The growing construction industry coupled with the population growth, rapid urbanization, increased per capita income, and participation from the larger private sector in infrastructure projectssuch as housing, power projects, road construction, and airports will result in the growth of the engine market for construction equipment.
The use of agricultural machinery to improve the efficiency and productivity of the farms and government initiatives to promote mechanization has further triggered the market growth. These all factorsare expected to contribute in the development of healthy environment for engine manufacturers for construction and agriculture applications.
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Any vehicle which is not designed to be used on a highway or road and capable of cross-country travel on land, snow, ice, marsh, swampland, or other natural terrains is called an off-highway vehicle. These vehicles are also capable of driving on and off paved or gravel surface as they have large tires with deep, open treads, a flexible suspension, or even caterpillar tracks.
They are mostly used for construction or agriculture, that is intended to be done on the steep or uneven ground.The off-highway vehicle includes tractors, forklifts, cranes, backhoes, bulldozers, and golf carts and have an enthusiastic following because of their many uses and versatility. Off highway vehicle engine is the engine specifically designed for off road vehicles.
The major restraintsfor engine manufacturers includes the high manufacturing, operating, and maintenance cost of off-highway vehicle engines and complying with the stringent emission norms.
The various market segments can be derived on the basis of capacity, fuel type and power output.
On the Basis of Capacity:
On the Basis of Fuel Type:
On the Basis of Power Output (HP):
On the basis of geography, the market can be segmented into North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Columbia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
The Asia-Oceania region is estimated to dominate the market and this growth can be attributed to the progress in the socio-economic conditions by the emerging countries such as China, India, Indonesia, and Thailand. The large population in countries such as China and India has resulted in increased number of government projects such as airports, sewer systems, and renewable energy.
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North America, the second largest market for off-highway vehicles, is also expected to do well, led by Mexico and United States. These regions have large-sized farms which necessitates the use of agriculture equipment.The agricultural machinery market is also poised to grow considerably in the Asia-Pacific region and countries like Vietnam, Philippines, India and China will be the main drivers of the market.
Caterpillar Inc., Cummins Inc., Deere & Company, Deutz AG, Kubota Corporation, Hitachi Construction Machinery Co. Ltd., Scania AB, Volvo CE, Weichai Power Co. Ltd., Yanmar Co. Ltd., Quanchai
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