The global off-road vehicle engine market size reached US$ 37.59 billion in 2021. By 2027, it will reach US$ 54.12 billion, growing at a CAGR of 6.10% during the period 2022-2027.
SHERIDAN, WYOMING, USA, Nov. 22, 2022 /EINPresswire.com/ — IMARC Group recently released a new study titled “Off-Road Vehicle Engine Market: Global Industry Trends, Share, Size, Growth, opportunities and forecasts 2022 -2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How much is the global off-road vehicle engine market worth?
The global off-road vehicle engine market reached a value of US$37.59 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$54.12 billion by 2027, growing at a CAGR of 6.10% in 2022-2027.
What is an off-road vehicle engine?
An off-road vehicle (ORV) is a motor vehicle that is not intended to be driven or moved on a public road. This generally includes four-wheelers, three-wheelers, all-terrain vehicles (ATVs), motorcycles, dirt and dirt bikes, snowmobiles, etc. OHV has a flexible suspension, tracks, big tires with deep treads, etc. In recent times, several major automobile manufacturers have worked to improve the design of off-road vehicle engines to minimize pollutant emissions using numerous techniques, such as variable valve timing, direct fuel injection, combustion chamber, exhaust gas recirculation, etc. These methods help improve combustion efficiency which provides fuel efficiency.
Impact of COVID-19:
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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What are the key factors driving the growth of the off-road vehicle engine market?
Widespread adoption of agricultural machinery for planting, harvesting, processing, etc., is mainly driving the off-road vehicle engine market. Additionally, the increasing use of forklifts which are typically powered by gasoline and diesel engines for transporting heavy construction materials over rough terrain is further catalyzing the growth of the market. Additionally, the growing demand for Load Offloading Machines (LHD) in underground environment including mines to load and transport minerals is acting as another significant growth factor.
Additionally, all-terrain vehicles find many applications in construction operations, border patrol and security, emergency medical response, search and rescue, law enforcement, management and land surveying, military operations, oil exploration, etc., which also strengthens the global market. . Apart from this, the growing number of mining activities is expected to fuel the off-road vehicle engine market over the forecast period.
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The report has segmented the market into the following categories:
Breakdown by output power:
• Agricultural machinery
o Up to 30 HP
o 31-50 HP
o 51-80 HP
o 81-140 HP
o 140+ HP
• Construction machinery
o Up to 100 HP
o 101-200 hp
o 201-400 HP
o 400+ HP
Breakdown by engine capacity:
• • Capacity 5L-10L
• Capacity > 10 L
Breakdown by type of fuel:
• 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
List of major key players:
• AB Volvo
• AGCO Corporation
• Caterpillar Inc.
• Cummins Inc.
• Deere & Company
• Deutz AG
• Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
• JC Bamford Excavators Ltd.
• Komatsu Ltd.
• KUBOTA Company
• Mahindra & Mahindra Ltd.
• Weichai Power Co.Ltd
• Yanmar Holdings Co.Ltd.
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