Off-highway Vehicle Market to be Worth US$ 1.3 Trillion by 2031 - Transparency Market Research, Inc.

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Nov 16, 2022, 08:30 ET

Rising utilization of off-highway vehicles in multiple sectors including agriculture, construction, mining, and infrastructure propelling revenue growth; growing adoption of port and material handling equipment vehicles generate revenue streams
Automation in agriculture spurring demand for off-highway vehicles notably agricultural tractors; massive infrastructure development in Asia Pacific underpins vast lucrative avenues

WILMINGTON, Del., Nov. 16, 2022 /PRNewswire/ -- Many off-highway vehicle manufacturers are growing R&D on meeting the latest emission standards. Furthermore, focus on autonomous technologies in vehicles will help themselves set apart from competitors. An in-depth study by TMR found that key players are expanding their off-highway vehicles market shares by expanding their product portfolio of construction and mining equipment.

Rise in demand for agriculture and forestry sector will help augment the off-highway vehicle market size in the near future. The increasing trend of mechanized automaton to address the paucity of skilled labor in the industry has enriched the demand of off-highway vehicle market. Material handling equipment form one of the lucrative types of off-highway vehicles that has gained massive commercialization over the years.

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Key Findings

Rising Use of Machines in Multiple Industries to Spur Demand: Rise in demand for machines to automate tasks in numerous industries is propelling the growth opportunities in off-highway vehicle market. There is an abundant demand for these vehicles in large-sized infrastructure projects. The availability of heavy construction equipment has made them more affordable, observed the study authors.
Steadily Growing Uptake of Agriculture Tractors & Equipment Steer Market Growth: Demand for agricultural tractors and equipment presents enormous growth prospects, underpinned by the rapidly increasing trend of mechanized automation. Of note, agriculture tractors are expected to gather widespread adoption in developing countries, supported by growing spending by farmers on automating numerous farming activities. Moreover, the demand from port and material handling industry is buoyant, spurred by expansion of international trade over the decades. Thus, port & material handling equipment vehicles presents abundant opportunities.

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Key Drivers

The off-highway vehicle market is making strides on the back of rapid pace of organized urbanization and the increasing trend of mechanized automation in multiple industries.
Over the years, import-export trade has gathered considerable momentum, reinforced by favorable government policies and tariff rules. This in turn spurred investments in development of port and material handling infrastructure in several countries around the globe.
Emphasis of end-use industries to reduce the carbon emissions of off-highway vehicles has nudged automotive companies to develop environmentally friendly vehicles, thereby expanding the horizon.

Regional Growth Dynamics

The demand for off-highway vehicle has picked up immense pace in North America to meet the demands from coastal ports, inland ports, and waterways. The regional market is expected to expand at a promising growth rate during the forecast period.
China is estimated to account for a major share of the global off-highway vehicle market during the forecast period. The Rest of Asia Pacific region, that is the one excluding China, is also remarkably lucrative. Growing investments in large-ticket infrastructure projects in key cities of the country in recent years has filliped the demand. Rising uptake of products in India, Japan, Australia, and ASEAN particularly for mining and construction industries has generated sizable revenue streams in Rest of Asia Pacific market.

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Off-highway Vehicle Market: Competition Landscape

The TMR study observed that key players are keen on commercializing new services to expand market shares. The competition landscape is largely fragmented on account of presence of several vendors holding stakes in the market.

The vast ecosystem of key players includes Scania AB, Nidec Corporation, Liebherr, Kubota Corp, Komatsu Ltd., Husqvarna, Epiroc AB, Deutz AG, Deere & Company, Daimler AG Cummins Inc., Caterpillar Inc., AGCO Corporation AB Volvo, and Mahindra Powertrain.

Off-highway Vehicle Market Segmentation

Vehicle Type

Construction & Mining Equipment

Excavators
Backhoe loaders
Skid steer loaders
Dumpers
Bulldozers
Motor graders
Road rollers
Pavers
Cold planers
Drilling equipment
Piling equipment
Tunnel boring machines and equipment
Demolition equipment
Mixer trucks
Formwork equipment
Scaffolding equipment
Dump trucks
Underground mining equipment
Forestry Equipment
Trailers
Other construction equipment material

Agriculture

Agriculture Equipment
Tractor

Material Handling Vehicles
Military Vehicles

Propulsion

IC-Engine

Gasoline
Diesel

Electric

Battery Electric Vehicle
Hybrid Electric Vehicle

Engine Capacity

Less than 5L
5L to 10L
More than 10L

Power Output (KW)

Agricultural Equipment

Up to 25 KW
26-50 KW
51-75 KW
More than 76 KW

Construction & Mining Equipment

Up to 75 KW
76-150 KW
151-300 KW
301-400 KW
More than 400 KW

Others

Regions Covered

North America
Western Europe
China
Eastern Europe
Asia Pacific (Except China)
Middle East & Africa
Latin America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favour growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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