Global Off Highway Vehicle Engine Market Report 2022-2027

Global off highway vehicle engine market size reached US$ 37.59 Bn in 2021. By 2027, It will reach US$ 54.12 Bn, exhibiting a CAGR of 6.10% during 2022-2027.

SHERIDAN, WYOMING, UNITED STATES, November 22, 2022 /EINPresswire.com/ -- IMARC Group has recently released a new research study titled “Off Highway Vehicle Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

How much is the global off-highway vehicle engine market worth?

The global off highway vehicle engine market reached a value of US$ 37.59 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 54.12 Billion by 2027, exhibiting a CAGR of 6.10% during 2022-2027.

What is off highway vehicle engine?

An off-highway vehicle (OHV) refers to a motor vehicle that is not intended to be driven or moved on a public highway. It generally includes four-wheelers, three-wheelers, all-terrain vehicles (ATVs), motorcycles, dirt and trail bikes, snowmobiles, etc. OHV has flexible suspension, caterpillar tracks, large tires with deep treads, etc. In recent times, several leading automotive manufacturers have worked to improve off highway vehicle engine designs for minimizing the emission of pollutants using numerous techniques, such as variable valve timing, direct fuel injection, combustion chamber mixing, exhaust gas recycling, etc. These methods assist in enhancing the efficiency of combustion that offers energy efficiency.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the key driving factors for the growth of the off highway vehicle engine market?

The widespread adoption of agricultural machinery in planting, harvesting, processing, etc., is primarily driving the off-highway vehicle engine market. Additionally, the growing utilization of forklift trucks that are generally powered by petrol and diesel engines for transporting heavy building materials across rough terrain is further catalyzing the market growth. Besides this, the escalating demand for load haul dump (LHD) machines in an underground environment, including mines, to load and transport minerals is acting as another significant growth-inducing factor.

Moreover, all-terrain vehicles find extensive applications in construction operations, border patrol and security, emergency medical response, search and rescue, law enforcement, land management and surveying, military operations, oil exploration, etc., which is also bolstering the global market. Apart from this, the rising number of mining activities is anticipated to fuel the off-highway vehicle engine market over the forecasted period.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Power Output:
• Agricultural Machinery
o Upto 30 HP
o 31-50 HP
o 51-80 HP
o 81-140 HP
o 140+ HP
• Construction Machinery
o Upto 100 HP
o 101-200 HP
o 201-400 HP
o 400+ HP

Breakup by Engine Capacity:
• <5L Capacity
• 5L-10L Capacity
• >10L Capacity

Breakup by Fuel Type:
• Diesel
• Gasoline
• Others

By Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

List of Major Key Players:
• AB Volvo
• AGCO Corporation
• Caterpillar Inc.
• Cummins Inc.
• Deere & Company
• Deutz AG
• Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
• J C Bamford Excavators Ltd.
• Komatsu Ltd.
• KUBOTA Corporation
• Mahindra & Mahindra Ltd.
• Weichai Power Co. Ltd
• Yanmar Holdings Co. Ltd.

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