The off-road vehicle engine market size is expected to reach USD 69.03 billion at a CAGR of 7.3%, in 2028

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Off-Road Vehicle Engine Market Size – USD 39.14 Billion in 2020, Market Growth – at a CAGR of 7.3%, Market Trends – Mining Sector Growth

NEW YORK, NY, USA, Jan. 21, 2022 /EINPresswire.com/ — Rising farm automation and increased construction activity drive market revenue growth

According to the latest Reports and Data report, the global off-road vehicle engine market size is expected to reach USD 69.03 billion in 2028 and register a revenue CAGR of 7.3% over the forecast period. The steady growth in off-road vehicle engine market revenue is largely driven by increased farm automation and rising construction activity. Off-road engines are designed for vehicles intended to operate in rough terrain or for off-road operations, such as construction, mining, and agriculture.

Factors such as increased government spending in the agriculture, construction and mining sectors in countries like China and India, increasing market competition and the introduction of new products contribute to the market revenue growth. However, strict government standards against vehicle emissions and pollution issues are hampering the market revenue growth over the forecast period.

Companies profiled in the global market report include Caterpillar Inc., Cummins Inc., MTU Friedrichshafen GmbH, Deere & Company, Kubota Corporation, Deutz AG, Scania AB, Weichai Power Co. Ltd., Volvo CE, Yanmar Co. Ltd. .

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Some highlights of the report

• 101-200 HP construction and mining equipment is widely preferred by off-road vehicle users. The current increase in road development activities, especially in developing countries, has increased the demand for motor graders and this is expected to increase further during the forecast period. Motor graders with engine power between 140 HP and 200 HP are in high demand, as they can be used to create fine, smoother surfaces, level the ground and move small amounts of dirt.
• Agricultural tractor engines with a displacement of 5 to 10 L are highly demanded by farmers for various agricultural applications. The growth is due to the majority of agricultural tractors using 5L engines for plowing and cultivating the soil. These tractors can also be used for multiple tasks, such as removing shrubbery, spreading/moving fertilizer, landscaping, and lawn maintenance.
• The off-road vehicle engine market in Asia-Pacific accounted for the largest revenue share in 2020. The Chinese market for tractors and other types of construction equipment is expected to grow at a faster rate during the forecast period and the main reason for this growth is the expenditure incurred on the local infrastructure projects. Countries in the region such as China, India, and Singapore are constructing metros, bridges, and other urban transportation infrastructure, which, in turn, is supporting the growth of the market.
• The off-road vehicle engine market in Europe is expected to grow at a faster rate in terms of revenue share during the forecast period. The increase in commercial construction activities and the growing use of heavy agricultural machinery are attributed to the growing market revenue in Europe.

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For the purposes of this report, Reports and Data has segmented the off-road vehicle engine market on the basis of horsepower type, engine capacity, fuel type and region:

Energy Type Outlook (Revenue, USD Million; 2018-2028)

• Construction and mining equipment engines
o Motors o 101-200 HP engines
o 201-400 HP engines
o Engines >400 HP
• Agricultural tractor engines
o Motors o 31-50 HP engines
o 51-80 HP engines
o Engines from 81 to 140 HP
o Engines >140 HP

Engine Capacity Outlook (Revenue, USD Million; 2018-2028)

• Construction and mining equipment engines
o Motors o 5l-10l engines
o Engines >10l
• Agricultural tractor engines
o Motors o 5l-10l engines
o Engines >10l

Fuel Type Outlook (Revenue, USD Million; 2018-2028)

• Gasoline
• Diesel
• Other fuels

Regional Outlook (Revenue, USD Million; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Benefits of Off-Road Vehicle Engines Report:

• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the Off-Road Vehicle Engine industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations

In conclusion, all aspects of the Off-Road Vehicle Engines Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.

Tushar Rajput
Reports and data
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