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Albany, New York, Aug. 02, 2019 (GLOBE NEWSWIRE) -- The global off-road vehicle is expected to expand at a moderate pace by registering a CAGR of more than 4% between 2018 to 2026, elucidates an upcoming report by Transparency Market Research (TMR).
The global off-road vehicle market is expected to reach an estimated value of US$380 Bn the end of 2026. The agriculture sector employs off-road vehicles such as tractors and is expected to push the market towards growth during the forecast period.
Rising sports activities is also expected to provide a good market for off-road vehicles. This is due to increasing interest in sport activities, especially among young population.
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Increasing Construction Projects to Intensify Off-road vehicles
Rapid industrialization and urbanization is resulting in the construction of buildings on a large scale. The vehicles used in construction sector are paving the way for the expansion of the global off-road vehicle market.
Off-road vehicles are versatile due to their characteristics. The off-road vehicles come with enough ground clearance and less ground pressure so that they do not slump into the ground that does not have a tar road. These makes them ideal for the construction sector where the ground is still soft and road is not laid out. Thus, these characteristics could lead to the growth in the global off-road vehicles.
Moreover, these vehicles are made with low gear functions to allow the vehicle operators to use maximum engine power. Also, these vehicles use power in all the wheels to sustain the slippery surfaces. These factors may act as a force in the expansion of the global off-road vehicles.
Nowadays, automation in construction and agricultural vehicles is underway with an array of benefits. This may offer benefits such as fuel efficiency, airbags in case of accidents, etc. This could aid in the growth of the global off-road vehicle market in the upcoming years.
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The high costs associated with manufacturing of these vehicles may hinder the growth. Also, heavy cost in maintenance of such vehicles may restrain the expansion of the global off-road vehicles. Irrespective of these constraints, the off-road vehicle market is likely witness a growth due to rising demand from the military sector.
Asia Pacific to Monopolize Global Off-road vehicles
The global off-road vehicle is projected to be dominated by Asia Pacific during the forecast period. The growth could be due to swift industrialization and urbanization taking place in China, India, and South Korea. These regions are expected to deploy a large number of construction vehicles and agricultural vehicles, pushing the global off-road vehicles to expand during the forecast period.
Moreover, sports events taking place in this region may surge the demand for off-road vehicle market. The recent event in Asia, 2019 BAKU FIA Formula 2 round are the examples of growth of off-road vehicle market in this region.
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There are several off-road vehicles manufacturer in the market such as Mahindra & Mahindra Ltd., AB Volvo, Komatsu America Corp., Escorts Limited, Hitachi, Ltd., Deere & Company, KUBOTA Corporation, YANMAR CO., LTD, SAME DEUTZ-FAHR Italia S.p.A., and Terex Corporation. Among all these companies, Mahindra and Mahindra hold a dominant share in production of agricultural vehicles. The company sold 3,30,436 farm vehicles by the end of financial year in 2019. This sales figure projects a good growth for the global off-road vehicles in the upcoming years.
This review is based on the findings of a TMR report titled, “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.”
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The global Off-Road Vehicle Market is Segmented on the Basis of:
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