WILMINGTON, DE / ACCESSWIRE / January 24, 2023 / Transparency Market Research Inc. - The global market for off-road vehicles is likely to register a CAGR of 5.1% between 2022 and 2031. Off-road vehicles are operated in rocky and unpaved terrain. They regularly have large, open, deep-tread tires and flexible suspension. These automobiles are regularly used for exploration in areas without paved roads. Stronger off-road vehicles are used to access trails and forest roads that have rocky terrain and poor traction. Off-road vehicles are primarily utilized in the construction and agricultural industries.
Rapid expansion of the construction and mining industries, an increase in demand from the forestry and agriculture sectors, and economic expansion of the port and material handling sectors are expected to aid in global off-road vehicle market growth during the forecast period. Furthermore, the off-road vehicle market is likely to be presented with new business opportunities during the forecast period owing to industrialization, urbanization, and higher export-import activities.
According to TMR report, the global off-road vehicle market value stood at US$ 762.8 Bn in 2021 and is anticipated to reach US$ 1.3 Trn by the end of 2031. The growth in population automatically increases construction activities in both residential and commercial sectors.
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Key Findings of Study
- Rise in Adoption of Cutting-edge Technologies: Increase in demand for off-road cars to support construction activities is projected to promote the growth of this market. Moreover, the market expansion is also attributed to the rapidly developing smart city projects. Another significant driver promoting market development is the extensive use of contemporary off-road vehicles in oil and gas exploration activities. Off-road vehicle production is increasingly incorporating cutting-edge technologies, which in turn is stimulating the market. Due to this, special-purpose off-road vehicles were created that make it easier to remove overburden during tunnel or shaft excavation for hydropower projects. These vehicles are currently experiencing significant market growth.
- Extensive Use in Mining and Construction Sector: Rise in infrastructural development projects and mining activities augments the demand for mining and construction equipment. Additionally, rise in use of machinery and automation to facilitate human labor in construction projects is estimated to propel the need for off-road vehicles during the forecast period.
Key Drivers
- Rise in use of off-road vehicles in forestry and agriculture sectors is expected to boost the market during the forecast period
- Increase in expansion of the transportation and automotive sectors is anticipated to increase market size
- Rapid urbanization and industrialization rates augment the need for import-export activities, thereby serving as a significant market trend for the off-road vehicle market
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Regional Growth Dynamics
- Asia Pacific is projected to earn the largest market share owing to rise in infrastructural development and increase in demand for construction equipment
- Rapid growth of the agricultural sector and increase in government subsidies for purchase of agricultural machinery and equipment are likely to help this region continue its dominance in the next few years
Key Players
Some of the prominent players in the global off-road vehicle market include CLAAS KGaA mbH, Caterpillar Inc., Hitachi, Ltd., Deere & Company, Valtra, Escorts Limited, SAME DEUTZ-FAHR Italia S.p.A., KUBOTA Corporation, ALLU Finland Oy, Mahindra & Mahindra Ltd., Manitowoc, AGCO Corporation, CNH Industrial America LLC, Doosan Infracore, Terex Corporation, AB Volvo, Komatsu America Corp., BELL Equipment, YANMAR CO., LTD., and Liebherr-International AG.
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Off-road Vehicle Market Segmentation
Application
- Construction and Mining
- Excavator
- Loader
- Dozer
- Articulated Dump Truck
- Rigid Dump Truck
- Motor Scraper
- Motor Grader
- Agriculture
- Tractor
- Other Agriculture Equipment
Fuel Type
- Diesel
- Gasoline
Engine Size
- Less Than 100 HP
- 100-200 HP
- 201-400 HP
- Greater Than 400 HP
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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