Off-Highway Vehicle Engine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Off-Highway Vehicle Engine Market
The off-highway vehicle engine market size was worth USD 218.61 billion in 2023 globally. Moreover the market is predicted to grow from USD 277.83 billion in 2024 to USD 1077.43 billion by 2032, result a compound average growth rate of 18.5% during the forecasts period.
Off- Highway vehicles are designed for off- highway use, specifically on uneven terrains. It is utilised for agricultural and constructional activities such as raw material transportation for the same. The COVID-19 pandemic implemented positively in the off-highway engine market. Initiation taken by government in agriculture mechanization fuelled the demand for agricultural machinery. Moreover rapid urbanization and increasing infrastructural activities accelerated the demand for construction machinery. These factors contributed in increasing off-highway vehicle engine market growth globally. According to CEMA, in 2021, Europe registered growth in tractors sales post-pandemic.
Large farm in North America and Europe uses agricultural machinery and government initiation like agricultural mechanization programs in South Korea, fuelled demand for agricultural equipment like harvesters and tractors. By using advanced agricultural machinery, production activities are maximizing while reducing labour input hours which helped farm productivity. This increases the off-highway vehicle engine market share in global market.
Additionally, operative cost of these machine are high, as high power is required which result in high fuel consumption. Hence, excretion control and operating cost restrain the market growth. Maintenance costs are also very high of these vehicle engines.
Comprehensive Analysis of Off-Highway Vehicle Engine Market
The market is rising at an exponential rate due to its market segmentation. The market is further segmented by power output analysis, by fuel type analysis and regional insights. By power output analysis includes into agriculture machinery and construction machinery. These two segments are further classified into for construction machinery less than 100 HP, 101-200 HP, 201-400 HP, and more than 400 HP, and for agricultural machinery less than 30 HP, 31-50 HP, 81-140 HP and more than 140 HP. By fuel type segment is bifurcated into diesel, gasoline and others. While the diesel market dominated with largest market size in 2023 globally.
The Asia Pacific holds the largest market share worth USD 90.97 billion in 2023 in infrastructure growth like road construction and housing. Supported by government initiatives promoting agricultural machinery adoption, India and China holds major tractor market globally. Europe and North America tend for market growth due o increasing usage of heavy duty tractors and construction machinery in infrastructure projects.This indicates a positive outlook for the off highway vehicle engine market in these region.
The top players play an important role in off highway market growth.These key players are focusing on improving production capabilities through partnerships and sharing technologies with regional manufacturers, especially in China and India. European OEMs is concentrated in Europe mainly with more than half OEMs are having no production in other continents. Some key players are Caterpillar Inc., Cummins Inc., Deutz AG, Kubota Corporation (Japan), Komatsu Ltd., Deere & Company, Hitachi Construction Machinery Co. Ltd., AGCO Corporation, JC Bamford Excavators Ltd., Mahindra & Mahindra Ltd. (India).
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 18.5% from 2024 to 2032
Unit Value (USD Billion) & Volume (Thousand Units)
Segmentation By Power Output
Construction Machinery
- Less than 100 HP
- 101-200 HP
- 201-400 HP
- More than 400 HP
Agricultural Machinery
- Less than 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- More than 140 HP
By Fuel Type
- Diesel
- Gasoline
- Others
By Geography
North America (By Power Output and Fuel Type)
- U.S. (By Power Output)
- Canada (By Power Output)
- Mexico (By Power Output)
Europe (By Power Output and Fuel Type)
- Germany (By Power Output)
- France (By Power Output)
- U.K. (By Power Output)
- Rest of Europe (By Power Output)
Asia Pacific (By Power Output and Fuel Type)
- China (By Power Output)
- Japan (By Power Output)
- India (By Power Output)
- South Korea (By Power Output)
- Rest of Asia Pacific (By Power Output)
Rest of the World (By Power Output and Fuel Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1.
