According to the report by Expert Market Research (EMR), the global off-highway vehicle engine market size is projected to grow at a CAGR of 7.30% between 2023 and 2028. Aided by the rising demand for efficient and powerful engines in various industries, and the expanding applications of off-highway vehicle engines, the market is expected to grow significantly by 2028.
Off-highway vehicle engines are powerful, high-performance engines designed for heavy-duty vehicles and equipment used in construction, agriculture, mining, and other industries. They are known for their robustness, durability, and ability to operate under extreme conditions. Apart from their power and durability, these engines are also valued for their fuel efficiency and emission control features, aligning with the growing environmental consciousness and stringent emission regulations.
The increasing demand for efficient, robust, and environmentally friendly engines is a significant driver for the global off-highway vehicle engine market growth. As industries such as construction, agriculture, and mining face the dual challenge of productivity and sustainability, the need for advanced engines capable of delivering high performance while reducing environmental impact becomes crucial. This has led to a surge in demand for off-highway vehicle engines.
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Additionally, the trend of automation and digitalisation in various industries has further contributed to the increasing popularity of off-highway vehicle engines, thus propelling the off-highway vehicle engine market growth. These engines are increasingly being integrated with sophisticated technologies, including Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), to improve performance, maintenance, and fuel efficiency, providing an essential boost to the market.
The expanding applications of off-highway vehicle engines in various sectors also play a significant role in propelling the off-highway vehicle engine market development. In construction and mining sectors, these engines are indispensable for their power and durability. In the agricultural sector, they are used in tractors and other machinery, helping to enhance farm productivity and efficiency.
Further, the rising focus on research and development to create more efficient, powerful, and environmentally friendly off-highway vehicle engines has led to exciting advancements in the market. Engine manufacturers are investing in technologies such as hybridisation and electrification, seeking to produce engines with lower emissions, better fuel efficiency, and improved performance. These developments are expected to significantly boost the off-highway vehicle engine market expansion in the coming years.
Off-Highway Vehicle Engine Market Segmentation
The market can be divided based on power output, fuel type, and region.
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Market Breakup by Power Output
• Construction Machinery
o Up To 100 HP
o 100-120 HP
o 200-400 HP
o 400+ HP
• Agriculture Machinery
o Up To 30 HP
o 30-50 HP
o 50-70 HP
o 70+ HP
Market Breakup by Fuel Type
• Diesel
• Gasoline
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global off-highway vehicle engine companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Yanmar Holdings Co., Ltd.
• Cummins Inc
• Deutz AG
• Komatsu America Corp.
• Volvo Group
• Others
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