by Corinne Gangloff
May 11, 2021
A new Freedonia Group analysis projects a strong post-pandemic rebound for the global market for off-road equipment (i.e., construction, agricultural, mining, and forestry machinery) in 2021, with demand expected to rise 5.4% to $439 billion:
In 2021 and beyond, the Asia/Pacific region will continue to drive global sales growth, supported by rebounding construction and rising investment as the pandemic recedes:
While North America and Western Europe will contribute to global expansion through 2025, short term growth in these mature markets will continue to be constrained by weak mining output and a protracted recovery in nonresidential construction.
The Freedonia Group forecasts global demand for off-road equipment to increase 3.8% annually through 2025. Long-term advances will be boosted by rising investment in state-of-the-art technologies designed to help customers improve efficiency and productivity, particularly:
Want to Learn More?
Global Off-Road Equipment 2021 is now available from the Freedonia Group. This study analyzes global demand for off-road equipment.
Demand values are provided for 2019, 2020, 2021, and 2025 at the manufacturers’ level in current US dollars (i.e., not adjusted to account for inflation). Demand is segmented by equipment type and world region. Data include the value of replacement parts and attachments sold separately. Values do not take into account retail markups. Also excluded are the values of software and services.
Off-road equipment demand is segmented by the following machinery types:
The study also provides estimates of demand for smart machinery by equipment type. Smart machinery is defined as equipment that can operate autonomously or semi-autonomously and greatly enhance the abilities of the operator by connecting, sharing, and interacting with other devices to make decisions without human intervention.
While demand for drones is presented in the study, it is not included in the equipment demand totals. Also, drones used by government agencies or environmental groups to monitor forested land are excluded from the study.
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