Off-road Vehicle Market (Application – Construction and Mining (Excavator, Loader, Dozer, Articulated Dump Truck, Rigid Dump Truck, Motor Scraper, Motor Grader), Agriculture (Tractors, Other Agriculture Equipment); Fuel Type – Diesel, Gasoline; Engine Size – <100 HP, 101-200 HP, 201-400 HP, >400 HP) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026

According to the report, the global off-road vehicle market for automotive is anticipated to surpass US$ 380 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period. 

Key players operating in the global 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.

Among all the players, Mahindra & Mahindra Ltd. is a leading manufacturer of agricultural equipment and is notable producer of farm tractors, globally; however, the business of the company for agricultural equipment is concentrated in Asia Pacific and it is trying to expand its business units in Europe and North America.

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.

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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.