Global Off-Road Equipment Market Research Report- Forecast till 2030

Off-Road Equipment Market Research Report Information Information by Machinery Type (Harvesters & Forwarders, Farm Tractors, Excavators & Loaders, Others), End-Use Industry (Forestry, Construction, Agriculture, Mining) and Region (North America, Europe, Asia-Pacific and the Rest of the World) ‚Äď Forecast till 2030

ID: MRFR/IA - E/6298-HCR | 100 Pages | Author: Tejas Chaudhary | June 2023         

Off-Road Equipment Market Speak to Analyst Request a Free Sample

Off-Road Equipment Market

Off-Road Equipment Market Size is expected to cross USD $523 billion by 2028 at a CAGR of 4% during the forecast period 2021-2028

Segmentation
By Machinery Type Harvesters & Forwarders Farm Tractors Excavators & Loaders Others
End-Use Industry Forestry Construction Agriculture Mining
Key Players
Companies Profiled   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)    Doosan Infracore (South Korea)
Drivers
Market Driving Forces   New product launches and R&D amongst major key players    Fluctuation in demand for the off-road equipment    around the globe
Request a Free Sample

Global Off-Road Equipment Market Research (MRFR Insights)


The  off-road equipment market size is projected to reach approximately USD significant value by 2030, at a CAGR of 4% from 2022 to 2030.  Many off-road vehicles are available to consumers, including large mining trucks, small agricultural machines, and more. Off-road equipment is used on the ground and above. Strict government regulations regarding heavy equipment primarily drive the  off-road equipment market expansion. As well as the increasing demand for custom off-road equipment, including off road tires, off road wheels, off road trailer, the continuous rise in urbanization in several countries contributes to market growth. The  market growth is also boosted by several other factors: an increase in labor costs and a growth in demand for zero-emission equipment will also drive the market forward.


COVID-19 Impact Analysis


 economic growth has been hit hard by the COVID-19 pandemic lockdowns implemented across the globe have disrupted supply chains and halted production at various facilities. The industry remains challenged by challenging market dynamics, including the ongoing COVID-19 epidemic, disruptions to supply chains, and inflationary pressures. Still, dealers must simultaneously tackle underlying structural changes threatening their business models. In response to the COVID-19 pandemic and the persistent changes that resulted from it, other industries, such as automotive and commercial trucking, have already begun this journey and have accelerated their efforts. As a result of these changes, new disruptors have been able to enter and scale the automotive industry, such as digital marketers and used car disruptors. Off road equipment parts dealers must identify similar opportunities to serve their customers better and differentiate themselves from their competitors.


 Off-Road Equipment Market Dynamics


The market expansion is primarily driven by regulations governing large machinery. Industrialization continues to rise in various regions, demand for goods and services is also growing. Several growth factors, including labor costs and growing demand for zero-emissions equipment, also increase the  market share. As a result of the shortcomings of electrically-propelled off-highway vehicles, hybrid off-highway vehicles are currently considered a viable alternative, though high development costs limit the growth of the market for off-road equipment. As a result of concerns about emissions and noise generated by conventional diesel-powered machinery, electric powertrains have been increasingly being used in off-highway vehicles (including construction and mining equipment). 


Market Drivers




  • Emission standards & rising labor costs drive equipment purchases




Generally, high-income countries such as Australia, Canada, Germany, and the U.S. will be able to afford advanced off-road equipment at the lowest cost due to high production costs and labor shortages. In lower- and mid-income countries, where labor costs are less important, and emission standards are generally less strict, state-of-the-art technology will be limited. In contrast, many of the world's largest mines - operated by multinationals with the means to invest in advanced, high-tech machinery - are located in countries with low incomes. Thus, driving the growth of the off-road equipment market.


Market Restraints:




  • Regulations and policies governing international trade




There are differences in policies and regulations regarding manufacturing, importing, and exporting off-road equipment based on country. Countries set import duties to protect local manufacturers from unfair competition. Foreign affairs can be helpful, but they can also increase international competition. Foreign affairs have a greater impact on trade activities. If there are disputes with countries, trade agreements may be suspended, or in extreme cases, restrictions may be imposed that limit trade altogether.


Market Opportunities:




  • Increasing demand for hybrid off-road equipment




A growing concern among governments of major developed and developing countries is the issue of  carbon emissions and climate change. The transportation sector contributes significantly to greenhouse effects, accounting for around 24 percent of  CO2 emissions. A vast array of technologies with low or zero carbon emissions is required for the transportation sector to minimize carbon emissions. As a potential innovation to address the issue of zero carbon emission, alternative fuel vehicles (AFVs) offer significant energy-sustainable transportation that is environmentally friendly. Growing demand for hybrid off-highway equipment/machinery has resulted from the introduction of stringent emission regulations by several governments worldwide, prompting manufacturers to launch environmentally friendly products.


Off-Road Equipment Market Segment Overview


By Product Insights


Based on product, the  off-road equipment market segmentation has been divided into dump trucks, cranes, excavators, crawlers, loaders, and others. The excavators segment held a major share in  off-road equipment market growth in 2021. A significant increase in infrastructure development investment by private and government organizations is expected to drive the  market in the coming years. There is a growing demand for excavators across industrial, residential, and commercial sectors, creating growth opportunities for the  market.


