Off-Highway Vehicle Engine Market Size, Share, Industry, Forecast and outlook (2024-2031)

Off-Highway Vehicle Engine Market is segmented By Power Output (Construction & Mining Equipment Engines (<100 HP Engines, 101-200 HP Engines, 201-400 HP Engines, >400 HP Engines), Agriculture Tractor Engines Market (<30 HP Engines, 31-50 HP Engines, 51-80 HP Engines, 81-140 HP Engines, >140 HP Engines)), By Fuel Type (Gasoline, Diesel, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Off-Highway Vehicle Engine Market Overview

[150 Pages Report] The Off-Highway Vehicle Engine Market is expected to grow at a CAGR of 7.1% during the forecasting period (2024-2031).

Off-Highway Vehicle Engine Market Scope

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• An off-highway vehicle is a wheeled motorized vehicle not designed for use on highways and capable of cross-country travel on land, marsh, swampland, or another natural terrain. The market is mostly driven by the increased adoption of Highway vehicles across the construction and agriculture domains.
• The global Off-Highway Vehicle Engine accounted for YY thousand units in the 2017 market by volume and is expected to grow at a CAGR of 6.98 % to reach YY thousand units in 2025.

Off-Highway Vehicle Engine Market Dynamics

• The increasing mechanization in agriculture across the globe is one of the prime driving factors of the off-highway vehicle engine market. Agricultural mechanization is the process whereby equipment, machinery, and implements are utilized to boost agricultural and food production.
• The ever-increasing need and demand for food have resulted in increased penetration of mechanical equipment within agriculture such as tractors, harvesters, and crop sprayers. Moreover, growing demand from developed countries has also provided necessary support to the off-highway vehicle engine market.
• Further, the Association of Equipment Manufacturers, US has expected a reliable forecast about agriculture vehicle sales which is anticipated to reach 246.3 thousand vehicles by the end of 2020.
• However, the engines also need proper maintenance constantly which is quite costly. Further, the massive investments and high manufacturing costs required for the manufacturing of the engine would hamper the growth of the market.

Off-Highway Vehicle Engine Market Segmentation

• The global Off-Highway Vehicle Engine market is segmented by the power output of the engine and the fuel type. By the power output of the engine, the market is segmented into less than 100 HP, 101-200 HP, 201-400 HP, and more than 400 HP engines.
• By fuel type, the market is segmented into gasoline, diesel, and others. The other category consists of liquefied petroleum gas and biofuels such as ethanol. Diesel engines hold the majority of the market share owing to the increased efficiency and low cost of diesel compared to gasoline.
• Gasoline engines are typically 30% efficient while diesel engines can convert over 45% of the fuel energy into mechanical energy. Diesel engines provide a unique combination of power, performance, reliability, fuel efficiency and now low emissions, it is the technology of choice and the workhorse of the construction sector, powering more than 75 percent of all heavy construction equipment across the globe.

Off-Highway Vehicle Engine Market Geographical Analysis

• The global off-highway vehicle engine market is segmented into the regions: North America, Europe, Asia Pacific, South America, and others. The use of Off-Highway Vehicle Engines is highest in Asia-Pacific among the developing world.
• Emerging markets such as India, where the farm sector is relatively less capitalized, are expected to lead the agricultural equipment market within the Asia-Pacific region. Moreover, rapid construction activities in China would also boost the market growth for the off-highway vehicle engines market.

Off-Highway Vehicle Engine Market Competitive Analysis

• The global Off-Highway Vehicle Engine market is highly concentrated with various global and regional players. The key players are focusing on strengthening their technological expertise and expanding their product portfolio.
• They are focused on developing a portfolio of alternative power for the industrial market, including fully electric and range-extending electric drivelines. For instance, Cummins, in April 2018, launched its first off-highway electrified power systems.
• The key vendors are also focusing on offering engines with increased efficiencies. For instance, John Deere May 2018, launch a new diesel engine that provides hydraulic flow for fast cycle times, greater flow for attachments, and more important efficiency for improved fuel economy.

A few of the key market players in the global off-highway vehicle engine market are

• Caterpillar Inc.

• Cummins Inc.

• Deere & Company

• Deutz AG

• Kubota Corporation

• MTU Friedrichshafen GmbH

• Scania AB

• Volvo CE

• Weichai Power Co. Ltd.

• Yanmar Co. Ltd.