The off-road equipment market size is expected to gain CAGR of 4.0% and significant value in the forecast period.
Consumers use off-road equipment through off-road vehicles. They perform tasks on the ground, above ground and above. There are varieties of off-road vehicles such as large mining trucks, small agricultural machines and others. The strict government rules related to heavy equipment are the major cause of the market growth. Engine efficiency and emission requirement are also increasing the market growth. The continuous rise of urbanisation in several countries also increases the market's demand. Several other growth factors also boost the off-road equipment market: an increase in labour cost and a rise in the demand for zero-emission equipment due to the growing awareness of the environment will further increase the market. Due to covid and fluctuation in need, the market is slowed down slightly.
The prominent players in the global off-road equipment industry include Caterpillar Inc. (US), Kubota Corporation (Japan), CNH Industrial N.V. (US), Hitachi Construction Machinery (Japan), Deere & Company (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), The Liebherr Group (Germany), Blount International, Inc. (US), and Doosan Infracore (South Korea).
China will continue to have a tremendous impact on the global market for off-road equipment, finds a new Freedonia Group analysis. The country will represent 26% of absolute global gains in 2022.
The recent refrigerant of choice in the off-road market, HFC-134a, replaced the use of high-ozone-depleting substances such as R-12 in the early 1990s due to its low ozone-depleting potential (ODP) and global warming potential (GWP).
Current Investment in new and replacement off-road equipment featuring state-of-the-art technologies will fuel unit sales growth of 5.5% between 2021 and 2022 to $481 billion; many people are getting attracted to smart-equipped machines due to good efficiency.
Royal Enfield and Alpinestars have collaborated to create a riding apparel collection with high protection and performance. The partnership aims to provide Indian riders with the essential tools to make the best of their adventures. This new collection results from product engineering and testing in extremely demanding and challenging conditions for today's motorcycle riders.
Global Off-Road Equipment Market is segmented based on machinery type, end-use industry, and region. On the basis of machinery type, the market has been segmented into excavators & loaders, metals & minerals mining machinery, harvesters and forwarders, farm tractors, planting and fertilizing equipment, and others. The excavators & loaders machinery type segment is expected to dominate the global market in terms of value and volume during the forecast period. On the basis of the end-use industry, the market has been segmented into construction, agriculture, mining, forestry, and others. The construction segment is expected to dominate the global market in terms of both, value and volume during the forecast period. Geographically, the global off-road equipment market has been segmented into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold a prominent market share during the forecast period owing to the growth of manufacturing units and the rise in labor cost, which increases the demand for machinery. On the other hand, the Rest of the World is expected to witness substantial growth with the rising construction industry.
The report for global off-road equipment market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|CAGR||4.0% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Machinery Type, and End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Caterpillar Inc. (US), Kubota Corporation (Japan), CNH Industrial N.V. (US), Hitachi Construction Machinery (Japan), Deere & Company (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), The Liebherr Group (Germany), Blount International, Inc. (US), and Doosan Infracore (South Korea)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Fluctuation in demand for the off-road equipment, around the globe|
The global off-road equipment market is predicted to grow at a 4.0% CAGR between 2019- 2025.
Off-road equipment is used through off-road cars to perform tasks below, above, or on the ground.
Asia Pacific will lead the global off-road equipment market.
Strict government norms and demand for electric machines are the key factors driving the global off-road equipment market growth.
Key contenders profiled in the global off-road equipment market include Caterpillar Inc. (US), Kubota Corporation (Japan), CNH Industrial N.V. (US), Hitachi Construction Machinery (Japan), Deere & Company (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), The Liebherr Group (Germany), Blount International, Inc. (US), and Doosan Infracore (South Korea).