Off-Road Equipment Market- Global Industry Analysis and Forecast (2023-2029)

Off-Road Equipment Market size is expected to reach nearly US$ 578.03 Bn. by 2029 with the CAGR of 4.8% during the forecast period.
Off-Road Equipment Market Overview:
The rising public-private firms to implement infrastructure work together with the wide-scale acceptance of the leasing business model have brought an increased demand for off-road equipment over the last few years. The construction machinery cannot be afforded by every end-user firm owing to its high cost. Also, there are numerous construction plans which require construction machinery temporarily. The price of machinery has raised over the last few years due to the integration of progressive safety technologies, which has activated the end user’s preference toward acquiring these types of machinery on a rent basis. The rent providers have acknowledged the development opportunity & have started to upgrade their current fleet, thereby driving the demand for off-road equipment.To know about the Research Methodology :- Request Free Sample Report

Additionally, to save on the rate of machinery & charge suffered behind its maintenance & repairs, small builders, contractors, & construction companies take machinery on a rent basis from the rent service suppliers. Numerous firms are investing in the construction equipment rental business due to the high profit incurred in this business. Construction equipment is very robust machinery having a life span of 7 to 10 years due to which firms prefer to rent out old machinery for profit. This rising trend of equipment rent trade is a major factor in endorsing market development.

The demand for off-road construction equipment is extraordinary from the residential construction area due to fast-moving urbanization in nations with China & India. The development activates not only the demand for the residential areas but also other connected infrastructures like roads, hospitals, schools, & commercial spaces. To manage the demand for these civic infrastructures, the government applies an important amount to the construction area. For instance, according to the India Brand Equity Foundation (IBEF), India plans to spend USD 1.4 trillion on infrastructure during the forecast period. The government of India would extremely invest in the infrastructure area, significantly on city transport infrastructures like the metro rail network, renewable energy, & highways.

The request for material handling machinery like cranes is increasing in established republics. The growing trend of building massive infrastructures, skyscrapers, & commercial constructions is estimated to increase the demand for these types of machinery internationally. Growing investment in road construction plans has increased the demand for concrete & road construction machinery like concrete mixers & pavers. For example, in nations like India & China, governments have taken the initiative to expand the road infrastructure. The Indian government newly declared that it would invest INR 15 trillion during the forecast years in its determined strategy to increase highway infrastructure, thus driving the demand for the concrete & road construction machinery section during the forecast period.
Off-Road Equipment Market Competitive Landscape:
The objective of the report is to present a comprehensive analysis of the Global Off-Road Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Off-Road Equipment Market dynamics, structure by analyzing the market segments and project the Global Off-Road Equipment Market size. Clear representation of competitive analysis of key players by Building Height, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Off-Road Equipment Market make the report investor’s guide.
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Off-Road Equipment Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 416.31 Bn.


Forecast Period 2023 to 2029 CAGR:
4.8%
Market Size in 2029:
US $ 578.03 Bn.


 Segments Covered:
by Product
Dump Trucks
Cranes
Excavators
Crawlers
Loaders
Others


by Machinery Type
Harvesters & Forwarders
Farm Tractors
Excavators & Loaders
Others


by Application
Infrastructure
Commercial Buildings
Residential Buildings
Industrial Buildings
Others



Off-Road Equipment Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Off-Road Equipment Market Key Players are:
1. AB Volvo,
2. Caterpillar
3. AGCO Corporation
4. Bell Equipment
5. CLAAS KGaA mbH
6. CNH Industrial N.V
7. Deere & Company
8. Doosan Infracore
9. Escorts Limited
10.Hitachi, Ltd
11.Komatsu America Corp
12.KUBOTA Corporation
13.Liebherr Group
14.Mahindra & Mahindra Ltd
15.Manitowoc
16.SAME DEUTZ-FAHR Italia S.p.A.
17.Terex Corporation,
18.YANMAR CO., LTD

Frequently Asked Questions:

1. Which region has the largest share in Global Off-Road Equipment Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Off-Road Equipment Market?
Ans: The Global Off-Road Equipment Market is growing at a CAGR of 4.8% during forecasting period 2023-2029.

3. What is scope of the Global Off-Road Equipment market report?
Ans: Global Off-Road Equipment Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Off-Road Equipment market?
Ans: The important key players in the Global Off-Road Equipment Market are – AB Volvo,, Caterpillar, AGCO Corporation, Bell Equipment, CLAAS KGaA mbH, CNH Industrial N.V, Deere & Company, Doosan Infracore, Escorts Limited, Hitachi, Ltd, Komatsu America Corp, KUBOTA Corporation, Liebherr Group, Mahindra & Mahindra Ltd, Manitowoc, SAME DEUTZ-FAHR Italia S.p.A., Terex Corporation,, YANMAR CO., and LTD

5. What is the study period of this market?
Ans: The Global Off-Road Equipment Market is studied from 2022 to 2029.