Los Angeles, December 20, 2019 - QY Research recently published a report titled, “Global off Highway Vehicle Engine Market Insights, Forecast to 2025.” The global off highway vehicle engine market is valued at US$35.4 mn in 2018. The market share will reach US$54 mn by the end of 2025, rising at a CAGR of 5.80% during 2019-2025.
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Increasing Demand from Agricultural Machinery to Drive Market
Global off highway vehicle engine market is expected to rise due the growing demand of off highway vehicle from mining, agriculture, infrastructure, and construction industries. These vehicles are used for driving on and off tiled or pebbly surfaces in areas where there are no asphalt roads. The engines in these vehicles burn fuel to create heat which is then to be used to power vehicles. The increasing government attention towards agriculture machinery is fuelling the market.
Furthermore, growing interest in trekking and exploration activities in will increase the usage of power vehicles in trails and forest area with low traction surface. Lastly, thriving construction industry with residential and commercial projects will drastically boost the off highway vehicle engine market.
Market to Witness Increasing Demand for Off-Highway Vehicle from Agriculture Industry
The increasing investment from governments towards improving the efficiency and productivity of agriculture is expected to augment the segment growth globally.
Asia-Pacific to Dominate Global off Highway Vehicle Engine Market
Asia Pacific holds a prominent shares in the global off-highway engine market as due to growing government initiatives to increase awareness about agriculture machinery and the booming automotive sector. This has especially seen in developing countries like China and India.
Manufacturers to Focus on Sustainability by Increasing Fuel Efficiency
FPT Industrial, sub brand CNH Industrial recently announced its agreement to acquire full control per Dolphin N2. Dolphin N2 is a spin-out company from Ricardo specialising in innovative internal combustion engine technology. The company under this venture aims to advance this expertise in substantially by increasing fuel efficiency, reducing operating costs, and CO2 emissions. They will initiate this plan from long-haul trucks and other heavy-duty applications and then extend it to other industrial segments with a complete power range. The technology will help the company be suitable for all fuels, with ad hoc configuration for liquid fuel and gas applications.
The report covers manufcturers including John Deere, Caterpillar, Komatsu, Volvo Penta, Deutz, FTP Industrial, Weichai Power, Yanmar, Cummins, Kubota, MAN, Yuchai, Isuzu, Scania, Quanchai, and others.
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