Off-highway Vehicle Market Worth USD 1,297.2 billion by 2031, Expanding at a 5.11% CAGR – Exclusive Report by Transparency Market Research
Off-highway vehicles are embracing electric power for enhanced efficiency, reduced emissions, and quieter operations.
Wilmington, Delaware, United States, Sept. 28, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The off-highway Vehicle market was estimated to have acquired US$ 826.7 billion in 2022. It is anticipated to register a 5.11% CAGR from 2023 to 2031 and by 2031; the market is likely to gain US$ 1,297.2 billion.
The fusion of off-highway vehicles with precision agriculture technologies offers substantial potential. These vehicles can be equipped with sensors and AI to optimize planting, harvesting, and soil management. This convergence not only enhances agricultural productivity but also reduces environmental impact.
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While autonomous cars have garnered significant attention, autonomous mining and construction equipment are gaining ground. Self-driving bulldozers, excavators, and haul trucks are set to revolutionize the mining and construction sectors, improving safety, efficiency, and cost-effectiveness.
Off-highway vehicles play a pivotal role in constructing renewable energy infrastructure such as wind farms and solar installations. As the world transitions towards cleaner energy sources, the demand for specialized off-highway equipment in this sector is poised to surge.
Key Findings of the Market Report
- Construction & mining equipment dominates the off-highway vehicle market, driving innovation and growth in heavy machinery and infrastructure development.
- Electric propulsion, encompassing battery electric vehicles and hybrid electric vehicles, dominates the off-highway vehicle market, driving sustainability and efficiency.
- In the off-highway vehicle market, engine capacities between 5l to 10l are dominating, balancing power and efficiency effectively.
Market Trends for Off-highway Vehicles
- Off-highway vehicle manufacturers are increasingly incorporating advanced telematics solutions. These systems provide real-time monitoring of vehicle health, performance, and location. Operators can remotely access crucial data, enabling predictive maintenance, optimizing fuel consumption, and enhancing overall operational efficiency.
- Telematics systems further enhance safety by tracking driver behavior and ensuring compliance with safety protocols. A growing need for data-driven insights in industries such as construction, agriculture, and mining, allowing companies to make informed decisions, reduce downtime, and cut operational costs.
- The off-highway vehicle market is witnessing a shift towards hybrid powertrains. Combining traditional internal combustion engines with electric technology, these hybrid systems offer improved fuel efficiency and reduced emissions. They provide a flexible solution, particularly in off-road applications where consistent power is essential.
- Hybrid off-highway vehicles are becoming more popular as environmental regulations tighten and operators seek eco-friendly options without compromising on performance. This trend reflects the industry’s commitment to sustainability and its willingness to explore innovative powertrain solutions for a greener future.
Global Market for Off-highway Vehicles: Regional Outlook
- North America has long been a prominent market for off-highway vehicles. The region benefits from a robust construction sector, agricultural activities, and a strong mining industry. The demand for technologically advanced, emission-compliant off-highway machinery is on the rise to meet strict environmental regulations.
- Additionally, the focus on automation and autonomy in off-highway vehicles is driving innovation in the region. The presence of major manufacturers and a supportive regulatory framework further solidify North America’s position in the market.
- Europe is witnessing a growing emphasis on sustainability and environmental concerns, leading to increased demand for eco-friendly off-highway vehicles.
- The region is a hub for technological innovation, with manufacturers developing electric and hybrid models. The construction and agricultural sectors in Europe are also adopting advanced machinery for improved efficiency. Stringent emission standards and regulations are pushing the industry towards cleaner, more fuel-efficient vehicles.
- The Asia Pacific region is experiencing rapid urbanization and infrastructure development, driving the demand for off-highway vehicles. China and India, in particular, are witnessing substantial growth in construction and agriculture, spurring the need for modern machinery.
- Cost-effective manufacturing, coupled with a large labor force, makes the Asia Pacific a significant production and consumption hub for off-highway vehicles. Market players are expanding their presence in this region to tap into its immense growth potential.
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Global Off-highway Vehicle Market: Key Players
The off-highway vehicle market features intense competition among established manufacturers, with a focus on technological innovation, sustainable solutions, and market-specific customization to gain a competitive edge. The following companies are well-known participants in the global Off-highway Vehicle market:
- AB Volvo
- AGCO Corporation
- Caterpillar Inc.
- CRRC Corporation Limited
- Cummins Inc.
- Daimler AG
- Deere & Company
- Deutz AG
- Doosan Corporation
- Epiroc AB
- Hitachi Construction Machinery Co. Ltd.
- J. C. Bamford Excavators Ltd.
- Komatsu Ltd
- Kubota Corp
- Mahindra & Mahindra Limited (Mahindra Powertrain)
- Massey Ferguson Ltd.
- Sandvik AB
- Sany Heavy Industries
- Scania AB
- Weichai Power Co. Ltd
- Yanmar Co. Ltd.
Key developments in the global off-highway vehicle market are:
- In September 2023, celebrating its fifth anniversary and the ‘Toward a Better Future Together’ sustainability plan, Coke Canada Bottling introduced its inaugural Volvo VNR Electric trucks.
- These eco-friendly vehicles join a six-truck pilot program, serving the Greater Montreal Area’s ‘Red Fleet’ customer delivery routes. Coke Canada Bottling’s pioneering move marked them as the first Canadian food and beverage manufacturer to embrace electric Class 8 trucks, demonstrating a commitment to environmental sustainability.
Global Off-highway Vehicle Market Segmentation
- Construction & Mining Equipment
- Backhoe Loaders
- Skid Steer Loaders
- Motor Graders
- Road Rollers
- 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
- Other Construction Equipment Material
- Agriculture Equipment
- Material Handling Vehicles
- Military Vehicles
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Less than 5L
- 5L to 10L
- More than 10L
Power Output (KW)
- Agricultural Equipment
- Up to 25 KW
- 26 KW – 50 KW
- 51 KW – 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
- North America
- Western Europe
- Eastern Europe
- Asia Pacific (excluding China)
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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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