Automotive Off-Highway Engine Industry 2020: Projection, Solutions, Services ForMarket Synopsis:
The global Automotive Off-Highway Engine Industry is predicted to grow at a 9% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. An off-highway engine is a machine that is designed to convert some type of energy into mechanical energy. This is mostly utilized in cars off the road. It is driven on as well off stony or tiled and pebbly surfaces and has flexible suspension and large tires.
Various factors are driving the growth of the automotive off-highway engine market. These factors, in accordance with the Market Research Future (MRFR) report, include increasing demand as well as production of off-road vehicles, demand for ATVs (all-terrain vehicles) for their suitability for various activities such as travelling and trekking in exploration areas, and increase in automation in different industries such as infrastructure, mining, construction, and agriculture. Additional factors boosting the market growth include growing urbanization and growing population.
On the contrary, high cost, as well as maintenance expenditure, are factors that may restrain the Automotive Off-Highway Engine Industry growth over the forecast period.
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Market Segmentation
The Market Research Future report offers a wide segmental analysis of the Automotive Off-Highway Engine Industry based on power output, engine capacities, and fuel types.
Based on power output, the Automotive Off-Highway Engine Industry is segmented into above 400 HP, 100-400 HP, and 30-100 HP. Of these, the 100-400 HP segment will have the largest share in the market over the forecast period.
Based on engine capacities, the Automotive Off-Highway Engine Industry is segmented into >10 litre, 5.1-10 litre, and <5 litre. Of these, the <5 litre segment will dominate the market over the forecast period.
Based on fuel types, the Automotive Off-Highway Engine Industry is segmented into gasoline and diesel. Of these, the diesel segment will lead the market over the forecast period.
Regional Analysis
Based on the region, the Automotive Off-Highway Engine Industry report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific, and Rest of the World. Of these, Asia Pacific will remain the frontrunner in the market over the forecast period. China, Japan, and India are the key contributors here. They are the most technologically advanced, resulting in various innovations. Automation is growing in sectors such as construction and agriculture in the growing economies in India and China. Other factors contributing to the Automotive Off-Highway Engine Industry growth in this region include rapid industrialization and growing urbanization. Most OEMs (original equipment manufacturers) are based in this region, driving the market growth. In case of agricultural activities, namely sowing, plowing, and harvesting, farmers, prefer off-highway engines of high-performance and growing demand for the same.
The Automotive Off-Highway Engine Industry in North America will have significant growth in the market over the forecast period. This is owing to technological advancements, presence of major manufacturers, and extensive research and development in the automotive sector. Canada and the US are the chief contributors here.
The Automotive Off-Highway Engine Industry in Europe will have a favorable growth over the forecast period. This is owing to the region’s established automotive industry, high density of population, presence of several key market players, and high level of technological advancement. The key country-specific markets here include the UK, Italy, Germany, and France, followed by the remaining countries of Europe.
Key Players
Leading players profiled in the Automotive Off-Highway Engine Industry report include Massey Ferguson Limited (US), AGCO Corporation (US), J.C. Bamford Excavators Limited (UK), Deere & Company (US), Mahindra and Mahindra Limited (India), Volvo Group (Sweden), Kubota Corporation (Japan), Deutz AG (Germany), Cummins Inc. (US), and Caterpillar Inc. (US), among others.
June 2019: Fortaco and AutoComp Systems have entered into a partnership to manufacture safety cabins for off-highway cars in India. The safety cabin has been developed by Fortaco Group to cater Indian safety needs and conditions. It will be made in India via Tata AutoComp depending on design, technology, and specifications made by Fortaco Group.
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