According to the business intelligence report titled ‘Global Off-Highway Equipment Market 2022-2028’, available with MarketStudyReport, global off-highway equipment market is expected to record a compound annual growth rate of 2.5% through 2028 and attain a valuation of USD 325,745 million by the end of the forecast timeframe.

Escalating prevalence of agricultural automation and growing construction activities are providing a major growth impetus to global off-highway equipment market.

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Furthermore, increasing focus of governments on improving the landscape of mining, construction and agricultural sectors across the globe, coupled with new product launches are bound to create newer avenues for widening the scope of industry remuneration over the analysis period.

For the uninitiated, all the vehicles ranging from trucks to small agricultural machines that are mainly utilized in the off-road activities fall under the umbrella of off-highway equipment.

However, strict government regulations regarding vehicular emissions, and concerns regarding environmental pollution are likely to hamper the growth trajectory of the industry in the forthcoming years.

Moving on to segmentation, worldwide off-highway equipment industry is bifurcated in terms of product type (agriculture equipment, mining & construction equipment), and powertrain (pure electric & hybrid, ICE). From a regional frame of reference, the industry space spans across Europe, Asia Pacific, and North America.

A vivid description of each sub-segment within the parameters of size, growth rate and consumption pattern is included in the document to facilitate a broader understanding of market dynamics among stakeholders, thereby enabling them to make well-informed decisions.

Speaking of the competitive framework, Zoomlion Heavy Industry Science and Technology Co., Ltd., Caterpillar Inc., The Volvo Group, Joseph Cyril Bamford Excavators Ltd., Deere & Company, AGCO Corporation, Doosan Group, Liebherr-International Deutschland GmbH, CLAAS KGaA mbH, Hitachi Ltd., Mahindra & Mahindra Ltd. (M&M), Xuzhou Construction Machinery Group Co., Ltd., Komatsu Ltd., CNH Industrial N.V., Takeuchi Mfg. Co., Ltd., and Kobelco Construction Machinery Co., Ltd. are the leading players in global off-highway equipment market.