The global off-highway vehicle market size was estimated to be US$ 14 billion in 2020 and is expected to reach US$ 21.3 billion by 2031 at a CAGR of 4.1%. Off-street vehicles are equipped for driving on and off tiled or pebbly surfaces. They for the most part have enormous tires with profound, open tracks, and adaptable suspensions. The most well-known utilization of these vehicles is intended for voyaging or driving in regions that don't have asphalt streets. Higher clearance and higher power empowers these vehicles to get to trails and streets that have unpleasant and low-foothold surfaces.
Rising urbanization is decidedly impacting development exercises across the globe. Development organizations are sending ATV and SSVs to further develop work yield and efficiency. Off-street utility vehicles have a hearty design and can without much of a stretch perform on unpleasant territories and building provinces. Unrivaled benefits offered by these vehicles like improved versatility, footing and four-wheel drive advancements with non-freezing stopping mechanisms will help the reception of off-street vehicles. Moreover, low support costs, decreased fuel utilization, and low protection costs will help the interest for these vehicles in the development business.
Market players are zeroing in on dispatching new items with further developed provisions at serious value focuses to draw in sport devotees. New innovative advancements, for example, electric drive trains will set out new development open doors to the off-street vehicles market. The developing fame of electric off-street vehicles attributable to the rising emanation concerns will prod the off-street vehicles' industry.
The Off-highway Electric Vehicle market is driven by factors like spread out interest for electric vehicles, rising ecological concerns, and unofficial laws on emanation levels.
Growing interest for electric vehicles will drive the development of the Off-highway Electric Vehicle market soon because of their low upkeep cost and high effectiveness levels when contrasted and conventional vehicles. Rising natural concerns are additionally driving the development of this market as they are prompting stricter emanation standards which thus, will prompt expanded reception of electric vehicles across different enterprises including real estate and construction, mining, agribusiness, and transportation domains among others. Government regulations implemented on outflow levels are likewise driving this market, as they command that all new plug trucks ought to be zero discharges by 2027.
New item dispatches and redesigns of the current item portfolio have stayed the critical methodology of these players. For example, in August 2020, Doosan Bobcat reported an essential organization with Green Machine Equipment Inc. to deliver electric reduced tractors for the business sectors in North America. Green Machine Hardware Inc. would help Doosan Catamount custom retrofit its tractors with their exclusive battery innovation to supplant the standard diesel power source. In July 2020, Chinese OEM Sany Substantial Industry Co., Ltd. acquired achievement in electric mining mechanization with the assistance of two automated electric SKT90E wide-body mining trucks. The wide-body mining trucks were effectively associated with a 5G distant controlled tractor.
The off-highway EV market in the Asia Pacific province is projected to grow at the most noteworthy CAGR from 2022-2032. The nations in the Asia Pacific district, like China and India, recorded a solid execution in 2019 inferable from the lift in the foundation speculation. China district is one of the huge supporters of the assembling of development hardware inferable from the presence of various OEMs, low creation cost, low work cost, and accessibility of superb assembling offices in the country.
Global Off-Highway Vehicle Market Value Share Analysis, by Geography (2021)
The report titled “Global Off-Highway Vehicle Market - Global Market Share, Trends, Analysis and Forecasts, 2022-2032”, wherein 2020 is historic period, 2021 is the base year, and 2022 to 2032 is forecast period. Additionally, the study takes into consideration the competitive landscape, wherein the report would provide company overview and market outlook for leading players in the Global Off-Highway Vehicle Market. Furthermore, the report would reflect the key developments, global & regional sales network, business strategies, research & development activities, employee strength, and key executive, for all the major players operating in the market.
The global Off-Highway Vehicle market is segmented as Application, electric vehicle, and region. Based on electric vehicle, the Off-Highway Vehicle market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), others. Based on application, the Off-Highway Vehicle market is segmented into Construction, Agriculture, Mining, others.
Based on geography, the Global Off-Highway Vehicle Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Italy, France, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on Global Off-Highway Vehicle Market. Further, market share of prominent companies in the Global Off-Highway Vehicle Market would also be estimated.
The study takes into consideration the key competitive information such as business strategy, product portfolio, key development, swot analysis, and research and development focus of all the Off-Highway Vehicle companies. The Global Off-Highway Vehicle Market study would take into consideration the participants engaged throughout the supply chain and value chain of the market, along with their contribution. Product portfolio would focus on all the products under the Off-Highway Vehicle business segment of the company. Similarly, the recent development section would focus on the latest developments of company such as strategic alliances and partnerships, merger and acquisition, new product launched and geographic expansion in the Global Off-Highway Vehicle Market.
The key players of the Global Off-Highway Vehicle Market are:
CNH Industrial N.V, Volvo Construction Equipment AB, Caterpillar, Komatsu Ltd., Deere & Company, Hitachi Construction Machinery Co., Ltd., Sandvik AB, Epiroc AB, Doosan Corporation, J C Bamford Excavators Ltd., CNH Industrial N.V, and others.
Global Off-Highway Vehicle Market Key Segments:
Based on electric vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Based on application
Rest of North America
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Rest of Middle East & Asia
Rest of South America
InsightSLICE adopts a research methodology which is highly meticulous and comprehensive, yielding accurate research results. Our research methodology utilizes data triangulation model which helps in the precise collection and validation of information. Our set processes for problem solving and paid primary tools guarantee that any client requirement is met with utmost diligence and accuracy. Some of the primary components that are consequential to our research approach are:
Secondary Research or Desk Research
Distinctive Data Model
Secondary Sources include but are not limited to:
Past Published Research
Historical Data and Information
Primary Sources include but are not limited to:
InsightSLICE also leverages three types of data triangulation approaches as follows:
Data Source Triangulation
Extracting data and validation from multiple type of secondary and primary sources
Combining various methodologies to validate data inputs
Applying different theories to check credibility of data sets
CNH Industrial N.V, Volvo Construction Equipment AB, Caterpillar, Komatsu Ltd., Deere & Company, Hitachi Construction Machinery Co., Ltd., Sandvik AB, Epiroc AB, Doosan Corporation are few prominent players active in the market.