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Off-highway Vehicle Market to be Worth US$ 1.3 Trillion by 2031 … – PR Newswire

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16 Nov, 2022, 08:30 ET
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WILMINGTON, Del., Nov. 16, 2022 /PRNewswire/ — Many off-highway vehicle manufacturers are growing R&D on meeting the latest emission standards. Furthermore, focus on autonomous technologies in vehicles will help themselves set apart from competitors. An in-depth study by TMR found that key players are expanding their off-highway vehicles market shares by expanding their product portfolio of construction and mining equipment.
Rise in demand for agriculture and forestry sector will help augment the off-highway vehicle market size in the near future. The increasing trend of mechanized automaton to address the paucity of skilled labor in the industry has enriched the demand of off-highway vehicle market. Material handling equipment form one of the lucrative types of off-highway vehicles that has gained massive commercialization over the years.
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Off-highway Vehicle Market: Competition Landscape
The TMR study observed that key players are keen on commercializing new services to expand market shares. The competition landscape is largely fragmented on account of presence of several vendors holding stakes in the market.
The vast ecosystem of key players includes Scania AB, Nidec Corporation, Liebherr, Kubota Corp, Komatsu Ltd., Husqvarna, Epiroc AB, Deutz AG, Deere & Company, Daimler AG Cummins Inc., Caterpillar Inc., AGCO Corporation AB Volvo, and Mahindra Powertrain.
Off-highway Vehicle Market Segmentation
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favour growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Contact Us:
Nikhil Sawlani
Transparency Market Research Inc.
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Suite 1200, Wilmington, Delaware 19801 USA
Tel: 1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
SOURCE Transparency Market Research
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