- 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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