In the coming years there is an increasing demand for Off-road Engines in the regions of North America and Europe that is expected to drive the market for more advanced Off-road Engines. Growth in government budgets in the principal countries, increasing of construction fields expenditures, more-intense competition, launches in introducing new products, increasing of spending on agricultural machinery, retrofitting and renovation of old technology, increasing adoption of Off-road Engines will drive growth in North America and Europe markets.
Globally, the Off-road Engines industry market is low concentrated as the manufacturing technology of Off-road Engines is relatively matures than some high-tech equipment. And some enterprises, like Cummins, Caterpillar, MAN, etc. are well-known for the wonderful performance of their Off-road Engines and related services. At the same time, Europe, occupied 26.72% revenue market share in 2015, is remarkable in the global Off-road Engines industry because of their market share and technology status of Off-road Engines.
The consumption volume of Off-road Engines is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of Off-road Engines industry may not keep that fast. But it is surely forecasted that the market of Off-road Engines is still promising.
The product average price declined in the past few years due to the technology development, the average price will keep the trend in the few future years due to increasing mature manufacturing technology and lowing cost of raw materials.