Off- road Equipment Market- Industry Size, Competitor Analysis & Forecast to 2027

Market Highlights

Off-road equipment, or off-highway equipment, is mainly used with off-highway vehicles, which vary widely as per the end-use industry for the particular products, such as harvesters, forwarders, chippers and grinders, ploughing, and cultivating machinery. Such machinery are also varying in terms of product specifications according to the worksite and load operations.

Off-road equipment market is witnessing a rise in demand owing to the development in the off-highway vehicles. The manufacturers are investing into technical advancements to take the competitive advantage, especially in the developing countries due to the favourable regulations and other market conditions. In April 2019, Caterpillar Inc. introduced 777G’s Cat C32 ACERT off-road engine, which is based on the US EPA Tier 4 Final and EU Stage V emission standards. This engine for off-road trucks is able to deliver 1,025 hp with several fuel-conservation features. In Bauma 2019 Exhibition, Volvo Penta announced the off-road equipment engine sales based on Stage IV final emissions-compliant engines, which is nearly average of 45% in the last three years. Thus, innovation and development in the off-road equipment, is estimated to play a significant role in the development of the global off-road equipment market and the overall progress of manufacturers in terms of revenue. Stringent regulations governing the engine efficiency and emission requirements as well as the rise in urbanization with an increase in the average labor cost worldwide are the prime driving factors for the market for off-road equipment. Additionally, the demand for electrification and hybridization in the off-road equipment is expected to be an opportunity for the global off-road equipment market. However, the unpredictable demand and highly dependent on the economic factors of any country are the major challenges for the manufacturers of off-road equipment.

Market Research Analysis

In terms of region, the global market for the off-road equipment is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The expected largest market share of Asia-Pacific during the forecast period owing to the growth of foreign investments for manurfacturing plants and a rise in the average labor costs are expected to increase the demand and sales of off-road equipment. Moreover, the presence of emerging economies, such as China and India, is expected to fuel add to the demand for new products. North America is one of the prominent markets for off-road equipment owing to the growth of the construction industry, roundwood production, and replacement product sales. This is expected to support the growth of the stagnant forestry equipment market. The Europe off-road equipment market is expected to witness growth due to the the presence of a wide number of developed nations and their high purchasing power. Moreover, Europe is the manufacturing hub of the off-road vehicles and off-road equipment, which is expected to improve the sales of off-road equipment in various industries, such as construction, mining, and forestry. In the Rest of the World, South America is expected to lead the market in terms of growth rate during the forecast period owing to the growth in the construction and agriculture industry in Brazil and Argentina.

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Scope of the Report

This study provides an overview of the global off-road equipment Market, tracking four market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global off-road equipment market by machinery type, end-use industries, and region.

Key Players

The leading players in the global Off-road equipment market include CNH Industrial N.V. (US), Deere & Company (US), The Liebherr Group (Germany), Blount International, Inc. (US), and Kubota Corporation (Japan), Caterpillar Inc. (US), Komatsu Ltd (Japan), Hitachi Construction Machinery

(Japan), Sandvik AB (Sweden), and Doosan Infracore (South Korea) among others.

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