The off-highway equipment market – which includes machinery used primarily off-road in construction, mining, forestry, and agricultural applications, among others – has struggled in recent years, restrained by challenging worldwide economic conditions and fluctuations in pricing and material costs.
However, according to an ebook from The Freedonia Group, this market is expected to rebound through 2021, supported by growth in a few key global industries.
The global forestry equipment market is expected to record solid gains as worldwide wood prices recover. Many key forestry equipment manufacturers – including Blount International, Caterpillar, Deere, and Hitachi – will benefit from investments in modernization, as logging companies upgrade to more expensive, higher performance equipment.
Bolstered by a rapid rise in demand in the Asia/Pacific region, global demand for construction equipment overall is projected to hit $250 billion by 2021. In addition to outsized gains in China, other key countries that will contribute to this accelerated growth include Australia, India, Indonesia, Japan, and Malaysia.
Developing countries will play a key role in driving demand for agricultural equipment through 2021. As their economies and populations expand, the need for agricultural goods (and, in turn, larger and more powerful equipment to harvest and process them) will only increase. Furthermore, industrialized nations – looking to boost crop yields, reduce production costs, and comply with new emissions standards – are expected to spend on new, more efficient machinery.
The global mining equipment market – segmented by minerals, metals, and coal – was hit especially hard by mined commodity pricing struggles between 2012 and 2017. Now that these prices are recovering, mine operators may find themselves in a stronger position to make equipment upgrades and other investments. Going forward, global mining companies will likely focus significant capital on the Asia/Pacific region, which will be the top geographic market by demand for mining equipment.
Need More Info on the Off-Highway Equipment Market?
Interested in more data and analysis on the global off-highway equipment industry? Download Freedonia’s free ebook, which includes information on market share, market forecasts, key trends, and leading industry players.
Furthermore, the ebook includes infographics highlighting off-highway equipment industry analysis by market and opportunities for machinery manufacturers and distributors.
Related Industry Studies
Looking for more comprehensive market reports? Check out the links below for studies on specific off-highway equipment industries worldwide.
- Global Forestry Equipment
- Global Construction Machinery
- World Agricultural Equipment
- Global Mining Equipment
About the publisher: The Freedonia Group is a leading international business research company that serves more than 90% of the industrial companies in the Fortune 500. Freedonia’s analysts are frequently quoted in a wide range of publications including Aftermarket Business, Forbes, The Economist, Tire Business, and The Wall Street Journal.