Off-highway Vehicle Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The off-highway vehicle engine market is expected to register a CAGR of over 7.6%, during the forecast period, 2020-2025. 

• Off-highway vehicle engines growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trend in developing countries and spike in residential and commercial construction projects globally are driving the construction and agricultural machinery markets.
• At the global level, the construction is anticipated to be one of the most profitable sectors over the next decade. The demand for construction machinery has increased in Europe as a whole. The recovery of European construction industry improved business in the mining and quarrying sectors, and a favorable economic environment with low-interest rates further stimulated investments.
• The global construction industry is expected to witness significant growth in the coming years, with good opportunities in infrastructure, residential, and non-residential sectors. Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in construction of roads, highways, smart cities, metros, bridges, and expressways due to growing population and urbanization.

Scope of the Report

In the scope of the market, only engines operated in agricultural and construction machinery have been considered.

The off-highway vehicle engine market study includes power output as well as fuel type.

Report scope can be customized per your requirements. Click here.

Key Market Trends

50-70 HP - Largest Segment by Power Output in Agricultural Machinery

The market for 50-70 HP engines for agricultural machinery is expected to grow at a fast pace, witnessing a CAGR of  over 7.7%, during the forecast period.

• Agricultural machineries under 50-70 HP category includes majorly tractors and medium size combine harvesters.
• The medium size combine harvesters, with an average of 4.8m length, 2.2m width ,and 2.8m height, have been widely used in rice fields, especially in ASEAN countries, like Philippines, Indonesia, Vietnam, and India. Thus, Asia-Pacific covered a major share of more than 80% for the medium size combine harvester market in 2017.The prominent suppliers of medium size combine harvesters in the Asia-Pacific market includes Kubota Corporation and Yanmar Co. Ltd.
• According to CEMA, the tractor sales of 50-70 HP remained stable in Europe in 2017, as only a few EU countries, like Spain, Denmark, and the United Kingdom, recorded increased sales of tractors for 50-70 HP. For instance, the United Kingdom registered 12,033 tractor units (more than 50 HP) in 2017, a 13.5% increase from 2016.
• The United States and Canada registered a decline in the sales of 50-70 HP tractors, however noticed an increased sales of tractors below 40HP in 2017.
• India is one of the emerging markets in the agricultural sector, which has consistently experiencing demand for more than 50 HP tractors over past three years, owing to the strong government support to Indian farmers in purchasing agricultural machineries in order to achieve high agricultural economy in the country and rapid improvement in tractors industry.
• The growing demand for more than 50 HP tractors in Asia-Pacific and recovery in the European agricultural machinery market are anticipated to boost 50-70 HP agricultural machinery during the forecast period.

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