Market Research Future (MRFR) reveals that the Global Automotive Off-Highway Engine Market can acquire an approximate CAGR of 9% during the forecast period (2017-2023).
Top Drivers and Key Challenges
The global automotive off-highway engine market has noted substantial growth over the past few years, thanks to the rapid development of the automotive industry. Specialty vehicles enjoy immense demand in construction, oil refineries, and agriculture. These kinds of vehicles require special engine such as an off-highway engine.
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The off-highway engine needs to adhere to the stringent emission norms implemented by the various government bodies around the world. As a result, its production calls for special design and production layout. The global automotive off-highway engine market benefits immensely from the burgeoning population, mass-scale production and need for automation.
Some additional factors that induce Automotive Off-Highway Engine Market growth include sophisticated machinery that are being used for off-highway engines, which results in greater productivity as well as lower labor costs. These factors help bring down the overall production costs.
The worldwide automotive off-highway engine market can be segmented on the basis of power output, engine capacity and fuel type.
Power output-based segments mentioned in the report include 30-100 HP, 100-400 HP and above 400 HP. Between these, 30-400 HP range off-highway engines enjoy massive demand in the agricultural field. Owing to the large-scale agricultural activities all around the world, there is large-scale use of automation technology which propels this segment to the top spot in the market. Engines above 400 HP are extensively used in the construction industry. Construction activities across the globe have been on the rise, mostly in the emerging countries. Therefore, significant demand for high-powered off engine trucks has been noted for activities like mortar mixing and raw material carrying.
Depending on the engine capacity, the market caters to below 5-liter, 5.1 to 10 liter and more than 10 liters. Highest demand is being noted by the below 5-liter capacity segment as these vehicles are used in a number of diverse applications. These applications include agriculture, long-distance transportation and road construction.
With respect to the fuel type, the market includes diesel, gasoline and others.
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The automotive off-highway engine market is spread across the prime regions of Asia Pacific (APAC), Europe, North America, along with the Rest of the World (RoW).
APAC is fast approaching the top spot in the global off-highway engine market, given the booming automotive industry in India, Japan and China. The automation research hub in the region is Japan, which is the most profitable market, in terms of innovation. Increasing automation in sectors like construction and agriculture in developing nations like India is stimulating growth of the automotive off-highway engine market in the region. Also, rising preference for large-scale agriculture activities like plowing, sowing and harvesting has accelerated the demand for high-performance automotive off-highway engines.
North America is another important growth-pocket in the global automotive off-highway engine market. The regional market growth is the result of the large pool of esteemed manufacturers along with rapid technological advancement. Intense research and development (R&D) in the automotive sector also work in favor of the market. The United States (US) and Canada are the most profitable markets for automotive off-highway engine in the region.
Europe has emerged as a significant region, thanks to the large population and an established automotive industry. Also, frequent technological innovations and presence of numerous renowned players induces market growth in the region. Germany, France, the United Kingdom (UK) and Italy have been identified as the leading markets for automotive off-highway engine in Europe.
Top players competing in the worldwide automotive off-highway engine market are Deutz AG (Germany), Volvo Group (Sweden), Caterpillar Inc. (U.S.), Kubota Corporation (Japan), Mahindra and Mahindra Limited (India), Cummins Inc. (U.S.), and others.
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