Demand for Electric Machines to Assertively Influence Off-Road Equipment Market Growth
Overview:
Off-road equipment are those that support vehicles performing on, above, or below the ground but not on the road. These equipment varies from mining to lawn mowing. This huge array also makes it easy for the global off-road equipment market achieve a 4% CAGR during the forecast period (2019-2025). Market Research Future (MRFR) in their latest report on the market said that this attainment could lead to a substantial rise in market valuation for the off-road equipment market.
The off-road equipment market is getting backed by stringent government regulations that are ensuring engine efficiency and fuel emissions. At the same time, the growing urbanization is creating scope for such equipment to percolate daily lives to complement the hike in daily labor charges. At the same time, eco-friendly awareness is pushing forward the demand for bio-friendly parts which is expanding the off-road equipment market possibilities by creating investment opportunities in the research and development sector. However, fluctuation in the demand can create hurdles for the global off-road equipment market.
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Segmentation:
MRFR in their global off-road equipment market discussion segmented it by machinery type, and end-use industry. This analysis banks on data received from value-wise and volume-wise analysis of the market.
Based on the machinery type, the off-road equipment market can be segmented into farm tractors, excavators & loaders, harvesters & forwarders, metals & minerals mining machinery, planting & fertilizing equipment, and others. The excavators & loaders machinery type segment has the potential to take charge of the market both in terms of volume and values during the forecast period. The farm tractors segment is doing extraordinarily in agrarian countries.
Based on the end-use industry, the off highway equipment can be segmented into agriculture, construction, forestry, mining, and others. The construction segment has the potential to dominate the market throughout the forecast period. At present, it has the command over the market both in terms of volume and value. Meanwhile, the mining segment is also making substantial progress due to the rapid cases of industrialization.
Regional Analysis:
North America, Europe, Asia-Pacific (APAC), and the Rest-of-the-World (RoW) are the regions that have been encompassed by the global off-road equipment market report made by MRFR for a better geographical analysis. The report aims at highlighting issues on a demographic scale to enhance the predictive analysis for the upcoming years.
The APAC market is dominating the global field as several global players are showing interest in establishing their manufacturing units in the region due to the cost-effective labor. At the same time, emerging economies like India and China are two countries to impact the regional market the most.
North America is also showing great progress in the market due to the presence of several industries and their outstanding progress. The regional market is feeling blessed with remarkable inputs from construction industry. The roundwood production in the region could revive the stagnant market of the forestry segment. Europe has made its name as the manufacturing hub of such equipment and is supplying products for several industries like construction, mining and forestry. South America’s progress can be charted by mapping the involvement of Brazil in the segment.
Competitive Landscape:
Several influential players are implementing extensive strategies to seek personal growth. But in the process, they are also influencing the off-road equipment market as a whole. These companies, as enlisted by MRFR in their report, are Kubota Corporation (Japan), Caterpillar Inc. (US), Hitachi Construction Machinery (Japan), CNH Industrial N.V. (US), Komatsu Ltd (Japan), Deere & Company (US), Blount International, Inc. (US), Sandvik AB (Sweden), The Liebherr Group (Germany), and Doosan Infracore (South Korea).
In March 2019, Michelin announced that their business grew by 9.3% and reached around USD 6.4 billion during the last financial year. In this achievement contributions were also made by specialty tire section where mining tires section have grown significantly despite the troubles it faced due to the supply chain issues. It has also acquired Camso and merged its off-road businesses.
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