Global Off Highway Vehicle Engine Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Off Highway Vehicle Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global off highway vehicle engine market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global off highway vehicle engine market size reached US$ 40.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 56.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.
Off highway vehicle engines are built with heavy-duty components and materials to withstand the rigors of off-road terrain, including shocks, vibrations, and exposure to dust and debris. They deliver high torque at low revolutions per minute (RPM), providing the necessary power for crawling over obstacles, towing heavy loads, or traversing rough terrain. They are integrated with superior air filtration systems to prevent contaminants from entering the engine, safeguarding its longevity in dusty or dirty environments. They can power a wide range of off-road vehicles, including construction equipment, agricultural machinery, and recreational vehicles, making them versatile in various industries. They power heavy construction equipment like bulldozers, excavators, and loaders, enabling the completion of demanding construction projects. They drive tractors, harvesters, and other farming machinery, enhancing agricultural productivity. They are widely used for mining operations, providing the necessary power for hauling, drilling, and material handling in challenging mining environments. Besides this, these engines are employed in logging equipment for tree felling, extraction, and transportation. Moreover, they are used in recreational vehicles, such as all-terrain vehicles (ATVs), snowmobiles, and dirt bikes, delivering thrilling off-road experiences.
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Global Off Highway Vehicle Engine Market Trends and Drivers:
Rapid urbanization and the increasing construction of residential and commercial buildings across the globe represent one of the primary factors influencing the market positively. Additionally, the rising adoption of mechanized farming practices is offering a favorable market outlook. Off-highway engines are used in modern agricultural machinery, including tractors, combines, and harvesters, contributing to increased agricultural productivity. Along with this, the increasing reliance of the mining industry on off-highway vehicles for excavation, transportation, and material handling is strengthening the growth of the market. Furthermore, the development of energy infrastructure, including power plants and renewable energy projects, is driving the need for off-highway equipment for construction and maintenance. Moreover, governing authorities of several countries are implementing stringent environmental regulations to encourage engine manufacturers to develop cleaner and more fuel-efficient off-highway engines. The integration of digital technologies and telematics systems into off-highway equipment is enhancing efficiency, enabling remote monitoring, predictive maintenance, and data-driven decision-making. In addition, key market players are increasingly adopting modular and flexible designs for off-highway engines, making it easier to adapt to different equipment types and applications. Besides this, rising investments by key players in research and development (R&D) activities for optimizing engine performance, reducing emissions, and enhancing fuel efficiency are creating a positive outlook for the market. Moreover, increasing collaborations between engine manufacturers and technology companies are bolstering the market growth.
Global Off Highway Vehicle Engine Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: AB Volvo, AGCO Corporation, Caterpillar Inc., Cummins Inc., Deere & Company, Deutz AG, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), J C Bamford Excavators Ltd., Komatsu Ltd., KUBOTA Corporation, Mahindra & Mahindra Ltd., Weichai Power Co. Ltd and Yanmar Holdings Co. Ltd.
The report segmented the market on the basis of region, power output, engine capacity and fuel type.
Breakup by Power Output:
- Agricultural Machinery
- Upto 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- 140+ HP
- Construction Machinery
- Upto 100 HP
- 101-200 HP
- 201-400 HP
- 400+ HP
Breakup by Engine Capacity:
- <5L Capacity
- 5L-10L Capacity
- >10L Capacity
Breakup by Fuel Type:
- Diesel
- Gasoline
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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