The report of Global Off-Road Equipment Market by Product, Application and Region is expected to reach US$ XX Bn by 2027, at a CAGR of 5.89% during a forecast period.
Key players operating in the Off-Road Equipment Market, 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., LTD.
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 is costly product, thus not every end user firm could afford to purchase it. 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 off-road equipment.
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 in the construction area. For instance, according to the India Brand Equity Foundation (IBEF), India strategies 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.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about Off-Road Equipment Market. The report encompasses the market by different segments, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and shares of the market, further giving an insight into the market dynamics and future opportunities that might exist in Off-Road Equipment Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Off-Road Equipment Market positioning of competitors.
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