About Off Highway Engine
The global Off-Highway Engine market is expected to high growth in the forecasted period due to increasing agriculture mechanization trends in developing countries and spike in residential and commercial construction projects globally. The off-highway engine is a machine designed to convert one form of energy into mechanical energy and is used in off-road vehicles. Heat engines burn fuel to create heat that is then used to power vehicles.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Off Highway Engine market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Caterpillar Inc. (United States), Cummins Inc. (United States), Deutz AG (Germany), Kubota Corporation (Japan), J. C. Bamford Excavators Ltd. (United Kingdom), Deere and Company (United States), Hitachi Construction Machinery Co. Ltd. (Japan), AGCO Corporation (United States) and Mahindra and Mahindra Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Massey Ferguson Ltd (United States) and others.
Segmentation Overview
AMA Research has segmented the market of Global Off Highway Engine market by Type (Agricultural Machinery [Up to 30 HP, 30-50 HP, 50-70 HP, 70+ HP] and Construction Machinery [Upto 100 HP, 100-120 HP, 200-400 HP, 400+ HP]), Application (Construction Machinery, Agricultural Machinery and Other) and Region.
On the basis of geography, the market of Off Highway Engine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Capacity, the sub-segment i.e. <5L will boost the Off Highway Engine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Type, the sub-segment i.e. Gasoline will boost the Off Highway Engine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growth of Infrastructure Activities and Rising Demand due to Market Consolidation
Market Growth Drivers:
Increasing Mechanization in Agriculture and The Rise in Demand and Production of Off-Road Vehicles
Challenges:
Stringent Emission Norms
Restraints:
The Growing Concern Regarding Heavy Investments, High Manufacturing, Operating, & Maintenance Cost
Opportunities:
High Demand due to Renting or Leasing of Equipment and Off-Highway Engines Powered by Alternate Fuels
Market Leaders and their expansionary development strategies
In February 2023, Cummins Inc. announced launch the next engine in the fuel-agnostic series, the X10, in North America in 2026. This engine, named as part of the X engine family, is uniquely positioned to replace both the L9 and the X12 with the versatility to serve both medium and heavy-duty applications. It will be compliant with U.S. EPA’s 2027 regulations a full year early.
In February 2023, Volvo Penta expanded its genset range and launched its most powerful engine to date with the introduction of the D17. The new power generation engine delivers exceptional power-to-weight ratio from the same footprint as the proven, compact D16 – providing customers with an excellent alternative to other engines in its class.
Key Target Audience
Off-Highway Engine Manufacturers, Off-Highway Engine Suppliers, Off-Highway Engine Distributors, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.