Market Size – USD 26.87 Billion in 2018, Market Growth – 8% CAGR, Market Trends – Increase Use of Mechanization in Agriculture
The global off-road vehicle engine market is expected to reach $ 51.43 billion by 2026, according to a new report from Reports and Data. Off-road engines are machines designed to convert some form of energy into mechanical energy. It is mainly used in off-road vehicles. These vehicles are driven on and off tiled or stony and stony surfaces. They have big tires and a flexible suspension.
Off-road vehicles are used for exploring the asphalt road. With high clearance and these motor vehicles, trails and forest areas with low traction surface are also explored. The demand for these vehicles is increasing due to their use in trekking and exploration activities. The boom in mining, agriculture, infrastructure and construction has increased demand for this market. These vehicles are usually diesel-based, but strict government standards have prompted companies to use other alternatives.
Asia Pacific is expected to be a key revenue generating region during the forecast period with a CAGR of 21%. India China, Indonesia and Thailand are the countries that will market off-road vehicles. With the increase in housing projects, the construction of roads and airports in turn increases the demand of the road vehicle market by increasing the demand for construction equipment in these regions. The agricultural sector is also growing in this market. The application of the agricultural tractor in the field is increasing, thus encouraging the growth of off-road vehicles in this market as well.
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Key questions answered by the report:
- What will the size and growth rate be during the forecast year?
- What are the key factors that fuel it?
- What are the risks and challenges in front of?
- Who are the main suppliers of?
- What are the trend factors influencing stocks?
- What are the main results of Porter’s five forces model?
- What are the overall opportunities to expand the?
Chapter 1. Market synopsis
1.1. Market definition
1.2. Scope and premise of the research
1.4. Market estimation technique
Chapter 2. Executive summary
2.1. Summary overview, 2019-2026
Chapter 3. Indicative measures
3.1. Macro indicators
3.1.1. Global rise in construction
3.1.2. Increased demand for mechanization in agriculture
3.1.3. Market fragmentation
3.1.4. Developing countries will show their dominance …
To identify key industry trends, click on the link below:https://www.reportsanddata.com/report-detail/off-highway-vehicle-engine-market
Other key findings from the report suggest
- Off-road vehicles are designed and manufactured to operate on rocky or rough terrain, or on asphalt roads. These are mainly used for construction, mining and also in agriculture. The increasing socio-economic situation on a global scale has fueled this market.
- The agricultural sector is dominated by
- Off-road engines are primarily gasoline or diesel based. Both are used in internal combustion to generate mechanical energy. Strict government policies quickly witness the conversion of these vehicles to natural gas.
- The main driving force behind the market is expected to be the construction segment. This segment is expected to hold a 63% market share. The recovery of the construction industry in Europe has created a strong demand in this sector for this region.
- After the construction sector, it is the agricultural sector that is on the rise. With the increasing demand for mechanization in this sector, APAC is witnessing a strong demand from farmers. This region is expected to hold the largest market share of 37%. The emergence of construction is also stimulating the market in this region. Europe is closely following its construction overhaul.
- The main participants are Cummins Inc., Kubota Corporation, Caterpillar Inc., Deutz AG, Deere and Company, Hitachi Construction Machinery Co. Ltd., JC Bamford Excavators Ltd., Mahindra and Mahindra Ltd., Massey Ferguson Ltd. and Volvo CE.
- Deutz presented a very compact designed motor which makes it easy to install in all kind of applications. It is a pair of four-cylinder diesel engines, which meet the European Stage V emission standard. It also meets the US Tier 4 final.
- The increase in business investment is expected to create lucrative growth opportunities for the market. For example, in February 2020, Daimler India Commercial Vehicles (DICV) revealed plans to manufacture engines for off-road vehicles and supply trucks for defense.
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For the purpose of this report, reports and data have segmented the global off-road vehicle engines market on the basis of power output, engine displacement, fuel type, and region:
- By output power:
- Construction and mining equipment
- 101-200 HP engines
- 201-400 HP engines
- > 400 HP motors
- Agricultural Tractor Engines
- Engines 31-50 HP
- 51-80 HP engines
- 81-140 HP engines
- > 140 HP motors
- By engine capacity:
- 5l-10l engines
- > 10l Engines
- By fuel type:
- Outlook by Region (Revenue, USD Million; 2018-2026)
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