Global Off-Highway Equipment Market 2024

Global Off-Highway Equipment Market 2024

The global off-highway equipment market is projected to rise by USD 40.4 billion by 2030, according to the latest market study results. It is anticipated to expand at a CAGR of 2.1 percent during the forecast period. The Off-Highway Equipment market is increasingly driven by the rapid adoption of automation and intelligent systems. As industries such as construction, mining, and agriculture strive for greater efficiency and productivity, there is a growing demand for equipment that incorporates advanced technologies like autonomous operation, AI-driven analytics, and real-time monitoring. These innovations enable operators to enhance precision, reduce operational downtime, and optimize resource usage, significantly boosting the appeal of smart off-highway equipment.

Another key driver is the shift towards electrification, fueled by stringent environmental regulations and the global push for sustainability. Electrified off-highway equipment, including electric and hybrid models, offers reduced emissions, lower operating costs, and compliance with evolving environmental standards. As governments and industries increasingly prioritize carbon reduction and green initiatives, the demand for electric-powered off-highway machinery is expected to surge, propelling market growth and encouraging further technological advancements in the sector.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the type, powertrain, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

The global off-highway equipment market has been extensively analyzed by categorizing it according to various sub-segments in order to provide accurate forecasts of industry size and assess trends within specific areas.

The global market for off-highway equipment can be segmented by type: agricultural equipment, construction equipment, mining equipment.

Off-highway equipment market is further segmented by powertrain: internal combustion engine (ICE), pure electric and hybrid. Among these, the ICE segment was accounted for the highest revenue generator in 2023.

Based on region, the off-highway equipment market is segmented into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. Asia-Pacific was the largest revenue contributor to the global off-highway equipment market in 2023 and is anticipated to show the highest growth rate during the forecast period.

The report has also analyzed the competitive landscape of the global off-highway equipment market with some of the key players being AB Volvo, AGCO Corporation, Caterpillar Inc., CLAAS KGaA mbH, CNH Industrial N.V., Deere & Company, Doosan Corporation, Epiroc AB, Guangxi LiuGong Machinery Co., Ltd., Hitachi, Ltd., J.C. Bamford Excavators Limited, KOBELCO Construction Machinery Co., Ltd., Komatsu Ltd., Kubota Corporation, Liebherr-International Deutschland GmbH, Mahindra & Mahindra Limited (M&M), Metso Corporation, Mitsubishi Heavy Industries, Ltd., Sandvik AB, Sany Heavy Industry Co., Ltd., Takeuchi Mfg. Co., Ltd., Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

Why Choose This Report

Gain a reliable outlook of the global off-highway equipment market forecasts from 2024 to 2030 across scenarios.

Identify growth segments for investment.

Stay ahead of competitors through company profiles and market data.

The market estimate for ease of analysis across scenarios in Excel format.

Strategy consulting and research support for three months.

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Market Segments Covered in Global Off-Highway Equipment Industry Analysis:

i.) Type

• Agricultural equipment
• Construction equipment
• Mining equipment

ii.) Powertrain

• Internal combustion engine (ICE)
• Pure electric and hybrid

iii.) Region

• North America
• Europe
• Asia-Pacific
• MEA (Middle East and Africa)
• Latin America