Dublin, July 12, 2022 (GLOBE NEWSWIRE) -- The "Off-highway Vehicle Engine Market Size, Share, Trends, By Power Type, By Engine Capacity, By Fuel Type, and by Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global off-highway vehicle engine market size is expected to reach USD 80.13 Billion in 2030 and register a revenue CAGR of 7.3% from 2020 to 2030, according to the latest report. Steady market revenue growth of Off-highway Vehicle Engine is largely driven by increased agriculture. Increasing demand for off-highway vehicles in construction, mining, and agricultural applications is projected to drive the market growth over the forecast period.
The construction industry accounted for a share of 40% in 2018 and is expected to grow at a CAGR of 8.5% from 2020 to 2030 on account of rising investments towards infrastructure development. In addition, rapid industrialization and urbanization across the globe is projected to propel the demand for off-highway vehicles in construction applications over the forecast period.
The Asia Pacific region dominated the global market with a revenue share of 47% in 2018. Emerging economies of China and India are anticipated to witness significant growth on account of strong economic development and industrialization. The European region is expected to witness a CAGR of 8.2% from 2020 to 2030 on account of increasing demand for modern agricultural practices such as precision farming and livestock management.
Factors such as increased government expenditures on infrastructural development coupled with the need for advanced and powerful machines in construction and mining industries are fueling the market demand for off-highway vehicle engines. In addition, the replacement of old fleet is also propelling the growth of this market. However, stringent emission norms imposed by government bodies are hindering the market growth to some extent.
Some Key Highlights from the Report
The construction & mining equipment segment is projected to grow at the highest CAGR during the forecast period. The prime factor driving the market growth is increased demand for higher engine power in construction and mining vehicles, which has resulted in manufacturers offering more powerful OHV engines.
The automotive segment is projected to be the largest market during the forecast period. Automotive applications are estimated to hold the largest share of the off-highway vehicle engine market in 2018, in terms of volume. The automotive segment includes passenger cars, light commercial vehicles, and heavy commercial vehicles. The major factors driving the growth of the automotive segment include increased demand for light and heavy commercial vehicles, particularly in the Asia-Pacific and North American regions.
For the purpose of this report, the publisher has segmented the Off-highway Vehicle Engine Market based on Power type, Engine capacity, Fuel Type, and region:
Power Type Outlook
Construction & Mining Equipment Engines
Agriculture Tractor Engines
Engine Capacity Outlook
< 5l Engines
Fuel Type Outlook
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Off-highway Vehicle Engine Market Segmentation & Impact Analysis
4.1. Off-highway Vehicle Engine Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
22.214.171.124. Rapid growth of construction and agriculture industry across the globe
126.96.36.199. Increasing need for enabling farmers to enhance production and increase farm productivity
4.2.3. Market restraints analysis
188.8.131.52. Increasing costs for purchases, maintenance, and fuel
184.108.40.206. Concerns regarding high emissions from diesel engines
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Off-highway Vehicle Engine Market By Power Type Insights & Trends
5.1. Power Type Dynamics & Market Share, 2022 & 2030
5.2. Construction & Mining Equipment Engines
5.2.1. Market estimates and forecast, 2019 - 2030 (USD Billion)
5.2.2. Market estimates and forecast, By Region, 2019 - 2030 (USD Billion)
5.3. Agriculture Tractor Engines
5.3.1. Market estimates and forecast, 2019 - 2030 (USD Billion)
5.3.2. Market estimates and forecast, By Region, 2019 - 2030 (USD Billion)
Chapter 6. Off-highway Vehicle Engine Market By Engine Capacity Insights & Trends
Chapter 7. Off-highway Vehicle Engine Market By Fuel Type Insights & Trends
Chapter 8. Off-highway Vehicle Engine Market Regional Outlook
8.1. Off-highway Vehicle Engine Market share By Region, 2022 & 2030
Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
Deere & Company
J C Bamford Excavators Ltd.
Mahindra & Mahindra Ltd.
Hitachi Construction Machinery Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3f8ued
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