Summary

Market Overview: 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. An off highway vehicle (OHV) is a motor vehicle not intended to be driven or moved on a public highway. It includes all-terrain vehicles (ATVs), four-wheelers, three-wheelers, motorcycles, dirt and trail bikes, and snowmobiles. It has flexible suspension, caterpillar tracks, and large tires with deep treads. In recent years, automotive manufacturers have worked to improve OHV engine designs to minimize the emission of pollutants using techniques, such as direct fuel injection, variable valve timing, combustion chamber mixing, and exhaust gas recycling. These methods help improve the efficiency of combustion, which lowers pollutant generation and offers energy efficiency. Off Highway Vehicle Engine Market Trends: With the rising agricultural mechanization, the production, distribution, and utilization of agricultural machinery is increasing in the development of agricultural land, planting, harvesting, and primary processing. This, in confluence with the thriving agriculture sector, represents one of the key actors propelling the growth of the market. Moreover, there is a rise in the use of forklift trucks, which are generally powered by petrol and diesel engines for transporting heavy building materials across rough terrain. Besides this, load haul dump (LHD) machines are increasingly being utilized in underground environments like mines to load and transport ore and minerals. This, coupled with increasing mining activities around the world, is creating a positive outlook for the market. Apart from this, ATVs find extensive applications in border patrol and security, construction operations, emergency medical response, search and rescue, law enforcement, land management and surveying, military operations, and mineral and oil exploration. This, along with the rising electrification of OHVs on account of benefits, such as clean air, efficiency, and safety, is strengthening the market growth. Key Market Segmentation: IMARC Group provides an analysis of the key trends in each sub-segment of the global off highway vehicle engine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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: Diesel Gasoline Others Breakup by Region: North America United States Canada Asia-Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. Key Questions Answered in This Report: How has the global off highway vehicle engine market performed so far and how will it perform in the coming years? What has been the impact of COVID-19 on the global off highway vehicle engine market? What are the key regional markets? What is the breakup of the market based on the power output? What is the breakup of the market based on the engine capacity? What is the breakup of the market based on the fuel type? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global off highway vehicle engine market and who are the key players? What is the degree of competition in the industry?

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Table of Contents

1 Preface 2 Scope and Methodology 2.1 Objectives of the Study 2.2 Stakeholders 2.3 Data Sources 2.3.1 Primary Sources 2.3.2 Secondary Sources 2.4 Market Estimation 2.4.1 Bottom-Up Approach 2.4.2 Top-Down Approach 2.5 Forecasting Methodology 3 Executive Summary 4 Introduction 4.1 Overview 4.2 Key Industry Trends 5 Global Off Highway Vehicle Engine Market 5.1 Market Overview 5.2 Market Performance 5.3 Impact of COVID-19 5.4 Market Forecast 6 Market Breakup by Power Output 6.1 Agricultural Machinery 6.1.1 Market Trends 6.1.2 Key Segments 6.1.2.1 Upto 30 HP 6.1.2.2 31-50 HP 6.1.2.3 51-80 HP 6.1.2.4 81-140 HP 6.1.2.5 140+ HP 6.1.3 Market Forecast 6.2 Construction Machinery 6.2.1 Market Trends 6.2.2 Key Segments 6.2.2.1 Upto 100 HP 6.2.2.2 101-200 HP 6.2.2.3 201-400 HP 6.2.2.4 400+ HP 6.2.3 Market Forecast 7 Market Breakup by Engine Capacity 7.1 <5L Capacity 7.1.1 Market Trends 7.1.2 Market Forecast 7.2 5L-10L Capacity 7.2.1 Market Trends 7.2.2 Market Forecast 7.3 >10L Capacity 7.3.1 Market Trends 7.3.2 Market Forecast 8 Market Breakup by Fuel Type 8.1 Diesel 8.1.1 Market Trends 8.1.2 Market Forecast 8.2 Gasoline 8.2.1 Market Trends 8.2.2 Market Forecast 8.3 Others 8.3.1 Market Trends 8.3.2 Market Forecast 9 Market Breakup by Region 9.1 North America 9.1.1 United States 9.1.1.1 Market Trends 9.1.1.2 Market Forecast 9.1.2 Canada 9.1.2.1 Market Trends 9.1.2.2 Market Forecast 9.2 Asia-Pacific 9.2.1 China 9.2.1.1 Market Trends 9.2.1.2 Market Forecast 9.2.2 Japan 9.2.2.1 Market Trends 9.2.2.2 Market Forecast 9.2.3 India 9.2.3.1 Market Trends 9.2.3.2 Market Forecast 9.2.4 South Korea 9.2.4.1 Market Trends 9.2.4.2 Market Forecast 9.2.5 Australia 9.2.5.1 Market