Latest Study on “Off-Road Vehicle Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Off-Road Vehicle market size is expected to be worth around US$ 30 Billion by 2027, according to a new report by Nova One Advisor .
The global Off-Road Vehicle market size was valued at US$ 14.9 Billion in 2020 and is anticipated to grow at a CAGR of 5.2% during forecast period 2021 to 2027.
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Off-road vehicles are primarily utilized in three sectors: Construction, mining, and agriculture, and all the three sectors are expanding at a significant pace; however, the off-road vehicle market is expanding significantly owing to considerable expansion of the construction industry. Moreover, expanding economies are a major factor fueling the construction industry, as economic expansion leads to high investment for the development of infrastructure of their respective economies, which in turn boosts the demand for construction equipment and machinery that hold a significant share of the off-road vehicle market.
Along with rapidly expansion of the construction industry, the mining sector has witnessed considerable expansion in the last few years. It is another major industry that utilizes off-road vehicles in large numbers. Haul trucks and loaders are majorly employed equipment in the mining sector, which in turn boosts the demand for off-road vehicles. Furthermore, the major players engaged in mining are likely to undertake more aggressive efforts in order to boost their production, as demand for minerals and metals is rising consistently owing to the expansion of manufacturing industries. These efforts are likely to boost the market significantly during the forecast period.
Furthermore, the agriculture sector is a major contributor to the global GDP (gross domestic product), and in 2014, it accounted for one-third of the global GDP. According to the World Bank, agricultural development is a considerably powerful tool that can be employed to beat extreme poverty. Therefore, governments of countries in most regions are taking required steps to boost their respective agriculture sector and manufacturers involved in the manufacturing of agricultural equipment are continuously developing equipment which can boost the production of the sector. Therefore, such development is likely to boost the off-road vehicle market, as most vehicles used in the agriculture sector are off-road vehicles.
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The off-road vehicle market is highly dependent on global economic expansion, as construction and mining sectors that utilize a major share of off-road vehicles are highly dependent on the global economic expansion. Consequently, demand for off-road vehicles in a specific region is dependent on the economic situation of that region. Thus, sluggish expansion of the economy may affect negatively the off-road vehicle market significantly due to slowdown in construction and manufacturing sectors.
Based on application, the global off-road vehicle market has been classified into construction & mining and agriculture. The agriculture segment held a major share of the market owing to large volume of the agriculture equipment. Governments in most regions are focusing on the enhancement of the production of the agriculture sector and hence, provide subsidies on agricultural equipment. This, in turn, drives the agriculture segment significantly, while, most construction and mining equipment are very heavy and expensive and are manufactured in lower volumes as compared to agricultural equipment. Hence, the construction & mining segment held a minor share of the market. Furthermore, based on fuel type, the diesel segment held a major share of the market. Most off-road vehicles produce very high torque, which can be achieved easily with diesel-driven vehicles. However, some manufacturers have developed gasoline engine-driven off-road vehicles, due to stringent emission norms and gasoline is considered a cleaner fuel as compared to diesel.
COVID-19 Impact on Off-Road Vehicle Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Off-Road Vehicle market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Off-Road Vehicle market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Off-Road Vehicle market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Off-Road Vehicle market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Off-Road Vehicle market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Off-Road Vehicle market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Off-Road Vehicle market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Off-Road Vehicle market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Off-Road Vehicle market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Off-Road Vehicle market is analyzed at both regional and country levels.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Some of the prominent players in the Off-road Vehicle Market include: 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, and YANMAR CO., LTD.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- Global Off-road Vehicle Market, by Application
- Construction and Mining
- Articulated Dump Truck
- Rigid Dump Truck
- Motor Scraper
- Motor Grader
- Other Agricultural Equipment
- Construction and Mining
- Global Off-road Vehicle Market, by Fuel Type
- Global Off-road Vehicle Market, by Engine Size
- <100 HP
- 101-200 HP
- 201-400 HP
- >400 HP
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Off-Road Vehicle market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Off-Road Vehicle market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Off-Road Vehicle market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Off-Road Vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Off-Road Vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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