According to the latest report by Reports and Data, the global off-highway vehicle engine market is projected to reach a size of USD 80.13 billion by 2030. The market is expected to grow at a compound annual growth rate (CAGR) of 7.3% during the forecast period. The steady growth of the market can be attributed to increased agricultural automation and rising construction activity.
Off-highway vehicle engines are specifically designed for vehicles that operate in rough terrains or for off-highway operations, including construction, mining, and agriculture. The market is benefiting from factors such as increased government expenditures in the agriculture, construction, and mining sectors, particularly in countries like China and India. Additionally, market competition and the introduction of new products are contributing to the revenue growth of the market.
However, the market growth is being hindered by strict government regulations regarding vehicular emissions and concerns about pollution. These factors pose challenges to the market's revenue growth over the forecast period.
Overall, the off-highway vehicle engine market is expected to experience significant growth driven by factors such as agricultural automation, construction activity, government investments, and market competition. However, it will also face challenges related to emissions regulations and pollution concerns.
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Engines offering 100 to 150 horsepower are generally sufficient for most farming tasks, except for extremely demanding operations. Such engines can effectively support commercial-level farming. This level of mechanization is typically suitable to meet the needs of farmers.
Sustainable agricultural mechanization has the potential to enhance efficiency, effectiveness, and environmental friendliness in various postharvest, processing, and marketing functions. It can improve the overall productivity and quality of agricultural activities while reducing environmental impact.
For daily agricultural practices over a larger area and at a faster pace, an engine with 60-90 horsepower can be beneficial. This level of power can increase the speed and quality of cultivation, thereby enhancing land productivity.
The increasing use of electric engines brings advantages in terms of digital control of equipment, enabling better cultivation practices. With computer sensing, communication, and control capabilities combined with digitalization, farmers can use agricultural inputs more efficiently and reduce environmental impact. Electric engines offer the potential for enhanced precision and cost-effectiveness in agricultural operations.
In summary, selecting the appropriate power source for agricultural tasks, such as engines with suitable horsepower, and embracing sustainable mechanization practices can lead to increased efficiency, productivity, and environmental sustainability in crop production.
Power Type Outlook (Revenue, USD Billion; 2019–2030)
- Construction & Mining Equipment Engines
- Agriculture Tractor Engines
Engine Capacity Outlook (Revenue, USD Billion; 2019–2030)
- <5l Engines
- 5l-10l Engines
- >10l Engines
Fuel Type Outlook (Revenue, USD Billion; 2019–2030)
- Gasoline
- Diesel
- Others
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Regional Markets Highlighted in the Global Off-highway Vehicle Engine Market Report:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
Caterpillar Inc., Cummins Inc., MTU Friedrichshafen GmbH, Deere & Company, Kubota Corporation, Deutz AG, Scania AB, Weichai Power Co. Ltd., Volvo CE, Yanmar Co. Ltd.
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