Global Off-Highway Vehicle Engine Market - Analysis of Growth, Trends, and Forecast (2022 - 2030)
The global off-highway vehicle engine market is expected to register a CAGR of 7.79% during the forecast period.Off-highway vehicle engines growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trend in developing countries and spike in residential and commercial construction projects globally are driving the construction and agricultural machinery markets.
Europe, the second largest market for off-highway vehicles, is also expected to register a good growth, contributed by Germany, France, and United Kingdom. Germany witnessed a 20% increase in the new residential building permits in 2016, and it is expected that the construction & building industry in the country will continue to experience the boom, owing to the growing demand for real estate in the country (due to increasing population growth and job security, and low borrowing costs).
The demand for 50-70 HP engines in the agricultural machinery segment is expected to increase at a fast pace. Agricultural machineries under 50-70 HP category includes majorly tractors and medium size combine harvesters. The medium size combine harvesters have an average of 4.8m length, 2.2m width and 2.8m height have been widely used in rice fields, especially in ASEAN countries, like Philippines, Indonesia, Vietnam and India. Thus, Asia-Pacific covered a major share of more than 80% for medium size combine harvester market in 2017. According to CEMA, the tractor sales of 50-70 HP has been remained stable in Europe in 2017, as only few EU countries like Spain, Denmark and UK recorded increased sales of tractors for 50-70 HP. For instance, UK registered 12,033 tractor units (more than 50 HP) in 2017 with 13.5% increase from 2016
Asia-Pacific to Register the Highest Growth
The emerging markets, where the farm sector is relatively less capitalized, are expected to lead the global agricultural equipment market. India, one of the biggest markets for agricultural equipment, has become highly labor-intensive and is expected to witness higher growth during the forecast period. The global agricultural machinery market is set to grow considerably in the Asia-Pacific region, and countries like Vietnam, Philippines, India, and China will be the main drivers of the market. Farm sizes are relatively small in the emerging markets of the Asia-Pacific, and do not require bigger capacity engines. The market for engines with horsepower of 30-50 is forecast to observe the highest growth rate for the agricultural tractors. The segment is forecast to be led by India, which is the largest market for agricultural tractors, globally, based on the number of units sold.
Key Developments in the Market:
• March 2018: Detroit-built Mahindra Roxor off-road vehicle revealed.
Major Players: YANMAR HOLDINGS, CUMMINS KOMATSU, DEUTZ AG, MAN ENGINES, VOLVO amongst others
Reasons to Purchase this Report:
• Latest technology trends adopted by the manufacturers in the global off-highway vehicle engine market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The vehicle segment that is expected to register the highest growth rate in the market.
• The region and country that are expected to dominate the market.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate Sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Europe, the second largest market for off-highway vehicles, is also expected to register a good growth, contributed by Germany, France, and United Kingdom. Germany witnessed a 20% increase in the new residential building permits in 2016, and it is expected that the construction & building industry in the country will continue to experience the boom, owing to the growing demand for real estate in the country (due to increasing population growth and job security, and low borrowing costs).
The demand for 50-70 HP engines in the agricultural machinery segment is expected to increase at a fast pace. Agricultural machineries under 50-70 HP category includes majorly tractors and medium size combine harvesters. The medium size combine harvesters have an average of 4.8m length, 2.2m width and 2.8m height have been widely used in rice fields, especially in ASEAN countries, like Philippines, Indonesia, Vietnam and India. Thus, Asia-Pacific covered a major share of more than 80% for medium size combine harvester market in 2017. According to CEMA, the tractor sales of 50-70 HP has been remained stable in Europe in 2017, as only few EU countries like Spain, Denmark and UK recorded increased sales of tractors for 50-70 HP. For instance, UK registered 12,033 tractor units (more than 50 HP) in 2017 with 13.5% increase from 2016
Asia-Pacific to Register the Highest Growth
The emerging markets, where the farm sector is relatively less capitalized, are expected to lead the global agricultural equipment market. India, one of the biggest markets for agricultural equipment, has become highly labor-intensive and is expected to witness higher growth during the forecast period. The global agricultural machinery market is set to grow considerably in the Asia-Pacific region, and countries like Vietnam, Philippines, India, and China will be the main drivers of the market. Farm sizes are relatively small in the emerging markets of the Asia-Pacific, and do not require bigger capacity engines. The market for engines with horsepower of 30-50 is forecast to observe the highest growth rate for the agricultural tractors. The segment is forecast to be led by India, which is the largest market for agricultural tractors, globally, based on the number of units sold.
Key Developments in the Market:
• March 2018: Detroit-built Mahindra Roxor off-road vehicle revealed.
Major Players: YANMAR HOLDINGS, CUMMINS KOMATSU, DEUTZ AG, MAN ENGINES, VOLVO amongst others
Reasons to Purchase this Report:
• Latest technology trends adopted by the manufacturers in the global off-highway vehicle engine market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The vehicle segment that is expected to register the highest growth rate in the market.
• The region and country that are expected to dominate the market.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate Sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
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