Global Off-Highway Vehicles Market size was valued US$ XX Mn. in 2019 and the total revenue is expected to grow about 8% from 2020 to 2027, reaching nearly US$ XX Mn.
Global Off-Highway Vehicles Market: Overview
The Global Off-Highway vehicle is mainly depended on construction and agricultural industries. Rising agriculture market requires mechanization which is trending in many developing countries. Global Commercial constructions are driving the Global Off-Highway Vehicles Market.
The construction sector is growing because it is the most profitable sector since last decade. The European region is demanding construction machinery which is expected to maintain growth in future. Mining industry has improved business in European countries and low interest rate has created favorable environment stimulated investment.
The off-road vehicles are capable of driving on uneven surfaces, this vehicle have large deep open treads and suspension of these vehicles are more flexible. Off Highway vehicle is the most commonly used for driving or travelling in area where roads are made up of asphalt. The off-road vehicle has high clearance which gives benefits to access the trails and low traction roads.
Global Off-Highway Vehicles Market: Drivers
Urbanization in emerging economies is significantly increasing in countries such as India, China and Mexico which is contributing to the growth of Global Off-Highway Vehicles Market, owing to the constant growth in construction industry. Increasing adventure tourism market is growing the Global Off-Highway Vehicles Market. The increasing automotive sector is anticipated to grow in the forecasted period.
Global Off-Highway Vehicles Market: Advantages
The Off-Highway vehicle having all wheel drive helps driver to drive vehicle in snow, ice, rocks, and other condition due to their better traction. The better grip is offered by Off-Highway Vehicles due to its additional weight. The all-wheel drive provides better torque to the Off-Highway Vehicles which is very essential while driving in slippery road.
Global Off-Highway Vehicles Market: Disadvantages
The cost of Off-Highway Vehicles is more than the normal vehicle, as well as the maintenance cost is also high. The extra equipment (differentials, transfer case, etc.) makes it complex and adds weight to the vehicle which increases initial market value, tire wear, and the cost of repairs and maintenance.
The fuel requirement of Off-Highway Vehicles is more as the weight of these vehicles is more than normal vehicle.
The Added weight of vehicle improves control and traction, but this also increases the braking distance required to make a complete stop.
Global Off-Highway Vehicles Market: Regional Overview
The Global Off-Highway Vehicles Market is segmented region-wise into North America, Europe, Middle East & Africa, South America, and Asia Pacific. North America is showing significant growth in Global Off-Highway Vehicles Market followed by Europe due to growth in construction industry. Asia Pacific region is showing growth in automotive manufacturing industry attributing to the growth of Off-Highway Vehicles Market. Tourism market is growing in Asia Pacific region; China, India, and Japan are expected to show highest growth in Asia Pacific region. Rapidly increasing population in Asia Pacific region and increasing disposable income will drive Off-Highway Vehicles market in forecasted period.
The report also helps in understanding Off-Highway Vehicles Market dynamics, structure by analyzing the market segments and projects the Off-Highway Vehicles Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Off-Highway Vehicles Market make the report investor’s guide.
Scope of the Off-Highway Vehicles Market
Off-Highway Vehicles Market, By Agricultural Machinery
• Upto 30 HP
• 30-50 HP
• 50-70 HP
• 70+ HP
Off-Highway Vehicles Market, By Construction Machinery
• Upto 100 HP
• 100-120 HP
• 200-400 HP
• 400+ HP
Off-Highway Vehicles Market, By Fuel Type
Off-Highway Vehicles Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Off-Highway Vehicles Market
• Volvo Penta
• Weichai Power
• Yunnei Power
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: MAXIMIZE MARKET RESEARCH PVT. LTD.
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