Transparency Market Research in its new report titled, “Off-highway Vehicle Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the off-road vehicle market. The TMR report states that the increase in demand and production of off-road vehicles will drive the off-road vehicle market during the forecast period i.e, 2018-2026. All-terrain vehicles are a part of off-highway vehicles. Demand for all-terrain vehicles (ATVs) is increasing due to their suitability for activities such as driving and travelling in rough terrain areas. Moreover, a rise in automation and usage of machinery to ease the work of humans in various industries such as agriculture, construction, mining, and infrastructure has increased the utilization of off-road vehicles in these sectors, says the report.
According to the report, the high cost and maintenance expenditure of these vehicles are anticipated to significantly restrain the off-highway vehicle market. Regulatory bodies are imposing stringent norms, globally, to reduce carbon emissions from automobiles. Off-road vehicles burn large amount of fuel and create more carbon emission as compared to normal vehicles, as off-highway vehicles require large amount of power to operate. Improvement in the carbon emission of these vehicles is likely to propel the off-highway vehicle market during the forecast period. The report has segmented the off-highway vehicle market based on fuel type, end-use industry, engine capacity, and geography. In terms of fuel type, the off-highway vehicles market is divided into gasoline and diesel. Both fuels are used in IC (Internal Combustion) engines to generate mechanical energy. Diesel fuel is more commonly utilized, as it provide maximum power output required for OHV. Off-highway vehicles have applications in various sectors such as agriculture, construction, infrastructure, mining, and all-terrain vehicles. Farm tractors and load-carrying (crop carrying) vehicles are some off-highway vehicles that are employed in the agriculture sector. Excavators and stone crushers are some off-highway vehicles that are utilized in construction and infrastructure sectors. Quads, quad bikes, and RZR are types of all-terrain vehicles.
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In terms of engine capacity, the off-highway vehicles market is split into less than 5L, 5L to 10L, and more than 10L. Capacity is measured by the volume of the engine bore, wherein the heating of fuel takes place. Heavy-duty vehicles possess higher capacity engines for improved performance. On regional front, the off-highway vehicle market is divided into North America, Europe, Asia Pacific, and Rest of the World (ROW). Among these, Asia Pacific accounts for a prominent share of the global off-highway vehicle market, owing to the high adoption rate of off-highway vehicles and the booming automotive sector, leading to an increased production of off-highway vehicles, especially in China and India. Major companies operating in the global off-highway vehicle market are profiled in this report to give a better competitive analysis and these include Caterpillar Inc., Cummins Inc., Deutz AG, Kubota Corporation, J. C. Bamford Excavators Ltd., Deere and Company, Hitachi Construction Machinery Co. Ltd., AGCO Corporation, Mahindra and Mahindra Ltd., and Massey Ferguson Ltd.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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