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
“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
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).
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