Growth in infrastructure and rise in mechanization in agriculture is fueling the market.
Market Size – USD 26.87 billion in 2018, Market Growth - CAGR of 8%, Market Trends – Increase usage of mechanization in agriculture
NEW YORK, March 19, 2019 (GLOBE NEWSWIRE) -- The global Off Highway Vehicle Engine market is expected to reach USD 51.43 billion by 2026, according to a new report by Reports and Data. Off highway engines are machines designed in a way that converts some form of energy into mechanical energy. It is mainly used in vehicles off the road. These vehicles are driven on and off tiled or stony and pebbly surfaces. They have large tires and flexible suspension.
Off highway vehicle are used for exploration off the asphalt road. With high clearance and these power vehicles, trails and forest area with low traction surface are explored as well. Demand for these vehicles is growing due to its usage in trekking and exploration activities. The rise in mining, agriculture, infrastructure, and construction has risen the demand of this market. These vehicles are generally diesel based, but stringent norms by the government have driven companies to use other alternatives.
Asia Pacific is expected to be a key revenue generating region in the forecast period with a CAGR of 21%. India, China, Indonesia, and Thailand are the countries that will market the off-highway vehicles. With the increase in housing projects, construction of roads and airport is, in turn, raising the demand for of highway vehicle market by enhancing the demand for construction equipment in these regions. The agriculture sector is also showing growth in this market. Application of agriculture tractor on the field is increasing hence encouraging the growth of off highway vehicle in this market also.
Request for PDF Sample at: https://www.reportsanddata.com/sample-enquiry-form/1202
Further key findings from the report suggest
Read more at: https://www.reportsanddata.com/report-detail/off-highway-vehicle-engine-market
For the purpose of this report, Reports and Data have segmented global Off Highway Vehicle Engine market on the basis of by power output, by engine capacity, by fuel type and region:
Ask for Discount at: https://www.reportsanddata.com/discount-enquiry-form/1202
Browse More Reports of Automotive and Transportation Category At: https://www.reportsanddata.com/report/category/automotive-services
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John Watson
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-800-819-3052
E-mail: sales@reportsanddata.com