by Corinne Gangloff
March 6, 2020
A new Freedonia Group analysis projects global demand for off-road equipment to hit $486 billion by the end of 2020, and increase 4.2% per year through 2024:
OEM investment in automatous and robotic technologies to increase
Off-road equipment OEMs are increasingly focused on equipping machinery with autonomous capabilities, such as obstacle detection, self-navigation, and Industrial Internet of Things (IIoT) interoperability:
Addressing environmental concerns, user comfort remain key areas of focus of R&D
Amid mounting concerns about climate change, off-road equipment is subject to increasingly stringent diesel emission requirements, driving many end users to adopt all-electric machinery that helps to both reduce operating costs and adhere to regulations. While all electric equipment is still in the early stages of development and commercialization, these powertrains are poised to cause significant market disruption.
In addition, labor shortages in key markets – such as mining and forestry, where dangerous conditions make employee recruitment a challenge – are driving interest in machinery with improved ergonomics and ease-of-use that can both help to retain workers and increase productivity per machine.
Want to learn more?
Global Off-Road Equipment Technology 2020 is now available from The Freedonia Group. The study analyzes the global market for off-road equipment by equipment by type and region, providing historical demand for 2019 and projections for 2020 and 2024, as well as a comprehensive technological overview (including demand for smart machinery) and both national and manufacturer spotlights highlighting key trends impacting the global market.
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