Market Overview 2022-2027:
The latest research study “Off Highway Vehicle Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global off highway vehicle engine market reached a value of US$ 37.59 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 54.12 Billion by 2027, exhibiting a CAGR of 6.10% during 2022-2027.
Off Highway Vehicle Engine Market Overview:
An off-highway vehicle (OHV) refers to a motor vehicle that is not intended to be driven or moved on a public highway. It generally includes four-wheelers, three-wheelers, all-terrain vehicles (ATVs), motorcycles, dirt and trail bikes, snowmobiles, etc. OHV has flexible suspension, caterpillar tracks, large tires with deep treads, etc. In recent times, several leading automotive manufacturers have worked to improve off highway vehicle engine designs for minimizing the emission of pollutants using numerous techniques, such as variable valve timing, direct fuel injection, combustion chamber mixing, exhaust gas recycling, etc. These methods assist in enhancing the efficiency of combustion that offers energy efficiency.
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Market Trends:
The widespread adoption of agricultural machinery in planting, harvesting, processing, etc., is primarily driving the off-highway vehicle engine market. Additionally, the growing utilization of forklift trucks that are generally powered by petrol and diesel engines for transporting heavy building materials across rough terrain is further catalyzing the market growth. Besides this, the escalating demand for load haul dump (LHD) machines in an underground environment, including mines, to load and transport minerals is acting as another significant growth-inducing factor.
Moreover, all-terrain vehicles find extensive applications in construction operations, border patrol and security, emergency medical response, search and rescue, law enforcement, land management and surveying, military operations, oil exploration, etc., which is also bolstering the global market. Apart from this, the rising number of mining activities is anticipated to fuel the off-highway vehicle engine market over the forecasted period.
| Off Highway Vehicle Engine Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 37.59 Billion |
| Market forecast in 2027 | US$ 54.12 Billion |
| Growth Rate | CAGR of 6.10% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Power Output, Engine Capacity, Fuel Type and Region |
Report Segmentation:
The report has been segmented the market into following categories:
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 Geography:
- 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
Competitive Landscape with Key Player:
- AB Volvo
- AGCO Corporation
- Deutz AG
- Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
- J C Bamford Excavators Ltd.
- Komatsu Ltd.
- KUBOTA Corporation
- Caterpillar Inc.
- Cummins Inc.
- Deere & Company
- Mahindra & Mahindra Ltd.
- Weichai Power Co. Ltd
- Yanmar Holdings Co. Ltd.
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