These engines are designed to have more torque. Off-highway diesel engine manufacturers are designing and developing engines to run on alternate fuel such as methanol, ethanol, biodiesel, natural gas, and synthetic natural gas. Hydrogen-powered engines that run on liquid hydrogen and hydrogen fuel cells and dimethyl ether as a fuel are trending in the market.
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Demand for modern construction & mining equipment is increasing, which is set to fuel the demand for off-highway diesel engines. In 2021, the global valuation of agriculture & forestry equipment stood at US$ 24.3 billion. To achieve sustainability, users are looking for improved engines for their vehicles. The use of technology to reduce emissions in off-highway vehicles is growing at a significant rate and the availability of low-polluting engines is the need of the hour.
Key Takeaways from Market Study
- The global off-highway diesel engine market is projected to create an absolute dollar opportunity of US$ 93.1 billion between 2022 and 2032.
- Above 24 litre engines dominated the market with a valuation of US$ 18.7 billion in 2022.
- Demand for 750 – 1,000 HP power engines will expand at a CAGR of 7.6% during the forecast period.
- By application, construction & mining equipment is poised to account 18.5% market share by the end of 2032.
- Demand for off-highway diesel engines is expected to increase at a CAGR of 5.5% in Europe.
Market Development
Despite challenging economic conditions, the off-highway diesel engine market's business environment has a bright outlook. Major manufacturers are resorting to mergers, acquisitions, partnerships, and collaborations to establish a strong foothold in the market.
Many off-highway diesel engine manufacturers have partnered with new technology companies, prominent industry players, and OEM manufacturers to improve the quality, adopt new technology, and increase their market penetration. Most companies have partnered to improve technology, which will likely help increase the demand for off-highway diesel engines over the coming years.
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Competitive Landscape
Diesel engines with low emissions have become the primary focus for manufacturers as they have realized the urgency of the situation. With the help of advanced technologies such as oxidation catalysts, particulate filters, and selective catalytic reduction systems & efficient combustion, these new diesel engines will reduce emissions.
Several marketing strategies have been adopted such as strategic alliances, product launches, partnership agreements, capacity expansions, and many more by industry participants.
Fact.MR has provided detailed information about the price points of key manufacturers of off-highway diesel engines positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Companies Profiled
- AGCO
- Deutz
- FPT Industrial
- JCB
- John Deere
- Kohler
- Kubota
- Loncin
- Mahindra
- Mercury
- Scania AB
- Volvo
- Weichai
- Yanmar
- Zongshen Power Co
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Segmentation of Off-Highway Diesel Engine Industry Research
- By Engine Type :
- Up to 2 L
- 2-4 L
- 4-8 L
- 8-12 L
- 12-16 L
- 16-20 L
- 20-24 L
- Above 24 L
- By Power Output :
- < 50 HP
- 50 HP – 80 HP
- 80 HP – 120 HP
- 120 HP – 150 HP
- 150 HP – 180 HP
- 180 HP – 220 HP
- 220 HP – 250 HP
- 250 HP – 300 HP
- 300 HP – 500 HP
- 500 HP – 750 HP
- 750 HP – 1,000 HP
- Above 1,000 HP
- By Application :
- Construction Equipment
- Agriculture & Forestry Equipment
- Landscape & Maintenance Equipment
- Mining Equipment
- Industrial Trucks
- Power Sports
- Marine
- Genset
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global off-highway diesel engine market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of engine capacity (up to 2 L, 2-4L, 4-8L, 8-12L, 12-16L, 16-20L, 20-24L, above 24L), power output (<50 HP, 50 HP - 80 HP, 80 HP - 120 HP, 120 HP - 150 HP, 150 HP - 180 HP, 180 HP - 220 HP, 220 HP - 250 HP, 250 HP - 300 HP, 300 HP - 500 HP, 500 HP - 750 HP, 750 HP - 1000 HP, above 1000 HP), and application (construction equipment, agriculture & forestry equipment, landscape & maintenance equipment, mining equipment, industrial trucks, power sports, marine, gensets), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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