Trends 9.2.5.2 Market Forecast 9.2.6 Indonesia 9.2.6.1 Market Trends 9.2.6.2 Market Forecast 9.2.7 Others 9.2.7.1 Market Trends 9.2.7.2 Market Forecast 9.3 Europe 9.3.1 Germany 9.3.1.1 Market Trends 9.3.1.2 Market Forecast 9.3.2 France 9.3.2.1 Market Trends 9.3.2.2 Market Forecast 9.3.3 United Kingdom 9.3.3.1 Market Trends 9.3.3.2 Market Forecast 9.3.4 Italy 9.3.4.1 Market Trends 9.3.4.2 Market Forecast 9.3.5 Spain 9.3.5.1 Market Trends 9.3.5.2 Market Forecast 9.3.6 Russia 9.3.6.1 Market Trends 9.3.6.2 Market Forecast 9.3.7 Others 9.3.7.1 Market Trends 9.3.7.2 Market Forecast 9.4 Latin America 9.4.1 Brazil 9.4.1.1 Market Trends 9.4.1.2 Market Forecast 9.4.2 Mexico 9.4.2.1 Market Trends 9.4.2.2 Market Forecast 9.4.3 Others 9.4.3.1 Market Trends 9.4.3.2 Market Forecast 9.5 Middle East and Africa 9.5.1 Market Trends 9.5.2 Market Breakup by Country 9.5.3 Market Forecast 10 SWOT Analysis 10.1 Overview 10.2 Strengths 10.3 Weaknesses 10.4 Opportunities 10.5 Threats 11 Value Chain Analysis 12 Porters Five Forces Analysis 12.1 Overview 12.2 Bargaining Power of Buyers 12.3 Bargaining Power of Suppliers 12.4 Degree of Competition 12.5 Threat of New Entrants 12.6 Threat of Substitutes 13 Price Analysis 14 Competitive Landscape 14.1 Market Structure 14.2 Key Players 14.3 Profiles of Key Players 14.3.1 AB Volvo 14.3.1.1 Company Overview 14.3.1.2 Product Portfolio 14.3.1.3 Financials 14.3.1.4 SWOT Analysis 14.3.2 AGCO Corporation 14.3.2.1 Company Overview 14.3.2.2 Product Portfolio 14.3.2.3 Financials 14.3.2.4 SWOT Analysis 14.3.3 Caterpillar Inc. 14.3.3.1 Company Overview 14.3.3.2 Product Portfolio 14.3.3.3 Financials 14.3.3.4 SWOT Analysis 14.3.4 Cummins Inc. 14.3.4.1 Company Overview 14.3.4.2 Product Portfolio 14.3.4.3 Financials 14.3.4.4 SWOT Analysis 14.3.5 Deere & Company 14.3.5.1 Company Overview 14.3.5.2 Product Portfolio 14.3.5.3 Financials 14.3.5.4 SWOT Analysis 14.3.6 Deutz AG 14.3.6.1 Company Overview 14.3.6.2 Product Portfolio 14.3.6.3 Financials 14.3.6.4 SWOT Analysis 14.3.7 Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.) 14.3.7.1 Company Overview 14.3.7.2 Product Portfolio 14.3.7.3 Financials 14.3.7.4 SWOT Analysis 14.3.8 J C Bamford Excavators Ltd. 14.3.8.1 Company Overview 14.3.8.2 Product Portfolio 14.3.9 Komatsu Ltd. 14.3.9.1 Company Overview 14.3.9.2 Product Portfolio 14.3.9.3 Financials 14.3.9.4 SWOT Analysis 14.3.10 KUBOTA Corporation 14.3.10.1 Company Overview 14.3.10.2 Product Portfolio 14.3.10.3 Financials 14.3.10.4 SWOT Analysis 14.3.11 Mahindra & Mahindra Ltd. 14.3.11.1 Company Overview 14.3.11.2 Product Portfolio 14.3.12 Weichai Power Co. Ltd 14.3.12.1 Company Overview 14.3.12.2 Product Portfolio 14.3.12.3 Financials 14.3.13 Yanmar Holdings Co. Ltd. 14.3.13.1 Company Overview 14.3.13.2 Product Portfolio List of Figures Figure 1: Global: Off Highway Vehicle Engine Market: Major Drivers and Challenges Figure 2: Global: Off Highway Vehicle Engine Market: Sales Value (in Billion US$), 2017-2022 Figure 3: Global: Off Highway Vehicle Engine Market Forecast: Sales Value (in Billion US$), 2023-2028 Figure 4: Global: Off Highway Vehicle Engine Market: Breakup by Power Output (in %), 2022 Figure 5: Global: Off Highway Vehicle Engine Market: Breakup by Engine Capacity (in %), 2022 Figure 6: Global: Off Highway Vehicle Engine Market: Breakup by Fuel Type (in %), 2022 Figure 7: Global: Off Highway Vehicle Engine Market: Breakup by Region (in %), 2022 Figure 8: Global: Off Highway Vehicle Engine (Agricultural Machinery) Market: Sales Value (in Million US$), 2017 & 2022 Figure 9: Global: Off Highway Vehicle Engine (Agricultural Machinery) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 10: Global: Off Highway Vehicle Engine (Construction Machinery) Market: Sales Value (in Million US$), 2017 & 2022 Figure 11: Global: Off Highway Vehicle Engine (Construction Machinery) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 12: Global: Off Highway Vehicle Engine (<5L Capacity) Market: Sales Value (in Million US$), 2017 & 2022 Figure 13: Global: Off Highway Vehicle Engine (<5L Capacity) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 14: Global: Off Highway Vehicle Engine (5L-10L Capacity) Market: Sales Value (in Million US$), 2017 & 2022 Figure 15: Global: Off Highway Vehicle Engine (5L-10L Capacity) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 16: Global: Off Highway Vehicle Engine (>10L Capacity) Market: Sales Value (in Million US$), 2017 & 2022 Figure 17: Global: Off Highway Vehicle Engine (>10L Capacity) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 18: Global: Off Highway Vehicle Engine (Diesel) Market: Sales Value (in Million US$), 2017 & 2022 Figure 19: Global: Off Highway Vehicle Engine (Diesel) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 