by Corinne Gangloff
April 28, 2022
Cleveland OH, April 28, 2022 – As the largest consumer of off-road equipment by far, China will continue to have an outsize impact on the global market for off-road equipment, finds a new Freedonia Group analysis. The country is forecast to represent 26% of global absolute gains in 2022. However, opportunities will differ between the major markets:
As a result of these trends, the global construction machinery market is expected to decelerate in 2022, while the mining machinery and agricultural equipment markets will continue to grow at a rate similar to 2021.
Global Off-Road Equipment Demand to Grow Nearly 6% in 2022
The Freedonia Group forecasts global demand for off-road equipment to rise 5.5% between 2021 and 2022 to $481 billion, slightly above 2019 levels. Overall growth will be bolstered by investment in new and replacement machinery featuring state-of-the-art technologies, many of which are designed to improve efficiency and productivity. These include:
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Global Off-Road Equipment 2022 provides global off-road equipment demand for 2020, 2021, 2022, and 2026 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. 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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