iCrowdNewswire Mar 1, 2021 7:00 PM ET
The global off-highway engine market is set to experience rapid progress at close to 7% CAGR from 2021 to 2031. Over the past half-decade, demand has swelled at 2.3% CAGR, mostly for construction and agriculture equipment, small marine engines and gensets. Moreover, inception of industry 4.0 globally has mandated industry verticals to mobilize their supply chain networks.
Over the coming years, demand for off-Highway equipment is expected to rise exponentially with large-scale investments in infrastructure development and capacity building by governments around the globe. Similarly, large-scale industrial truck adoption by manufacturing and warehousing industries in order to boost productivity, maintenance, and workplace safety is creating huge demand for off-highway engines.
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Furthermore, increasing adventure tourism among all age groups has kicked-off power sports vehicle demand, by virtue of which, power sports engine manufacturing industries are staring at the market with a bold eye.
However, the COVID-19 outbreak led to massive demand loss in off-highway engines. Cooperating to global lockdowns in order to prevent spread, infrastructure development was halted, global trade was disrupted, and people stopped spending on small power equipment such as power sports vehicles, lawn mowers, etc. All these resulted in plunged global off-highway engine demand. However, long-term prospects look bright with the resumption of activities and industries across regions.
Key Takeaways from Study
- The global off-highway engine market is anticipated to add approx. 2X value to its market by 2031
- Power output-wise, < 50 HP of off-highway engines are expected to increase at an impressive CAGR of close to % over the forecast period
- North America is the consummate market with a value of around US$ 11.3 Bn in 2021, and is projected to inflate at a zestful CAGR of nearly 7% over the forecast period
- < 4 L off-highway engines are opined to exhibit spry growth rate of 7% CAGR, while other fuels under fuel type segment are projected to add 2.1X value over the forecast period
- East Asia is set to unleash high growth of more than 7% CAGR, owing to infrastructure development, global maritime trade, and manufacturing prowess of the region, with widespread implementation of high-end technology within the agriculture sector and supply chain operations
- By application sector, industrial trucks are poised to bestow gracious opportunity for off-highway engines (7% CAGR), by virtue of increasing apprehensions of employee safety and improved warehouse management and mobilized supply chains
- The market in the U.S. is projected to expand at a CAGR of close to 7%, while that in the U.K. at over 6%, through 2031
- Both, China and India are anticipated to experience a CAGR of around 8% over the next ten years
- With the onset of COVID-19, the market suffered in 2020, and witnessed a growth of -4.4%; 2021 will see positive growth with the opening up of industries
“Increasing infrastructure spending, capacity building, and innovation for efficient engines are key drivers for off-highway engine sales,” says a Fact.MR analyst.
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Innovative Product Launches and Targeted Acquisitions by Key Players
- Cummins, in August 2019, extended its 2020 X15 portfolio to serve more markets and applications; the series engine included six new ratings with the existing four.
- In 2019 Cummins and Isuzu announced a partnership in powertrain agreement. These partners will evaluate and carry out opportunities to jointly develop and bring new diesel-based powertrains to the global market.
In 2019, with growing demand for lighter, fuel-efficient, and powerful engines, Caterpillar launched two new engine platforms – CAT C3.6 and C13B. The company claims that these engines are powerful, compact, and easy to integrate. In June 2020, Caterpillar announced that it had acquired selected assets and employees of California-based robot and autonomy technology solutions company Marble Robot. The acquisition was to further leverage its autonomous mining and solve problems of changing demands in the manufacturing industry.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global off-highway engine market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the basis of by engine capacity (<4 L, 4 L – 10 L, 10 L – 16 L, 16 L – 22 L, and above 22 L), power output (<50 HP, 50 HP – 100 HP, 100 HP – 200 HP, 200 HP- 300 HP, and above 300 HP), fuel type (gasoline, diesel and others), and application sector (construction equipment, agriculture equipment, marine engine, gensets, industrial trucks, power sports, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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