With 6.10% CAGR, Off Highway Vehicle Engine Market to Hit USD 54.12 Billion by 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.

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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COVID-19 Impact on Market: (Positive Impact)

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Off Highway Vehicle Engine Market Trends and Drivers:

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.

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Global Off Highway Vehicle Engine Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these top key players include:

AB Volvo, AGCO Corporation, Caterpillar Inc., Cummins Inc., Deere & Company, Deutz AG, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), J C Bamford Excavators Ltd., Komatsu Ltd., KUBOTA Corporation, Mahindra & Mahindra Ltd., Weichai Power Co. Ltd and Yanmar Holdings Co. Ltd.

The report has segmented the market on the basis of region, power output, engine capacity and fuel type..

Breakup by Power Output:
• Agricultural Machinery
o Upto 30 HP
o 31-50 HP
o 51-80 HP
o 81-140 HP
o 140+ HP

• Construction Machinery
o Upto 100 HP
o 101-200 HP
o 201-400 HP
o 400+ HP

Breakup by Engine Capacity:
• 10L Capacity

Breakup by Fuel Type:
• Diesel
• Gasoline
• Others

Breakup by Region:
• 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

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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