Transparency Market Research has published a new report titled, “Off-road Vehicle Market - 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. 

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. 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.

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.

In terms of region, Asia Pacific is the leading region of the global off-road vehicle market, followed by Europe. Most countries in Asia Pacific are developing countries, thus the construction industry is these countries is expanding rapidly. Moreover, China and India are rapidly expanding economies, which are propelling the off-road vehicle market in the region. Asia Pacific is home to a large agriculture sector and hence, the agriculture segment holds a prominent share of the market, as compared to the other regions.