Pune, India., Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global off-highway vehicle engine market size was valued at USD 22.45 billion in 2022 and is projected to grow from USD 23.59 billion in 2023 to USD 35.79 billion by 2030, exhibiting a CAGR of 6.1% during the forecast period. Off-highway vehicles are designed and developed for off-highway surfaces such as uneven terrains or narrow agricultural lands. The rising utilization of off-highway engines is allocated to the high growth in global construction and agricultural machinery sales. Increased infrastructure activities and fast urbanization have propelled the demand for construction machinery in the market.
The global off-highway vehicle engine market research report offers a comprehensive and insightful analysis of off-highway vehicle engine industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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Drivers & Restraints-
Growing Agricultural Mechanization to Drive the Market
Agricultural mechanization enables high productivity while decreasing labor input hours. Adopting agricultural machinery is estimated to drive market growth due to high engine capacity tractors and combined harvesters, enabling farms to strengthen production and increase productivity. However, high-capacity performance is not comparable to diesel engines, and thus customers mainly prefer off-highway diesel engines in agricultural and construction equipment.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 6.1% |
| 2030 Value Projection | USD 35.79 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 23.59 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Joint Venture and Strategic Partnership to Aid the Market Growth
The key off-highway vehicle engine players, including Deutz AG, Hitachi Construction, and Mahindra & Mahindra Ltd. are focusing on joint ventures and strategic partnerships to expand their manufacturing operations worldwide. The key players are enhancing their manufacturing capabilities through partnerships and technology sharing with regional manufacturers worldwide.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/off-highway-vehicle-engine-market-103589
Segments-
Growing Investment in the Construction Industry to Drive Construction Machinery Segment
By power output, the market is classified into agriculture machinery and construction machinery. The construction machinery segment dominated the off-highway vehicle engine market share in 2022. Rapidly rising infrastructural and construction activities worldwide, rapid urbanization, and government focus on developing smart cities are estimated to drive market growth during the forecast period.
Diesel Engine Vehicles’ High Load Carrying Capacity to Drive Market Growth
The market is divided into diesel, gasoline, and others by fuel type. The diesel segment dominated the market in 2022 with the largest market share. The rising demand for power for different agricultural and construction applications and the high load-carry capacity of off-highway vehicle engines drive the market growth during the forecast period. Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
| Segmentation | By Power Output
|
By Fuel Type
|
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Regional Insights-
Rising Infrastructure Activities are driving the Market in Asia Pacific
Asia Pacific has dominated the market with the highest market share in 2022. The rising infrastructure activities, such as housing and road construction, fueling the demand for construction equipment is propelling the market growth during the forecast period.
Europe is estimated to grow significantly in the market during the forecast period. The region's rising non-residential and construction activities propel the demand for off-highway vehicle engines.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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A list of prominent Off-Highway Vehicle Engines manufacturers operating in the global market:
- Caterpillar Inc. (U.S.)
- Cummins Inc. (U.S.)
- Deutz AG (Germany)
- Kubota Corporation (Japan)
- Deere & Company (U.S.)
- Komatsu Ltd. (Japan)
- Hitachi Construction Machinery Co. Ltd. (Japan)
- AGCO Corporation (U.S.)
- JC Bamford Excavators Ltd. (U.K.)
- Mahindra & Mahindra Ltd. (India)
COVID-19 Impact:
Rising Construction & Agricultural Activities during Pandemic Aided Market Growth
The pandemic positively impacted the off-highway vehicle engine market growth due to rising construction and agricultural activities. In India, tractor sales increased during the COVID-19 pandemic period. Nearly 660,341 tractors were sold from April 2010 – December 2020, experiencing a growth of around 17.35% during the pandemic.
Notable Industry Development:
• December 2022: One of the biggest off-highway vehicle manufacturers, CNH Industrial, has introduced T7 Methane Power Liquefied Natural Gas (LNG) tractor pre-production prototype. The company is dedicated to developing off-highway vehicle engines having low carbon footprints.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- Technological Developments
- Impact of COVID-19
- Global Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Output
- Construction Vehicle
- Less than 100 HP
- 101-200 HP
- 201-400 HP
- More than 400 HP
- Agricultural Vehicle
- Less than 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- More than 140 HP
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Output
- Construction Vehicle
- Less than 100 HP
- 101-200 HP
- 201-400 HP
- More than 400 HP
- Agricultural Vehicle
- Less than 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- More than 140 HP
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Others
- Market Analysis – By Country
- U.S.
- By Power Output
- Canada
- By Power Output
- Mexico
- By Power Output
- Europe Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Output
- Construction Vehicle
- Less than 100 HP
- 101-200 HP
- 201-400 HP
- More than 400 HP
- Agricultural Vehicle
- Less than 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- More than 140 HP
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Others
- Market Analysis – By Country
- U.K.
- By Power Output
- Germany
- By Power Output
- France
- By Power Output
- Rest of Europe
- By Power Output
- Asia Pacific Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Output
- Construction Vehicle
- Less than 100 HP
- 101-200 HP
- 201-400 HP
- More than 400 HP
- Agricultural Vehicle
- Less than 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- More than 140 HP
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Others
- Market Analysis – By Country
- China
- By Power Output
- Japan
- By Power Output
- India
- By Power Output
- South Korea
- By Power Output
- Rest of Asia Pacific
- By Power Output
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