Global Off-Highway Vehicle Engine Market Report and Forecast 2024-2032

Global Off-Highway Vehicle Engine Market Outlook

The global off-highway vehicle engine market size is expected to grow at a CAGR of 7.30% between 2024 and 2032. The major market drivers include increasing demand for off-highway vehicles, and thriving construction and agricultural sectors.

Key Trends in the Market

An off-highway vehicle engine is a vehicle engine that can be used to power off-highway vehicles that are designed to traverse uneven and steep grounds such as those in construction or agricultural settings. They require more power than a regular engine vehicle and are typically powered by diesel or gasoline.

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• Growth in infrastructure activities and rapid urbanisation in both residential as well as non-residential sectors along with industrial sector has boosted the demand for construction machinery, thereby fuelling the growth of the off-highway vehicle engine market. Due to the uneven terrain encountered, off-highway vehicles are commonly used in these sectors.

• Increasing agricultural activities to meet rising food demands for growing populations and surging adoption of agricultural machinery equipment supported by various governments are bolstering the demand for robust off-highway vehicle engines.

• Rising research and development activities are aimed at developing sophisticated off-highway vehicle engine machinery. These activities are expected to contribute towards decrease in the production costs and thereby increase the overall productivity.

Market Analysis

Based on power output, the market is bifurcated into construction machinery and agriculture machinery. Construction machinery is further divided by type into up to 100 HP, 100-120 HP, 200-400 HP, and 400+ HP. Meanwhile, agriculture machinery is sub-divided by type into up to 30 HP, 30-50 HP, 50-70 HP, and 70+ HP. By fuel type, the market is segmented into diesel, and gasoline, among others. On the basis of region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global off-highway vehicle engine market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Yanmar Holdings Co., Ltd.

• Cummins Inc

• Deutz AG

• Komatsu America Corp.

• Volvo Group

• Others

Market Share by Fuel Type

Diesel is expected to account for a sizable share of the off-highway vehicle engine market owing to advantages associated with its utilisation such as easy refuelling and powerful performance. It is a high-power density fuel which is witnessing increasing demands from such vehicles and the low cost of diesel has further boosted its demand in the market. Advanced capabilities of diesel engines to convert fuel energy to mechanical energy as compared to gasoline engines is further propelling the growth of the market.

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Market Share by Region

The Asia Pacific is anticipated to witness significant growth in the off-highway vehicle engine market over the coming years, supported by increasing construction and agricultural activities in countries in the region. In countries such as China and India, the large populations are increasing the demand for agricultural output, leading to increased adoption of agricultural machinery, including off-highway vehicle engines. Growing demand for heavy-duty off-highway vehicles in agriculture and increasing investments towards infrastructure development are expected to aid the market growth of off-highway vehicle engines in the Asia Pacific.

Competitive Landscape

Yanmar Holdings Co. Ltd. is an agricultural machinery company that manufactures and markets diesel engines, agricultural machinery, and heavy machinery. Headquartered in Osaka, Japan, and founded in 1912, the company produces construction machinery and other mechanical products as well.

Cummins Inc. was established in 1919 and is headquartered in Indiana in the United States. A multinational company, Cummins designs, manufactures, and supplies filtration products, hybrid engines, and engine products as well as designing power generation products and components.

Deutz AG was founded in 1864 and is based in Cologne, Germany. A motor and generator company, Deutz AG manufactures internal combustion engines, gas and electric drivetrains, and diesel-powered products that are of high quality and environment friendly.

Other market players include Komatsu America Corp., and Volvo Group, among others.

Key Highlights of the Report