Global Off-Road Engines Market Growth 2024-2030
The global Off-Road Engines market size was valued at US$ 24,970 million in 2023. With growing demand in downstream markets, particularly from construction and agriculture sectors,
- Bonafide Trust
- 31-05-2024
- Pages : 84
- Figures : 84
- Tables : 148
- Region : Global
- Category : Automotive & Transport
- Automotive Parts
According to our publisher’s latest study, the global Off-Road Engines market size was valued at US$ 24970 million in 2023. With growing demand in downstream market, the Off-Road Engines is forecast to a readjusted size of US$ 32060 million by 2030 with a CAGR of 3.6% during review period.
The research report highlights the growth potential of the global Off-Road Engines market. Off-Road Engines are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Off-Road Engines. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Off-Road Engines market.
The Off-road Engines category consists of compression-ignition engines (i.e. diesel engines) that are found in a wide variety of off-road applications such as agricultural, construction, and industrial, etc.
The industry's leading producers include Caterpillar, Cummins and Kubota, which account for 14.15%, 13.63% and 13.36% of revenues, respectively. By region, the Asia-Pacific region has the highest share of income, with more than 38 percent in 2019.
Key Features:
The report on Off-Road Engines market reflects various aspects and provide valuable insights into the industry.
Market Size and Growth: The research report provide an overview of the current size and growth of the Off-Road Engines market. It may include historical data, market segmentation by Type (e.g., Four-cylinder Engine, Six-cylinder Engine), and regional breakdowns.
Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Off-Road Engines market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.
The global off-road engines market is driven by several factors, including:
Infrastructure Development: Rapid urbanization and growth in infrastructure projects, such as road construction, housing, and industrial development, are driving the demand for off-road engines.
Agricultural Growth: Increasing demand for agricultural machinery and equipment, such as tractors and harvesters, is driving the demand for off-road engines.
Recreational Activities: Growing popularity of off-road recreational activities, such as off-road racing and trail riding, is driving the demand for off-road engines.
Technological Advancements: Advancements in engine technology, such as improved fuel efficiency and reduced emissions, are driving the demand for off-road engines.
On the other hand, the global off-road engines market faces several challenges, including:
Environmental Concerns: Stringent environmental regulations and concerns about emissions and noise pollution are driving the need for more environmentally friendly off-road engines.
High Cost: Off-road engines are generally more expensive than on-road engines, making them less accessible to some consumers.
Competition from Electric Vehicles: The growing popularity of electric vehicles is driving competition for off-road engines, particularly in the recreational market.
Global Economic Uncertainty: Economic uncertainty and fluctuations in global demand can impact the off-road engines market.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Off-Road Engines market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Off-Road Engines industry. This include advancements in Off-Road Engines technology, Off-Road Engines new entrants, Off-Road Engines new investment, and other innovations that are shaping the future of Off-Road Engines.
The global off-road engines market is witnessing significant technological developments, driven by the need for improved performance, efficiency, and safety. Some of the key technological advancements include:
Autonomous Machines: Manufacturers are focusing on the development of autonomous machines for various purposes, including improving project efficiency and increasing worker safety. The mining, construction, and agricultural equipment markets are key targets of innovation.
Electric-Powered and Hybrid Engine Technologies: Key benefits of these technologies include improved handling, reduced noise pollution, and longer lifespans. Manufacturers are investing in R&D to develop more efficient and powerful electric and hybrid engines.
Industrial Internet of Things (IIoT): The IIoT is playing a crucial role in the development of off-road engines, enabling real-time monitoring and control of equipment, improving maintenance schedules, and reducing downtime.
Drones: Drones are being used to improve the efficiency and safety of off-road equipment operations, such as surveying and monitoring, and reducing the need for human intervention.
Variable Displacement Engines (VDEs): VDEs are being developed to provide excellent performance and fuel economy. They are expected to play a significant role in the growth of the off-road engines market.
Hydrogen and Hybrid Engines: Hydrogen and hybrid engines are being developed to provide a cleaner and more efficient alternative to traditional fossil-fuel-based engines.
Advanced Materials and Manufacturing Techniques: The use of advanced materials and manufacturing techniques, such as 3D printing, is enabling the development of lighter, stronger, and more efficient off-road engines.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Off-Road Engines market. It includes factors influencing customer ' purchasing decisions, preferences for Off-Road Engines product.
Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Off-Road Engines market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Off-Road Engines market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Off-Road Engines market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Off-Road Engines industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Off-Road Engines market.