By Application Insights


Based on the application, the  off-road equipment market segmentation is divided into infrastructure, commercial buildings, residential buildings, industrial buildings, and others. The residential buildings segment had a prominent share in 2021. Due to rapid urbanization in nations like China and India, the demand for off-road construction equipment for residential construction is extraordinary. In addition to residential housing, the development activates other infrastructures such as roads, hospitals, schools, & commercial spaces to manage the demand for these civic infrastructures. The government invests substantially in the construction sector to fulfill this demand. It is estimated that India will spend 1.4 trillion dollars on infrastructure during the forecast period, according to the India Brand Equity Foundation (IBEF). The Indian government, such as metro rail, renewable energy, and highways, would heavily invest in several infrastructure projects.


Global Off-Road Equipment Market Share, by Region, 2021 (%)
Off-Road Equipment Market Share, by Region, 2021


Off-Road Equipment Market Overview by Region


By region, the  off-road equipment market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the review period.


Asia-Pacific


Asia-Pacific was the most extensive market share in 2021. Increasing manufacturing units and rising labor costs increase machinery demand. In addition to building massive infrastructures, skyscrapers, and commercial buildings, the growing trend of investing in road construction plans is expected to increase the demand for the machinery of this type internationally. The demand for concrete and road construction machinery, such as concrete mixers & pavers, has increased. For instance, governments in India and China have taken on the initiative to expand road infrastructure. The Indian government recently announced it would invest INR 15 trillion in highway improvements over the forecast period.


North America


North America was anticipated to encounter the fastest growth rate in 2021. A significant portion of equipment used in mining in North America is manufactured in the U.S., which is one of the world's largest construction equipment manufacturers. The North America is projected to grow significantly owing to an increase in agricultural equipment production.


Off-Road Equipment Market Competitive Landscape


The market includes tier-1, tier-2, and local players. A comprehensive analysis of key players in the  market size is presented in the report through analytical data on building heights, prices, financial positions, product portfolios, growth strategies, and regional presences within the region. For instance, A line of motorcycle clothing developed by Royal Enfield and Alpinestars in May 2022 offers excellent performance and safety. Through collaboration, Indian riders can access valuable resources to maximize their trips. The new line results from product development and testing in challenging conditions.


Prominent players in the  off-road equipment market research include AB Volvo, Caterpillar, AGCO Corporation, Bell Equipment, CLAAS KGaA mbH, CNH Industrial N.V, Deere & Company, Doosan Infracore, Escorts Limited, Hitachi, Ltd, Komatsu America Corp, KUBOTA Corporation, Liebherr Group, Mahindra & Mahindra Ltd, Manitowoc, SAME DEUTZ-FAHR Italia S.p.A., Terex Corporation, and YANMAR CO., LTD, among others.


Scope of the  Off-Road Equipment Market Segmentation


By Product Outlook



  • Dump Trucks

  • Cranes

  • Excavators

  • Crawlers

  • Loaders

  • Others


By Application Outlook



  • Infrastructure

  • Commercial Buildings

  • Residential Buildings

  • Industrial Buildings

  • Others


By Region Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:




  • Off-Road Equipment Market Forecast & Size:




To identify and estimate the market size for the  off-road equipment market report segmented by product, and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers of  off-road equipment market forecast between 2022 and 2030




  • Market Landscape and Trends:




To identify the  off-road equipment market growth and infer the drivers, restraints, opportunities, and challenges.




  • Market Influencing Factors:




To find out the factors which are affecting the  off-road equipment market size




  • Impact of COVID-19:




To identify and understand the various factors involved in the market affected by the pandemic




  • Company Profiling:




To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.  


Intended Audience



  • Off-Road Equipment Manufactures

  • Raw Material Suppliers

  • Retailers, Wholesalers, and Distributors

  • Governments, Associations, and Industrial Bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size 2030: 523 Billion
  CAGR 4.0% CAGR (2022-2030)
  Base Year 2021
  Forecast Period 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


Frequently Asked Questions (FAQ) :

The  off-road equipment market forecast period is 2022 - 2030

The market is expected to register a CAGR of 4% over the next 10 years, according to the  off-road equipment market research.

North America is expected to register the highest CAGR during 2022 - 2030

Asia Pacific held the largest share in 2021

The market size is expected to be USD significant value by 2030.

AB Volvo, Caterpillar, AGCO Corporation, Bell Equipment, CLAAS KGaA mbH, CNH Industrial N.V, Deere & Company, Doosan Infracore, Escorts Limited, Hitachi, Ltd, Komatsu America Corp, KUBOTA Corporation, Liebherr Group and Mahindra & Mahindra Ltd, are the major companies operating in the market.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
Request Free Sample

Why Choose Market Research Future?

  • ✅ Vigorous research methodologies for specific market.
  • ✅ Knowledge partners across the globe
  • ✅ Large network of partner consultants.
  • ✅ Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • ✅ Trusted by fortune 500 companies/startups/universities/organizations
  • ✅ Large database of 5000+ markets reports.
  • ✅ Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid