Off-road Vehicle Market Forecasted to Grow at 5.1% CAGR, Predicted to Reach US$ 1.3 Trillion by 2031

The global Off-road Vehicle market is estimated to attain a valuation of US$ 1.3 Trn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 5.1% during the forecast period, 2022-2031.

The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the Off-road Vehicle industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.

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Along with rapidly expansion of the construction industry, the mining sector has witnessed considerable expansion in the last few years. It is another major industry that utilizes off-road vehicles in large numbers. Haul trucks and loaders are majorly employed equipment in the mining sector, which in turn boosts the demand for off-road vehicles. Furthermore, the major players engaged in mining are likely to undertake more aggressive efforts in order to boost their production, as demand for minerals and metals is rising consistently owing to the expansion of manufacturing industries. These efforts are likely to boost the market significantly during the forecast period.

 Furthermore, the agriculture sector is a major contributor to the global GDP (gross domestic product), and in 2014, it accounted for one-third of the global GDP. According to the World Bank, agricultural development is a considerably powerful tool that can be employed to beat extreme poverty. Therefore, governments of countries in most regions are taking required steps to boost their respective agriculture sector and manufacturers involved in the manufacturing of agricultural equipment are continuously developing equipment which can boost the production of the sector. Therefore, such development is likely to boost the off-road vehicle market, as most vehicles used in the agriculture sector are off-road vehicles.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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