Off-Road Equipment Market Projected to Grow at a CAGR of 4%, Reaching USD 523 Billion by 2028 – Report by Market Research Future (MRFR)

Off-Road Equipment Market Growth Accelerated by Increasing Demand For Electrically-Propelled Off-Highway Vehicles

New York, New York, UNITED STATES

New York, US, May 26, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Off-Road Equipment Market Information by Machinery Type, End-User, and Region - Forecast till 2030”, Off-Road Equipment Market could thrive at a rate of 4% between 2022 and 2030. The market size will be reaching around USD 523 Billion by the end of the year 2028.

Off-Road Equipment Market Overview

Off-road equipment refers to the machinery and vehicles used in construction, agriculture, mining, and other outdoor activities. These include loaders, backhoes, excavators, bulldozers, tractors, and other heavy equipment. The global off-road equipment market has been growing due to the increasing demand for infrastructure development, urbanization, and mining activities.

The market for off-road equipment is driven by various factors, such as the need for efficient and durable equipment, high-performance and reliable machines, and increasing demand for sustainable and eco-friendly equipment. Additionally, the growing use of automation and telematics in off-road equipment is expected to fuel market growth.

Market Competitive Landscape:

The affluent companies in the Off-Road Equipment industry include

  • Caterpillar Inc.
  • Kubota Corporation
  • CNH Industrial N.V.
  • Hitachi Construction Machinery
  • Deere & Company
  • Komatsu Ltd
  • Sandvik AB
  • The Liebherr Group
  • Blount International, Inc.
  • Doosan Infracore
  • Among others.

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February 2021

Caterpillar announced the launch of its new D9 dozer, which features advanced technologies for improved efficiency and operator comfort

December 2020

John Deere introduced its new 768L-II bogie skidder, which is designed to provide better stability and traction in difficult terrain

Off-Road Equipment Market USP Covered:

Market Drivers:

One driver for the off-road equipment market is the increasing demand for construction and infrastructure development activities globally. The growth of population and urbanization has led to a rise in construction projects, such as highways, bridges, airports, and buildings, which require off-road equipment such as excavators, bulldozers, and loaders for digging, grading, and leveling. In addition, the growing need for public infrastructure, such as roads, railways, airports, and ports, has led to an increase in demand for off-road equipment in the construction industry. This trend is expected to continue as governments worldwide continue to invest in infrastructure development to support economic growth.

Report Scope:

Report Metrics Details
Market Size 2030 2030: USD Significant Value
CAGR during 2022-2030 4.00% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Machinery Type, and End-Use Industry
Key Market Opportunities New product launches and R&D amongst major key players
Key Market Drivers Fluctuation in demand for the off-road equipment, around the globe

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Off-Road Equipment Market:

Market Restraints:

One restraint for the off-road equipment market is the high cost of equipment and maintenance. Off-road equipment is typically large and complex, which makes them expensive to manufacture, transport, and maintain. Moreover, the need for frequent maintenance and replacement of parts can significantly increase the operational costs of off-road equipment, especially for small and medium-sized businesses. As a result, many businesses may choose to delay equipment purchases or opt for used equipment to save costs, which could slow down the growth of the off-road equipment market. Additionally, the high cost of equipment can also make it difficult for manufacturers to penetrate emerging markets where cost sensitivity is a significant factor.

COVID 19 Analysis

The COVID-19 pandemic has had a significant impact on the global economy, including the off-road equipment market. The pandemic disrupted the supply chain, leading to delays in the delivery of components and materials required for manufacturing off-road equipment. The measures taken by governments across the world to contain the spread of the virus, such as lockdowns and restrictions on movement, also resulted in a decline in demand for off-road equipment in several regions.

The construction sector, which is a key end-user of off-road equipment, was particularly affected by the pandemic. Many construction projects were put on hold, and new projects were delayed or canceled due to the uncertain economic conditions caused by the pandemic. This led to a decline in demand for off-road equipment such as excavators, bulldozers, and loaders.

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Off-Road Equipment Market Segmentation

By Machinery Type

The machinery types in the market include Harvesters & Forwarders, Farm Tractors, Excavators & Loaders, and Others.

By End-User

By End-user the segment includes Forestry, Construction, Agriculture, Mining

Regional Insights

North America is expected to dominate the market due to the presence of key players and a large customer base. The rising demand for construction activities and infrastructure development in the region is also driving the growth of the market. Further, in Europe, the market is driven by the increasing adoption of off-road equipment in agriculture, mining, and construction sectors. The growing emphasis on environmental sustainability is also boosting the demand for eco-friendly off-road equipment.

Additionally, the Asia Pacific region is expected to register significant growth in the off-road equipment market due to rapid industrialization, urbanization, and infrastructure development activities in emerging economies such as China and India. The increasing adoption of mechanized farming techniques and the expansion of the mining industry are also driving the growth of the market in this region.

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