- 4.1.1. 4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
- 4.1.2. 4.2 Porter’s Five Forces Analysis
- 4.1.3. 4.3 Technological Developments
- 4.1.4. 4.4 Impact of COVID-19
- 5. Global Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Power Output
- 5.2.1. Construction Vehicle
- 5.2.1.1. Less than 100 HP
- 5.2.1.2. 101-200 HP
- 5.2.1.3. 201-400 HP
- 5.2.1.4. More than 400 HP
- 5.2.2. Agricultural Vehicle
- 5.2.2.1. Less than 30 HP
- 5.2.2.2. 31-50 HP
- 5.2.2.3. 51-80 HP
- 5.2.2.4. 81-140 HP
- 6. 5.2.2.5 More than 140 HP
- 6.1. Market Analysis, Insights and Forecast – By Fuel Type
- 6.1.1. Diesel
- 6.1.2. Gasoline
- 6.1.3. Others
- 6.2. Market Analysis, Insights and Forecast – By Region
- 6.2.1. North America
- 6.2.2. Europe
- 6.2.3. Asia Pacific
- 6.2.4. Rest of the World
- 7. North America Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Power Output
- 7.2.1. Construction Vehicle
- 7.2.1.1. Less than 100 HP
- 7.2.1.2. 101-200 HP
- 7.2.1.3. 201-400 HP
- 7.2.1.4. More than 400 HP
- 7.2.2. Agricultural Vehicle
- 7.2.2.1. Less than 30 HP
- 7.2.2.2. 31-50 HP
- 7.2.2.3. 51-80 HP
- 7.2.2.4. 81-140 HP
- 7.2.2.5. More than 140 HP
- 7.3. Market Analysis, Insights and Forecast – By Fuel Type
- 7.3.1. Diesel
- 7.3.2. Gasoline
- 7.3.3. Others
- 7.4. Market Analysis – By Country
- 7.4.1. U.S.
- 7.4.1.1. By Power Output
- 7.4.2. Canada
- 7.4.2.1. By Power Output
- 7.4.3. Mexico
- 7.4.3.1. By Power Output
- 8. Europe Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Power Output
- 8.2.1. Construction Vehicle
- 8.2.1.1. Less than 100 HP
- 8.2.1.2. 101-200 HP
- 8.2.1.3. 201-400 HP
- 8.2.1.4. More than 400 HP
- 8.2.2. Agricultural Vehicle
- 8.2.2.1. Less than 30 HP
- 8.2.2.2. 31-50 HP
- 8.2.2.3. 51-80 HP
- 8.2.2.4. 81-140 HP
- 8.2.2.5. More than 140 HP
- 8.3. Market Analysis, Insights and Forecast – By Fuel Type
- 8.3.1. Diesel
- 8.3.2. Gasoline
- 8.3.3. Others
- 8.4. Market Analysis – By Country
- 8.4.1. U.K.
- 8.4.1.1. By Power Output
- 8.4.2. Germany
- 8.4.2.1. By Power Output
- 8.4.3. France
- 8.4.3.1. By Power Output
- 8.4.4. Rest of Europe
- 8.4.4.1. By Power Output
- 9. Asia. Pacific Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Power Output
- 9.2.1. Construction Vehicle
- 9.2.1.1. Less than 100 HP
- 9.2.1.2. 101-200 HP
- 9.2.1.3. 201-400 HP
- 9.2.1.4. More than 400 HP
- 9.2.2. Agricultural Vehicle
- 9.2.2.1. Less than 30 HP
- 9.2.2.2. 31-50 HP
- 9.2.2.3. 51-80 HP
- 9.2.2.4. 81-140 HP
- 9.2.2.5. More than 140 HP
- 9.3. Market Analysis, Insights and Forecast – By Fuel Type
- 9.3.1. Diesel
- 9.3.2. Gasoline
- 9.3.3. Others
- 9.4. Market Analysis – By Country
- 9.4.1. China
- 9.4.1.1. By Power Output
- 9.4.2. Japan
- 9.4.2.1. By Power Output
- 9.4.3. India
- 9.4.3.1. By Power Output
- 9.4.4. South Korea
- 9.4.4.1. By Power Output
- 9.4.5. Rest of Asia Pacific
- 9.4.5.1. By Power Output
- 10. Rest of the World Off-Highway Vehicle Engine Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Power Output
- 10.2.1. Construction Vehicle
- 10.2.1.1. Less than 100 HP
- 10.2.1.2. 101-200 HP
- 10.2.1.3. 201-400 HP
- 10.2.1.4. More than 400 HP
- 10.2.2. Agricultural Vehicle
- 10.2.2.1. Less than 30 HP
- 10.2.2.2. 31-50 HP
- 10.2.2.3. 51-80 HP
- 10.2.2.4. 81-140 HP
- 10.2.2.5. More than 140 HP
- 10.3. Market Analysis, Insights and Forecast – By Fuel Type
- 10.3.1. Diesel
- 10.3.2. Gasoline
- 10.3.3. Others
- 11. Competitive Analysis
- 11.1. Key Industry Developments
- 11.2. Global Market Ranking Analysis (2023)
- 11.3. Competition Dashboard
- 11.4. Comparative Analysis – Major Players
- 11.5. Company Profiles
- 11.5.1. Caterpillar Inc. (U.S.)
