Off-Highway Equipment Market to drive the Highest CAGR Growth by 2027
The global off-road equipment market is predicted to develop at a 4.0% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis. Off-highway or off-road equipment, simply put, are chiefly used with an off-highway car that varies according to the end use industry for the specific product like cultivating machinery, plowing, chippers and grinders, forwarders, and harvesters. They also differ with regards to product specifications as per the load operations and worksite. Planting and fertilizing equipment, farm tractors, harvesters and forwarders, metals and minerals mining machinery, excavators and loaders, and others are the different types of machinery that have wide applications in forestry, mining, agriculture, construction, and others.
Various factors are propelling the global off-road equipment market share. According to the recent MRFR report, such factors include increasing public-private firms implementing infrastructure, huge scale acceptance of leasing business models, development of off-highway cars, increasing investments in technical advancements by top manufacturers, and development & innovation of off-road equipment. Additional factors adding market growth include strict regulations governing the emission requirements and engine efficiency, a rise in urbanization following average labor cost, and the burgeoning demand for hybridization and electrification.
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On the contrary, increasing dependency on economic factors, unpredictable demand, and the on-going COVID-19 impact are factors that may limit the global off-road equipment market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global electric off-highway equipment market based on end use industry and machinery type.
By machinery type, the global off-road equipment market is segmented into planting and fertilizing equipment, farm tractors, harvesters and forwarders, metals and minerals mining machinery, excavators and loaders, and others. Of these, the excavators and loaders machinery type segment will lead the market over the forecast period.
By end use industry, the global off-highway equipment market is segmented into forestry, mining, agriculture, construction, and others. Of these, the construction end use industry segment will dominate the market over the forecast period.
Based on the region, the global off-road equipment industry report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. The presence of leading emerging economies like India and China, an increase in average labor costs, and growth of foreign investments for manufacturing plants are adding to the global off-road equipment market growth in the region.
The global off-road equipment market in North America is predicted to have healthy growth over the forecast period. Replacement product sales, round wood production, and the booming construction industry are adding to the global off-road equipment market growth in the region.
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The global off-road equipment market in Europe is predicted to have sound growth over the forecast period. High purchasing power, presence of several developed nations, increasing sales of off-road equipment in the forestry, mining, and construction industry, and the region is a hub of off-road equipment & off-road vehicles are adding to the global off-road equipment market growth in the region.
The global off-road equipment market in the Rest of the World is predicted to have steady growth over the forecast period. The booming agriculture and construction sector in Argentina and Brazil is adding to the global off-road equipment market growth in the region.
Key players profiled in the global off-road equipment market report include Doosan Infracore (South Korea), Blount International, Inc. (US), The Liebherr Group (Germany), Sandvik AB (Sweden), Komatsu Ltd (Japan), Deere & Company (US), Hitachi Construction Machinery (Japan), CNH Industrial N.V. (US), Kubota Corporation (Japan), and Caterpillar Inc. (US).
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