Off-road Vehicle Market to Surpass Value of US$ 1.3 Trillion by 2031, TMR Study

The latest research study released by Transparency Market Research on "𝐎𝐟𝐟-𝐫𝐨𝐚𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 Forecast to 2022-2031 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Off-road Vehicle industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.

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

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=48879

The global off-road vehicle business is estimated to grow significantly during the forecast period, due to the rise in construction and mining activities across the globe, rapid urbanization, and industrialization.

Globally, the use of agricultural tractors and equipment is increasing, supporting the worldwide off-road vehicle business. However, high cost of manufacturing and maintenance is anticipated to significantly restrict the market for off-road vehicles. Off-road vehicle manufacturers are focusing on the development of innovative vehicles, such as excavators, loaders, dozers, and rigid dump trucks, to gain revenue benefits.

Off-road vehicles are driven in rocky and off-road environments. They often feature sizable tires with open, deep treads, and flexible suspension. These vehicles are frequently used for exploration in places without asphalt roads. Access to trails and forest roads with poor traction and rocky ground is made possible by the use of stronger off-road vehicles. Off-road vehicles are majorly used in agriculture and construction industries.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐛𝐞𝐟𝐨𝐫𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 - https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=48879

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝐨𝐟 𝐆𝐥𝐨𝐛𝐚𝐥 𝐎𝐟𝐟-𝐫𝐨𝐚𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

Asia Pacific dominated the global market for off-road vehicles in 2021. The region is projected to maintain its dominance in the near future, owing to the growth in industrialization in major countries in the region. Furthermore, infrastructure development in countries such as China, India, and South Korea is projected to fuel market expansion in the next few years. Increase in demand for construction equipment along with growth in the agriculture sector is contributing to market growth in the region. Several governments are offering subsidies to purchase agricultural machinery such as tractors in Asia Pacific.

The North America off-road vehicle market size is likely to increase during the forecast period, owing to significant growth in construction and mining sectors in the region. The U.S. is a well-known producer of construction machinery. Increase in off-road vehicle production in the U.S. is also contributing to market growth in North America.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Caterpillar Inc., Deere & Company, KUBOTA Corporation, Valtra, Escorts Limited, YANMAR CO., LTD., CLAAS KGaA mbH, Mahindra & Mahindra Ltd., Hitachi, Ltd., SAME DEUTZ-FAHR Italia S.p.A., AGCO Corporation, AB Volvo, Doosan Infracore, BELL Equipment., Liebherr- International AG, Komatsu America Corp., CNH Industrial America LLC, ALLU Finland Oy, Manitowoc.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 -

This report has explored the key segments: by Type and by Application. The lucrativeness and growth potential have been looked into by the industry experts in this report. This report also provides revenue forecast data by type and by application segments based on value for the period 2022-2031.

𝐇𝐚𝐯𝐞 𝐀𝐧𝐲 𝐐𝐮𝐞𝐫𝐲? 𝐀𝐬𝐤 𝐓𝐨 𝐀𝐧𝐚𝐥𝐲𝐬𝐭: https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=48879

𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐥𝐞𝐭𝐬 𝐲𝐨𝐮 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐭𝐡𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐎𝐟𝐟-𝐫𝐨𝐚𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐦𝐞𝐚𝐧𝐬 𝐨𝐟 𝐚 𝐫𝐞𝐠𝐢𝐨𝐧:

North America (the United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐆𝐥𝐨𝐛𝐚𝐥 𝐎𝐟𝐟-𝐑𝐨𝐚𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬

In August 2022, AGCO Corporation launched a novel series of tractors, i.e. Fendt 700 Vario, to cater to the market in North America. These tractors offer an efficient powertrain with VarioDrive transmission.

In July 2022, KUBOTA Corporation announced the expansion of capabilities of its main mini excavator manufacturing facility in Hirakata, Japan. Kubota planned to increase its annual production capabilities from 48,000 to 78,000 units by building a new site to handle painting assembly, and other critical manufacturing processes.

In May 2022, Caterpillar Inc., a leading player in manufacturing construction equipment, launched two next generation products in India, i.e. Cat 303 CR Mini Excavator and Cat 120 GC Motor Grader. These new products are intended to strengthen the company's presence in the infrastructure, mining, and energy sectors across India.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -

𝐏𝐨𝐰𝐞𝐫 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/07/07/2476020/0/en/Power-Management-Services-Market-to-Surpass-Value-of-US-6-9-Bn-by-2031-TMR-Study.html

𝐏𝐨𝐫𝐭𝐚𝐛𝐥𝐞 𝐎𝐱𝐲𝐠𝐞𝐧 𝐂𝐨𝐧𝐜𝐞𝐧𝐭𝐫𝐚𝐭𝐨𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2022/07/07/2476150/0/en/Portable-Oxygen-Concentrators-Market-is-Predicted-to-Reach-Value-of-2-482-Mn-by-2026-notes-TMR-Study.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬

Nikhil Sawlani

Transparency Market Research Inc.

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