Recommendations:
Cost reduction: The market is expected to create an absolute dollar opportunity of US$ 93.1 billion by 2032, driven by cost reduction. Companies can focus on reducing production costs to increase their market share.
Mechanization in agriculture: The growth of agriculture industry, especially in Asia-Oceania, is driving the demand for off-highway engines. Companies can focus on developing engines for agricultural applications.
Infrastructure development: The increase in infrastructure activities such as road construction, housing, and power projects is enhancing the demand for construction equipment, which in turn increases the market for off-highway vehicle engines. Companies can focus on developing engines for construction equipment.
Opportunities:
Asia Pacific market: The Asia Pacific region dominated the market with the largest market share in 2023. Companies can focus on expanding their presence in this region.
Growing demand for construction equipment: The growth of construction industry, especially in Asia-Oceania, is driving the demand for construction equipment, which in turn increases the market for off-highway vehicle engines. Companies can focus on developing engines for construction equipment.
Increasing adoption of diesel engines: Diesel engines are expected to dominate the market in terms of fuel type, driven by their higher power output and efficiency. Companies can focus on developing diesel engines for off-highway applications.
Market Segmentation:
Off-Road Engines market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Segmentation by type
Four-cylinder Engine
Six-cylinder Engine
Others
Segmentation by application
Agricultural Machinery
Construction Machinery
Generator
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Caterpillar
Cummins
Kubota
MAN
Deutz
FPT
Yuchai
Volvo Penta
Yanmar
Weichai Power
Deere
Mitsubishi Heavy Industries
Isuzu
Quanchai
Key Questions Addressed in this Report
What is the 10-year outlook for the global Off-Road Engines market?
What factors are driving Off-Road Engines market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Off-Road Engines market opportunities vary by end market size?
How does Off-Road Engines break out type, application?
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Table of Contents
- 1 Scope of the Report
- 1.1 Market Introduction
- 1.2 Years Considered
- 1.3 Research Objectives
- 1.4 Market Research Methodology
- 1.5 Research Process and Data Source
- 1.6 Economic Indicators
- 1.7 Currency Considered
- 1.8 Market Estimation Caveats
- 2 Executive Summary
- 2.1 World Market Overview
- 2.1.1 Global Off-Road Engines Annual Sales 2019-2030
- 2.1.2 World Current & Future Analysis for Off-Road Engines by Geographic Region, 2019, 2023 & 2030
- 2.1.3 World Current & Future Analysis for Off-Road Engines by Country/Region, 2019, 2023 & 2030
- 2.2 Off-Road Engines Segment by Type
- 2.2.1 Four-cylinder Engine
- 2.2.2 Six-cylinder Engine
- 2.2.3 Others
- 2.3 Off-Road Engines Sales by Type
- 2.3.1 Global Off-Road Engines Sales Market Share by Type (2019-2024)
- 2.3.2 Global Off-Road Engines Revenue and Market Share by Type (2019-2024)
- 2.3.3 Global Off-Road Engines Sale Price by Type (2019-2024)
- 2.4 Off-Road Engines Segment by Application
- 2.4.1 Agricultural Machinery
- 2.4.2 Construction Machinery
- 2.4.3 Generator
- 2.4.4 Others
- 2.5 Off-Road Engines Sales by Application
- 2.5.1 Global Off-Road Engines Sale Market Share by Application (2019-2024)
- 2.5.2 Global Off-Road Engines Revenue and Market Share by Application (2019-2024)
- 2.5.3 Global Off-Road Engines Sale Price by Application (2019-2024)
- 3 Global Off-Road Engines by Company
- 3.1 Global Off-Road Engines Breakdown Data by Company
- 3.1.1 Global Off-Road Engines Annual Sales by Company (2019-2024)
- 3.1.2 Global Off-Road Engines Sales Market Share by Company (2019-2024)
- 3.2 Global Off-Road Engines Annual Revenue by Company (2019-2024)
