Press release
Off Highway Vehicle Engine Market Is Presumed To Reach 14100 Million USD by The End of 2025 - QY Research
An off-road vehicle is considered to be any type of vehicle which is capable of driving on and off paved or gravel surface. It is generally characterized by having large tires with deep, open treads, a flexible suspension, or even caterpillar tracks. Other vehicles that do not travel public streets or highways are generally termed off-highway vehicles, including tractors, forklifts, cranes, backhoes, bulldozers, and golf carts. Off Highway Vehicle Engine is the engine specifically designed for off road vehicle.
In the coming years there is an increasing demand for off-highway vehicle engine in the regions of North America and Europe that is expected to drive the market for more advanced off-highway vehicle engine. Growth in government budgets in the principal countries, increasing of construction fields expenditures, more-intense competition, launches in introducing new products, increasing of spending on agricultural machinery, retrofitting and renovation of old technology, increasing adoption of off-highway vehicle engine will drive growth in North America and Europe markets.
Globally, the off-highway vehicle engine industry market is low concentrated as the manufacturing technology of off-highway vehicle engine is relatively matures than some high-tech equipment. And some enterprises, like Cummins, Caterpillar, MAN, etc. are well-known for the wonderful performance of their off-highway vehicle engine and related services. At the same time, North America, occupied about 27% revenue market share in 2016, is remarkable in the global off-highway vehicle engine industry because of their market share and technology status of off-highway vehicle engine.
The consumption volume of off-highway vehicle engine is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of off-highway vehicle engine industry may not keep that fast. But it is surely forecasted that the market of off-highway vehicle engine is still promising. The global Off Highway Vehicle Engine market was 11900 million US$ in 2017 and is expected to 14100 million US$ by the end of 2025, growing at a CAGR of 2.5% between 2018 and 2025.
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Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Off Highway Vehicle Engine in these regions, from 2013 to 2025, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil etc.)
Middle East and Africa (Egypt and GCC Countries)
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers. The key manufacturers in this market include
Cummins
Caterpillar
Kubota
MAN
Volvo Penta
FPT
Yanmar
Deutz
Yuchai
Deere
By the product type, the market is primarily split into
Under 50 Hp
50-100 Hp
Above 100 Hp
By the end users/application, this report covers the following segments
Construction Machinery
Agricultural Machinery
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