Global Off-highway Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Type (Construction, Mining, and Agriculture), By Propulsion Type (ICE and Electric), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Off-highway Vehicles Market Insights Forecasts to 2033

• The Global Off-highway Vehicles Market Size was Estimated at USD 509.02 Billion in 2023
• The Global Off-highway Vehicles Market Size is Expected to Grow at a CAGR of around 6.86% from 2023 to 2033
• The Worldwide Off-highway Vehicles Market Size is Expected to Reach USD 988.15 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Off-highway Vehicles Market Size is Expected to cross USD 988.15 Billion by 2033, Growing at a CAGR of 6.86% from 2023 to 2033. Improvements in electric propulsion, sustainable technologies, growing urbanization, infrastructure development, the need for efficient equipment, and growing applications in mining, material handling, and agriculture are some of the opportunities in the off-highway vehicles market.

Market Overview  
Vehicles made for off-road uses such as material handling, mining, construction, and agriculture are included in the off-highway vehicles market. Large tires, deep treads, flexible suspension, and high ground clearance are some of the attributes that these vehicles, which include excavators, tractors, forklifts, and bulldozers, have to handle hard terrain. Growing urbanization, the construction of infrastructure, and the need for effective machinery across a range of sectors are the main factors driving the off-highway vehicles market. The rise of mining and construction operations, as well as increased mechanization in the forestry and agriculture industries, are the primary factors driving the off-highway vehicles market's expansion. The necessity for increasingly technologically sophisticated and efficient mining equipment as global mineral extraction develops is what drives the business. Global off-highway vehicle sales are being driven by rising urbanization and explosive mining activity. The demand for off-highway vehicles is being driven by the rise in the use of agricultural tractors and equipment.  
 

Report Coverage

This research report categorizes the off-highway vehicles market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the off-highway vehicles market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the off-highway vehicles market.  

Driving Factors

The off-highway vehicles market is growing due to rising infrastructure projects, increased mechanization in agriculture, and the need for more efficient mining equipment. Additionally, advancements in electrification, autonomous technology, and low-emission powertrains are driving the off-highway vehicles market.  A rise in disposable income among the general public and increased preference for premium housing & infrastructure in a safe environment are boosting off-highway vehicles market growth. The government initiatives and investments in infrastructural development, especially in developing countries, are expected to bolster the global off-highway vehicle market. Rise in both private & public sector investments in infrastructure development projects and growing urbanization are driving the global off-highway vehicles market.   

Restraining Factors

The market for off-highway vehicles is restricted by several problems, including high upfront prices, strict environmental laws, a slow uptake of electric alternatives, supply chain interruptions, a lack of competent personnel, and difficulties sustaining operating effectiveness in challenging terrain.

Market Segmentation

The off-highway vehicles market share is classified into type and propulsion type.        

• The construction segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the type, the off-highway vehicles market is divided into construction, mining, and agriculture. Among these, the construction segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The construction industry is driven by several variables, including the growing number of infrastructure development projects, the speed at which cities are growing, and the investments in commercial real estate and smart cities.

• The ICE segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the propulsion type, the off-highway vehicles market is divided into ICE and electric. Among these, the ICE segment held the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. The ongoing use of diesel-powered off-highway vehicles in mining, agriculture, and construction is what propels the ICE type.   

Regional Segment Analysis of the Off-highway Vehicles Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the off-highway vehicles market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the off-highway vehicles market over the predicted timeframe. Rapid infrastructural development, growing agricultural mechanization, and growing demand for mining and construction equipment are the main drivers of the Asia Pacific region. An average annual growth rate of 9.3% in construction is anticipated between 2023 and 2025 as a result of China's USD 1 trillion investment in infrastructure megaprojects, which was announced in August 2022. The main factors driving the China market include strong business policies, significant industrialization, and ongoing massive infrastructure projects.

North America is expected to grow at the fastest CAGR of the off-highway vehicles market during the forecast period. Large-scale infrastructure investments, an increase in building activity, and the growing use of sophisticated gear are driving the North American region. The market for off-highway vehicles in North America is being further driven by the surge in demand for construction and material-handling equipment, with 80% of the USD 550 billion in new expenditure going to grant-funded projects.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the off-highway vehicles market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.   

List of Key Companies

• SANY Group
• Liebherr Group
• CNH Industrial N.V.
• XCMG Group
• Caterpillar Inc.
• Deere & Company
• Volvo Group
• Komatsu Ltd.
• Kubota Corporation
• Hitachi Construction Machinery Co., Ltd.
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In March 2025, beginning in April 2025, Yanmar intends to create e-powertrain solutions for small off-highway vehicles, such as wheel loaders and excavators, through a new Electrification Unit.

• In April 2024, the Next Generation X15 diesel engine was launched by Cummins Inc. at Intermat 2024 in Paris. As a component of the HELM  platform, it supports hydrogen, natural gas, or diesel with customized cylinder heads and fuel systems, increasing fuel economy, reducing costs, and improving dependability. 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the off-highway vehicles market based on the below-mentioned segments: 

Global Off-highway Vehicles Market, By Type  

• Construction
• Mining
• Agriculture

Global Off-highway Vehicles Market, By Propulsion Type

• ICE
• Electric

Global Off-highway Vehicles Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa