According to Vision Reearch Reports, the global off-road vehicle market size is anticipated to surpass US$ 380 Bn by 2027, expanding at a CAGR of more than 4.2% during the forecast period 202 to 2027.
Off-road vehicles are primarily utilized in three sectors: Construction, mining, and agriculture, and all the three sectors are expanding at a significant pace; however, the off-road vehicle market is expanding significantly owing to considerable expansion of the construction industry. Moreover, expanding economies are a major factor fueling the construction industry, as economic expansion leads to high investment for the development of infrastructure of their respective economies, which in turn boosts the demand for construction equipment and machinery that hold a significant share of the off-road vehicle market.
Rise in industrialization is boosting the development of infrastructure. Rising demand for industrial products is fueling the development of new industries. Moreover, expansion of existing industries is propelling the market for construction equipment. Rise in industries is driving the demand for minerals and metals, which are extracted from their ores. This, in turn, is boosting the mining industry, which requires mining equipment such as shovels, loaders, haul trucks, and draglines. Moreover, expansion of the construction industry depends on the economic growth of the country, as sluggish expansion is projected to hamper the market for vehicles that are utilized in construction, mining, and agriculture. The number of construction sites is rising due to increasing industrialization and urbanization across the globe. Expansion of existing industries and establishment of new small and medium enterprises are likely to boost the off-road vehicle market.
Globally, the population is rising at a significant pace, and according to the United Nations, the global population is anticipated to reach around 8.6 Bn by 2030, which was 7.6 Bn in 2016. Rising population has boosted the construction of new residential as well as commercial places, thus driving the construction equipment market. Economic expansion has propelled the investment for the improvement of infrastructure across the globe, specifically across developing countries, which are witnessing heavy construction of roads, railways, and industries.
High cost of manufacturing and maintenance is estimated to significantly restrain the off-road vehicle market. Regulatory bodies across globe are enacting stringent norms to reduce vehicle (carbon) emissions. Off-road vehicles require a large amount of power for their operation; hence, they burns considerable fuel and produces more emission, as compared to passenger and commercial vehicles. Development in vehicle emission of such vehicles is likely to boost the off-highway vehicle market during the forecast period.
Asia Pacific held a leading position in the global off-road vehicle market in 2017. The region is likely to maintain its dominance of the global off-road vehicle market during the forecast period owing to development in infrastructure in various countries of the region. Expansion of industrial and IT sectors in countries such as China, India, and South Korea is likely to boost the development of infrastructure in these countries. This in turn is expected to fuel the demand for construction equipment in the region at a rapid pace. Majority of the population in the region depends on agriculture for living. Advancements in the procedures used in agriculture is prompting the utilization of agricultural equipment. Governments of countries such as India provide subsidies to buy agricultural equipment such as tractors in order to improve the production from agriculture and increase share of the agriculture sector in their respective countries’ GDP. China and India accounted for nearly 50% of the tractor production in the region in 2017. This is due to the large land area under agriculture and exports from these countries to neighboring nations. Asia Pacific has a significantly low average price for off-road vehicles owing to higher share of agriculture equipment, which has a considerably less price as compared to construction equipment.
The off-road vehicle market in Latin America is projected to expand at a considerable growth rate due to rise in gross domestic production in developing countries of the region. Major trends driving the market in the region are significant investments by key players and governments of countries are enhancing vehicle production, which in turn is driving the demand for off-road vehicles in the region. Rapid improvement in infrastructure and expansion of the construction industry in the region are propelling the off-road vehicle market in the region. Economic development in Brazil, after witnessing recession for three straight years, is likely to improve the economy of Brazil. This, in turn, is expected to boost the off-road vehicle market in the country.
North America is home to a prominent mining industry. Equipment utilized in the mining industry are majorly produced in the U.S. The U.S. is a notable manufacturer of construction equipment. The market in North America is likely to expand at a significant growth rate owing to increase in production of agriculture equipment. This is also supported by the transfer of production bases of off-road vehicles from Mexico to the U.S. The announcement of ‘America First Policy’, President Trump, has prompted several vehicle manufacturers to move their production sites from Mexico to the U.S.
The global off-road vehicle market is dominated by a few key players, as planning, design, manufacturing, and assembly of off-road vehicles requires significant capital investment, high precision during fabrication of components, which requires technical expertise and is expensive. All players operating in the off-road vehicles market have major production bases, and they operate through various locations across the world. Major players operating in the global off-road vehicle market include Caterpillar Inc., Deere & Company, KUBOTA Corporation, 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, and Terex Corporation. Some players are focused on construction equipment, some are market leaders in agricultural equipment; however, several players among those mentioned above are operating in both construction and agricultural equipment.
Major players are focusing more on joint ventures, expansion, mergers, and acquisitions with component manufacturers and local players in order to distribute the work load and increase their trade in various countries. Research & development is a major factor playing an important role in enhancing the operation, size, and effectiveness of off-road vehicles.
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.
The off-road vehicle market is highly dependent on global economic expansion, as construction and mining sectors that utilize a major share of off-road vehicles are highly dependent on the global economic expansion. Consequently, demand for off-road vehicles in a specific region is dependent on the economic situation of that region. Thus, sluggish expansion of the economy may affect negatively the off-road vehicle market significantly due to slowdown in construction and manufacturing sectors.
Based on application, the global off-road vehicle market has been classified into construction & mining and agriculture. The agriculture segment held a major share of the market owing to large volume of the agriculture equipment. Governments in most regions are focusing on the enhancement of the production of the agriculture sector and hence, provide subsidies on agricultural equipment. This, in turn, drives the agriculture segment significantly, while, most construction and mining equipment are very heavy and expensive and are manufactured in lower volumes as compared to agricultural equipment. Hence, the construction & mining segment held a minor share of the market. Furthermore, based on fuel type, the diesel segment held a major share of the market. Most off-road vehicles produce very high torque, which can be achieved easily with diesel-driven vehicles. However, some manufacturers have developed gasoline engine-driven off-road vehicles, due to stringent emission norms and gasoline is considered a cleaner fuel as compared to diesel.
In terms of region, Asia Pacific is the leading region of the global off-road vehicle market, followed by Europe. Most countries in Asia Pacific are developing countries, thus the construction industry is these countries is expanding rapidly. Moreover, China and India are rapidly expanding economies, which are propelling the off-road vehicle market in the region. Asia Pacific is home to a large agriculture sector and hence, the agriculture segment holds a prominent share of the market, as compared to the other regions.
The global off-road vehicle market has been segmented as follows:
The Off-road Vehicle market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Off-road Vehicle market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Off-road Vehicle market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Off-road Vehicle market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Off-road Vehicle market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Off-road Vehicle capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Off-road Vehicle by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Off-road Vehicle market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Off-road Vehicle market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Off-road Vehicle market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Off-road Vehicle industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Off-road Vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Off-road Vehicle market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Off-road Vehicle market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Off-road Vehicle market. These factors have benefited the growth of the global market for Off-road Vehicle. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Off-road Vehicle. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Off-road Vehicle are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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