- 3.2.1 Global Off-Road Engines Revenue by Company (2019-2024)
- 3.2.2 Global Off-Road Engines Revenue Market Share by Company (2019-2024)
- 3.3 Global Off-Road Engines Sale Price by Company
- 3.4 Key Manufacturers Off-Road Engines Producing Area Distribution, Sales Area, Product Type
- 3.4.1 Key Manufacturers Off-Road Engines Product Location Distribution
- 3.4.2 Players Off-Road Engines Products Offered
- 3.5 Market Concentration Rate Analysis
- 3.5.1 Competition Landscape Analysis
- 3.5.2 Concentration Ratio (CR3, CR5 and CR10) & (2019-2024)
- 3.6 New Products and Potential Entrants
- 3.7 Mergers & Acquisitions, Expansion
- 4 World Historic Review for Off-Road Engines by Geographic Region
- 4.1 World Historic Off-Road Engines Market Size by Geographic Region (2019-2024)
- 4.1.1 Global Off-Road Engines Annual Sales by Geographic Region (2019-2024)
- 4.1.2 Global Off-Road Engines Annual Revenue by Geographic Region (2019-2024)
- 4.2 World Historic Off-Road Engines Market Size by Country/Region (2019-2024)
- 4.2.1 Global Off-Road Engines Annual Sales by Country/Region (2019-2024)
- 4.2.2 Global Off-Road Engines Annual Revenue by Country/Region (2019-2024)
- 4.3 Americas Off-Road Engines Sales Growth
- 4.4 APAC Off-Road Engines Sales Growth
- 4.5 Europe Off-Road Engines Sales Growth
- 4.6 Middle East & Africa Off-Road Engines Sales Growth
- 5 Americas
- 5.1 Americas Off-Road Engines Sales by Country
- 5.1.1 Americas Off-Road Engines Sales by Country (2019-2024)
- 5.1.2 Americas Off-Road Engines Revenue by Country (2019-2024)
- 5.2 Americas Off-Road Engines Sales by Type
- 5.3 Americas Off-Road Engines Sales by Application
- 5.4 United States
- 5.5 Canada
- 5.6 Mexico
- 5.7 Brazil
- 6 APAC
- 6.1 APAC Off-Road Engines Sales by Region
- 6.1.1 APAC Off-Road Engines Sales by Region (2019-2024)
- 6.1.2 APAC Off-Road Engines Revenue by Region (2019-2024)
- 6.2 APAC Off-Road Engines Sales by Type
- 6.3 APAC Off-Road Engines Sales by Application
- 6.4 China
- 6.5 Japan
- 6.6 South Korea
- 6.7 Southeast Asia
- 6.8 India
- 6.9 Australia
- 6.10 China Taiwan
- 7 Europe
- 7.1 Europe Off-Road Engines by Country
- 7.1.1 Europe Off-Road Engines Sales by Country (2019-2024)
- 7.1.2 Europe Off-Road Engines Revenue by Country (2019-2024)
- 7.2 Europe Off-Road Engines Sales by Type
- 7.3 Europe Off-Road Engines Sales by Application
- 7.4 Germany
- 7.5 France
- 7.6 UK
- 7.7 Italy
- 7.8 Russia
- 8 Middle East & Africa
- 8.1 Middle East & Africa Off-Road Engines by Country
- 8.1.1 Middle East & Africa Off-Road Engines Sales by Country (2019-2024)
- 8.1.2 Middle East & Africa Off-Road Engines Revenue by Country (2019-2024)
- 8.2 Middle East & Africa Off-Road Engines Sales by Type
- 8.3 Middle East & Africa Off-Road Engines Sales by Application
- 8.4 Egypt
- 8.5 South Africa
- 8.6 Israel
- 8.7 Turkey
- 8.8 GCC Countries
- 9 Market Drivers, Challenges and Trends
- 9.1 Market Drivers & Growth Opportunities
- 9.2 Market Challenges & Risks
- 9.3 Industry Trends
- 10 Manufacturing Cost Structure Analysis
- 10.1 Raw Material and Suppliers
- 10.2 Manufacturing Cost Structure Analysis of Off-Road Engines
- 10.3 Manufacturing Process Analysis of Off-Road Engines
- 10.4 Industry Chain Structure of Off-Road Engines
- 11 Marketing, Distributors and Customer
- 11.1 Sales Channel
- 11.1.1 Direct Channels
- 11.1.2 Indirect Channels
- 11.2 Off-Road Engines Distributors
- 11.3 Off-Road Engines Customer
- 12 World Forecast Review for Off-Road Engines by Geographic Region
- 12.1 Global Off-Road Engines Market Size Forecast by Region
- 12.1.1 Global Off-Road Engines Forecast by Region (2025-2030)
- 12.1.2 Global Off-Road Engines Annual Revenue Forecast by Region (2025-2030)
- 12.2 Americas Forecast by Country
- 12.3 APAC Forecast by Region
- 12.4 Europe Forecast by Country
- 12.5 Middle East & Africa Forecast by Country
- 12.6 Global Off-Road Engines Forecast by Type
- 12.7 Global Off-Road Engines Forecast by Application
- 13 Key Players Analysis
