Press release
Off-Road Equipment Market Size Worth at USD 523 billion by 2038 | Caterpillar Inc., CNH Industrial N.V., Sandvik AB
Off-Road Equipment Market
The off-road equipment market is projected to reach USD 523 billion and at a CAGR of 4 % by 2021-2028 during the forecast period.
The consumers who operate off-road vehicles include off-road equipment carrying their tasks on and above ground. The off-road vehicles come in a wide range of styles, including big mining trucks, farm equipment and more. The main factor driving market expansion is the regulations governing large machinery. The market is increasing its engine efficiency and emission standards. The demand for goods and services is also growing as industrialization continues to rise in various regions. The market is additionally boosted by several growth factors, including labor costs and a demand for zero-emission equipment. The market has marginally slowed down due to covid-19.
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Several experts acquire a deeper understanding of the off-road equipment market and business performance combined with quantitative and qualitative factors. The report provides an accurate overview of the current situation, including market size in volume and value, technical development, and market governing factors. The research provides detailed information on the various market sectors, geographical areas, and business strategies.
Key Players
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)
Market Segments
The off-road equipment market is divided into three segments: machinery type and end-use industry.
Based on the machinery type, the off-road equipment market is divided into loaders and excavators, minerals and metals mining, farm tractors, forwarders and harvesters, fertilizing equipment and planting. In the forecast period, the excavators and loader types are predicted to have higher growth in the global market.
Based on the end-use industry, the off-road equipment market is divided into agriculture, mining, construction, and forestry segments. In the forecast period, the construction type is predicted to lead the global market in terms of volume and value.
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Regional Analysis
The geographical distribution analysis shows immense growth in North America, Asia-pacific, Europe and the rest of the globe.
The Asia-pacific region is the dominating region for the off-road equipment market. The expansion of production facilities and the increased labor cost raises the need for machinery. Asia-pacific is predicted to have a large market share over the forecast period. At the same time, the rest of the region is predicted to experience significant growth.
Industry News
In April 2022 - Recent reports show that China will majorly impact the worldwide market for off-road vehicle equipment. In terms of total worldwide gains, the nation will account for 26 % in 2022. A refrigerant HFC-134a replaces the ozone-depleting particles like R-12 having low ozone-depleting and global warming potential. An increase in market price can be noticed in the years 2021 and 2022 as a result of current investments and replacements of the equipment. Consumers are becoming more interested in advanced technologies equipped with vehicles.
In may 2022 - Royal Enfield and Alpinestars have developed a line of motorcycle clothing that offers excellent performance and safety. The collaboration seeks to give Indian riders the important resources they need to maximize their trips. The new line results from product development and testing under difficult situations.
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