Global Off Highway Vehicle Engine Market Overview 2023-2028
The Off-Highway Vehicle (OHV) Engine stands as a purpose-built internal combustion engine tailored for non-road or off-highway purposes. Renowned for its ruggedness, resilience, and adaptability, this specialized engine is engineered to endure the harshest operating conditions, thriving in rough terrains, extreme temperatures, and dusty environments. This exceptional resilience makes it the perfect choice for challenging off-road applications. Depending on the equipment it powers, it can be either air-cooled or liquid-cooled, precisely tailored to meet specific requirements. Its design is meticulously crafted to serve various vehicles and equipment across diverse industries, encompassing agriculture, construction, mining, forestry, and recreational activities.
The global off highway vehicle engine market size reached US$ 40.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 56.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.7% during 2023-2028.
Global Off Highway Vehicle Engine Market Trends and Drivers:
OHV engines find extensive application in the construction industry, powering essential equipment like excavators, bulldozers, wheel loaders, and backhoes, enabling tasks such as digging, grading, and material handling. The global market for OHV engines is further bolstered by the increasing construction activities in commercial and industrial sectors. In addition to construction, the adoption of OHV engines is on the rise in the agricultural sector as well. These engines are increasingly being used to power agricultural machinery like tractors, combines, harvesters, and irrigation pumps, facilitating activities such as planting, cultivating, harvesting, and irrigation tasks. This growing trend in the agricultural domain is driving the market’s expansion.
Global Off Highway Vehicle Engine Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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.
The report segmented the market on the basis of region, 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:
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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