- 13.1 Caterpillar
- 13.1.1 Caterpillar Company Information
- 13.1.2 Caterpillar Off-Road Engines Product Portfolios and Specifications
- 13.1.3 Caterpillar Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.1.4 Caterpillar Main Business Overview
- 13.1.5 Caterpillar Latest Developments
- 13.2 Cummins
- 13.2.1 Cummins Company Information
- 13.2.2 Cummins Off-Road Engines Product Portfolios and Specifications
- 13.2.3 Cummins Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.2.4 Cummins Main Business Overview
- 13.2.5 Cummins Latest Developments
- 13.3 Kubota
- 13.3.1 Kubota Company Information
- 13.3.2 Kubota Off-Road Engines Product Portfolios and Specifications
- 13.3.3 Kubota Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.3.4 Kubota Main Business Overview
- 13.3.5 Kubota Latest Developments
- 13.4 MAN
- 13.4.1 MAN Company Information
- 13.4.2 MAN Off-Road Engines Product Portfolios and Specifications
- 13.4.3 MAN Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.4.4 MAN Main Business Overview
- 13.4.5 MAN Latest Developments
- 13.5 Deutz
- 13.5.1 Deutz Company Information
- 13.5.2 Deutz Off-Road Engines Product Portfolios and Specifications
- 13.5.3 Deutz Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.5.4 Deutz Main Business Overview
- 13.5.5 Deutz Latest Developments
- 13.6 FPT
- 13.6.1 FPT Company Information
- 13.6.2 FPT Off-Road Engines Product Portfolios and Specifications
- 13.6.3 FPT Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.6.4 FPT Main Business Overview
- 13.6.5 FPT Latest Developments
- 13.7 Yuchai
- 13.7.1 Yuchai Company Information
- 13.7.2 Yuchai Off-Road Engines Product Portfolios and Specifications
- 13.7.3 Yuchai Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.7.4 Yuchai Main Business Overview
- 13.7.5 Yuchai Latest Developments
- 13.8 Volvo Penta
- 13.8.1 Volvo Penta Company Information
- 13.8.2 Volvo Penta Off-Road Engines Product Portfolios and Specifications
- 13.8.3 Volvo Penta Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.8.4 Volvo Penta Main Business Overview
- 13.8.5 Volvo Penta Latest Developments
- 13.9 Yanmar
- 13.9.1 Yanmar Company Information
- 13.9.2 Yanmar Off-Road Engines Product Portfolios and Specifications
- 13.9.3 Yanmar Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.9.4 Yanmar Main Business Overview
- 13.9.5 Yanmar Latest Developments
- 13.10 Weichai Power
- 13.10.1 Weichai Power Company Information
- 13.10.2 Weichai Power Off-Road Engines Product Portfolios and Specifications
- 13.10.3 Weichai Power Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.10.4 Weichai Power Main Business Overview
- 13.10.5 Weichai Power Latest Developments
- 13.11 Deere
- 13.11.1 Deere Company Information
- 13.11.2 Deere Off-Road Engines Product Portfolios and Specifications
- 13.11.3 Deere Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.11.4 Deere Main Business Overview
- 13.11.5 Deere Latest Developments
- 13.12 Mitsubishi Heavy Industries
- 13.12.1 Mitsubishi Heavy Industries Company Information
- 13.12.2 Mitsubishi Heavy Industries Off-Road Engines Product Portfolios and Specifications
- 13.12.3 Mitsubishi Heavy Industries Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.12.4 Mitsubishi Heavy Industries Main Business Overview
- 13.12.5 Mitsubishi Heavy Industries Latest Developments
- 13.13 Isuzu
- 13.13.1 Isuzu Company Information
- 13.13.2 Isuzu Off-Road Engines Product Portfolios and Specifications
- 13.13.3 Isuzu Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.13.4 Isuzu Main Business Overview
- 13.13.5 Isuzu Latest Developments
- 13.14 Quanchai
- 13.14.1 Quanchai Company Information
- 13.14.2 Quanchai Off-Road Engines Product Portfolios and Specifications
- 13.14.3 Quanchai Off-Road Engines Sales, Revenue, Price and Gross Margin (2019-2024)
- 13.14.4 Quanchai Main Business Overview
- 13.14.5 Quanchai Latest Developments
- 14 Research Findings and Conclusion
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