Off-road Vehicle Market To Grow At A Significant Rate Throughout The Forecast Period 2018 - 2026

 

Off-road Vehicle Market - Snapshot

Vehicles that can be driven on off-road and rugged conditions are known as off-road vehicles. They generally have large tires with flexible suspension and open, deep treads. Common use of such vehicles is for exploration in areas that do not have tar roads. Utilization of higher power vehicles and higher clearance enables access to trails and forest roads that have low traction and rough surfaces. Moreover, vehicles employed in the construction industry and for farming purposes are off-road vehicles. Among all industries, the construction industry held a prominent share of the off-road vehicle market.

Rise in industrialization is boosting the development of infrastructure. Rising demand for industrial products is fueling the development of new industries. Moreover, expansion of existing industries is propelling the market for construction equipment. Rise in industries is driving the demand for minerals and metals, which are extracted from their ores. This, in turn, is boosting the mining industry, which requires mining equipment such as shovels, loaders, haul trucks, and draglines. Moreover, expansion of the construction industry depends on the economic growth of the country, as sluggish expansion is projected to hamper the market for vehicles that are utilized in construction, mining, and agriculture. The number of construction sites is rising due to increasing industrialization and urbanization across the globe. Expansion of existing industries and establishment of new small and medium enterprises are likely to boost the off-road vehicle market.

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Globally, the population is rising at a significant pace, and according to the United Nations, the global population is anticipated to reach around 8.6 Bn by 2030, which was 7.6 Bn in 2016. Rising population has boosted the construction of new residential as well as commercial places, thus driving the construction equipment market. Economic expansion has propelled the investment for the improvement of infrastructure across the globe, specifically across developing countries, which are witnessing heavy construction of roads, railways, and industries.

High cost of manufacturing and maintenance is estimated to significantly restrain the off-road vehicle market. Regulatory bodies across globe are enacting stringent norms to reduce vehicle (carbon) emissions. Off-road vehicles require a large amount of power for their operation; hence, they burns considerable fuel and produces more emission, as compared to passenger and commercial vehicles. Development in vehicle emission of such vehicles is likely to boost the off-highway vehicle market during the forecast period.

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Asia Pacific held a leading position in the global off-road vehicle market in 2017. The region is likely to maintain its dominance of the global off-road vehicle market during the forecast period owing to development in infrastructure in various countries of the region. Expansion of industrial and IT sectors in countries such as China, India, and South Korea is likely to boost the development of infrastructure in these countries. This in turn is expected to fuel the demand for construction equipment in the region at a rapid pace. Majority of the population in the region depends on agriculture for living. Advancements in the procedures used in agriculture is prompting the utilization of agricultural equipment. Governments of countries such as India provide subsidies to buy agricultural equipment such as tractors in order to improve the production from agriculture and increase share of the agriculture sector in their respective countries’ GDP. China and India accounted for nearly 50% of the tractor production in the region in 2017. This is due to the large land area under agriculture and exports from these countries to neighboring nations. Asia Pacific has a significantly low average price for off-road vehicles owing to higher share of agriculture equipment, which has a considerably less price as compared to construction equipment.

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North America is home to a prominent mining industry. Equipment utilized in the mining industry are majorly produced in the U.S. The U.S. is a notable manufacturer of construction equipment. The market in North America is likely to expand at a significant growth rate owing to increase in production of agriculture equipment. This is also supported by the transfer of production bases of off-road vehicles from Mexico to the U.S. The announcement of ‘America First Policy’, President Trump, has prompted several vehicle manufacturers to move their production sites from Mexico to the U.S.

The global off-road vehicle market is dominated by a few key players, as planning, design, manufacturing, and assembly of off-road vehicles requires significant capital investment, high precision during fabrication of components, which requires technical expertise and is expensive. All players operating in the off-road vehicles market have major production bases, and they operate through various locations across the world. 

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