Quick Summary:
The Off Highway Vehicle (OHV) engine market is bolstered by an array of significant factors. As an integral part of off-the-grid vehicles such as all-terrain vehicles (ATVs), snowmobiles, and dirt bikes, OHV engines have seen remarkable advancements, particularly around emission reduction and energy efficiency. High-performance combustion methods and a growing emphasis on technologies like direct fuel injection, variable valve timing, and exhaust gas recycling help bolster engine design and lower pollutant emissions, setting the stage for immense market growth.
Increasing agricultural mechanization globally also plays a pivotal role in driving OHV engine demands. A rising need for advanced machinery in agricultural, mining and construction operations is a key influencer, with applications specifically high in heavy material transportation, land development, and primary processing. Additional needs arise from usage in specific scenarios like border patrol, search and rescue, and military operations. The continuous electrification of OHVs due to increased emphasis on clean air, efficiency and safety further solidifies the potential for market expansion. The global Off Highway Vehicle Engine market's growth is positively influenced by these factors and promises solid opportunities for potential investors.
The global off highway vehicle engine market size reached US$ 40.3 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 56.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.
An off highway vehicle (OHV) is a motor vehicle not intended to be driven or moved on a public highway. It includes all-terrain vehicles (ATVs), four-wheelers, three-wheelers, motorcycles, dirt and trail bikes, and snowmobiles. It has flexible suspension, caterpillar tracks, and large tires with deep treads. In recent years, automotive manufacturers have worked to improve OHV engine designs to minimize the emission of pollutants using techniques, such as direct fuel injection, variable valve timing, combustion chamber mixing, and exhaust gas recycling. These methods help improve the efficiency of combustion, which lowers pollutant generation and offers energy efficiency.
An off highway vehicle (OHV) is a motor vehicle not intended to be driven or moved on a public highway. It includes all-terrain vehicles (ATVs), four-wheelers, three-wheelers, motorcycles, dirt and trail bikes, and snowmobiles. It has flexible suspension, caterpillar tracks, and large tires with deep treads. In recent years, automotive manufacturers have worked to improve OHV engine designs to minimize the emission of pollutants using techniques, such as direct fuel injection, variable valve timing, combustion chamber mixing, and exhaust gas recycling. These methods help improve the efficiency of combustion, which lowers pollutant generation and offers energy efficiency.
Off Highway Vehicle Engine Market Trends:
With the rising agricultural mechanization, the production, distribution, and utilization of agricultural machinery is increasing in the development of agricultural land, planting, harvesting, and primary processing. This, in confluence with the thriving agriculture sector, represents one of the key actors propelling the growth of the market. Moreover, there is a rise in the use of forklift trucks, which are generally powered by petrol and diesel engines for transporting heavy building materials across rough terrain. Besides this, load haul dump (LHD) machines are increasingly being utilized in underground environments like mines to load and transport ore and minerals. This, coupled with increasing mining activities around the world, is creating a positive outlook for the market. Apart from this, ATVs find extensive applications in border patrol and security, construction operations, emergency medical response, search and rescue, law enforcement, land management and surveying, military operations, and mineral and oil exploration. This, along with the rising electrification of OHVs on account of benefits, such as clean air, efficiency, and safety, is strengthening the market growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global off highway vehicle engine market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on power output, engine capacity and fuel type.Breakup by Power Output:
- Agricultural Machinery
- Upto 30 HP
- 31-50 HP
- 51-80 HP
- 81-140 HP
- 140+ HP
- Construction Machinery
- Upto 100 HP
- 101-200 HP
- 201-400 HP
- 400+ HP
Breakup by Engine Capacity:
- < 5L Capacity
- 5L-10L Capacity
- >10L Capacity
Breakup by Fuel Type:
- Diesel
- Gasoline
- Others
Breakup by Region:
- 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Yanmar Holdings Co. Ltd.Key Questions Answered in This Report:
- How has the global off highway vehicle engine market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global off highway vehicle engine market?
- What are the key regional markets?
- What is the breakup of the market based on the power output?
- What is the breakup of the market based on the engine capacity?
- What is the breakup of the market based on the fuel type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global off highway vehicle engine market and who are the key players?
- What is the degree of competition in the industry?
Frequently Asked Questions about the Global Off Highway Vehicle Engine Market
What is the estimated value of the Global Off Highway Vehicle Engine Market?
What is the growth rate of the Global Off Highway Vehicle Engine Market?
What is the forecasted size of the Global Off Highway Vehicle Engine Market?
Who are the key companies in the Global Off Highway Vehicle Engine Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | September 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 40.3 Billion |
| Forecasted Market Value ( USD | $ 56.8 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Off Highway Vehicle Engine Market
6 Market Breakup by Power Output
7 Market Breakup by Engine Capacity
8 Market Breakup by Fuel Type
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
Companies Mentioned
- 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.
Methodology
LOADING...