- 11.5.1.1. Overview
- 11.5.1.2. Products & Services
- 11.5.1.3. SWOT Analysis
- 11.5.1.4. Recent Developments
- 11.5.1.5. Strategies
- 11.5.1.6. Financials (Based on Availability)
- 11.5.2. Cummins Inc. (U.S.)
- 11.5.2.1. Overview
- 11.5.2.2. Products & Services
- 11.5.2.3. SWOT Analysis
- 11.5.2.4. Recent Developments
- 11.5.2.5. Strategies
- 11.5.2.6. Financials (Based on Availability)
- 11.5.3. Deutz AG (Germany)
- 11.5.3.1. Overview
- 11.5.3.2. Products & Services
- 11.5.3.3. SWOT Analysis
- 11.5.3.4. Recent Developments
- 11.5.3.5. Strategies
- 11.5.3.6. Financials (Based on Availability)
- 11.5.4. Kubota Corporation (Japan)
- 11.5.4.1. Overview
- 11.5.4.2. Products & Services
- 11.5.4.3. SWOT Analysis
- 11.5.4.4. Recent Developments
- 11.5.4.5. Strategies
- 11.5.4.6. Financials (Based on Availability)
- 11.5.5. Deere & Company (U.S.)
- 11.5.5.1. Overview
- 11.5.5.2. Products & Services
- 11.5.5.3. SWOT Analysis
- 11.5.5.4. Recent Developments
- 11.5.5.5. Strategies
- 11.5.5.6. Financials (Based on Availability)
- 11.5.6. Komatsu Ltd. (Japan)
- 11.5.6.1. Overview
- 11.5.6.2. Products & Services
- 11.5.6.3. SWOT Analysis
- 11.5.6.4. Recent Developments
- 11.5.6.5. Strategies
- 11.5.6.6. Financials (Based on Availability)
- 11.5.7. Hitachi Construction Vehicle Co. Ltd. (Japan)
- 11.5.7.1. Overview
- 11.5.7.2. Products & Services
- 11.5.7.3. SWOT Analysis
- 11.5.7.4. Recent Developments
- 11.5.7.5. Strategies
- 11.5.7.6. Financials (Based on Availability)
- 11.5.8. AGCO Corporation (U.S.)
- 11.5.8.1. Overview
- 11.5.8.2. Products & Services
- 11.5.8.3. SWOT Analysis
- 11.5.8.4. Recent Developments
- 11.5.8.5. Strategies
- 11.5.8.6. Financials (Based on Availability)
- 11.5.9. JC Bamford Excavators Ltd. (U.K.)
- 11.5.9.1. Overview
- 11.5.9.2. Products & Services
- 11.5.9.3. SWOT Analysis
- 11.5.9.4. Recent Developments
- 11.5.9.5. Strategies
- 11.5.9.6. Financials (Based on Availability)
- 11.5.10. Mahindra & Mahindra Ltd. (India)
- 11.5.10.1. Overview
- 11.5.10.2. Products & Services
- 11.5.10.3. SWOT Analysis
- 11.5.10.4. Recent Developments
- 11.5.10.5. Strategies
- 11.5.10.6. Financials (Based on Availability)
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