20: Global: Off Highway Vehicle Engine (Gasoline) Market: Sales Value (in Million US$), 2017 & 2022 Figure 21: Global: Off Highway Vehicle Engine (Gasoline) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 22: Global: Off Highway Vehicle Engine (Other Fuel Types) Market: Sales Value (in Million US$), 2017 & 2022 Figure 23: Global: Off Highway Vehicle Engine (Other Fuel Types) Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 24: North America: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 25: North America: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 26: United States: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 27: United States: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 28: Canada: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 29: Canada: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 30: Asia-Pacific: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 31: Asia-Pacific: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 32: China: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 33: China: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 34: Japan: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 35: Japan: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 36: India: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 37: India: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 38: South Korea: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 39: South Korea: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 40: Australia: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 41: Australia: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 42: Indonesia: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 43: Indonesia: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 44: Others: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 45: Others: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 46: Europe: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 47: Europe: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 48: Germany: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 49: Germany: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 50: France: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 51: France: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 52: United Kingdom: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 53: United Kingdom: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 54: Italy: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 55: Italy: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 56: Spain: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 57: Spain: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 58: Russia: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 59: Russia: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 60: Others: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 61: Others: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 62: Latin America: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 63: Latin America: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 64: Brazil: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 65: Brazil: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 66: Mexico: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 67: Mexico: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 68: Others: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 69: Others: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 70: Middle East and Africa: Off Highway Vehicle Engine Market: Sales Value (in Million US$), 2017 & 2022 Figure 71: Middle East and Africa: Off Highway Vehicle Engine Market: Breakup by Country (in %), 2022 Figure 72: Middle East and Africa: Off Highway Vehicle Engine Market Forecast: Sales Value (in Million US$), 2023-2028 Figure 73: Global: Off Highway Vehicle Engine Industry: SWOT Analysis Figure 74: Global: Off Highway Vehicle Engine Industry: Value Chain Analysis Figure 75: Global: Off Highway Vehicle Engine Industry: Porter's Five Forces Analysis List of Tables Table 1: Global: Off Highway Vehicle Engine Market: Key Industry Highlights, 2022 and 2028 Table 2: Global: Off Highway Vehicle Engine Market Forecast: Breakup by Power Output (in Million US$), 2023-2028 Table 3: Global: Off Highway Vehicle Engine Market Forecast: Breakup by Engine Capacity (in Million US$), 2023-2028 Table 4: Global: Off Highway Vehicle Engine Market Forecast: Breakup by Fuel Type (in Million US$), 2023-2028 Table 5: Global: Off Highway Vehicle Engine Market Forecast: Breakup by Region (in Million US$), 2023-2028 Table 6: Global: Off Highway Vehicle Engine Market: Competitive Structure Table 7: Global: Off Highway Vehicle Engine Market: Key Players