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Global Off-Road Equipment Technology 2022-2026

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    Report

  • 198 Pages
  • April 2022
  • Region: Global
  • The Freedonia Group
  • ID: 5007785
Global demand for off-road equipment is forecast 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:
  • Autonomous and semi-autonomous equipment, such as robots
  • Fuel efficient and low- or zero-emission equipment
  • Units with advanced ergonomics that provide improved operator comfort and safety
  • Drones, global positioning, predictive maintenance, and other solutions made possible by developments in the Industrial Internet of Things (IIoT)

Demand for Smart Off-Road Technology to Climb Six Times Faster than Total Equipment Sales


Smart off-road equipment sales are projected to grow 35% in 2022 and then more than double by 2026, when they will account for nearly 5% of all off-road equipment demand. Construction is currently the largest market for smart equipment, although demand will expand most quickly in the mining sector (which is expected to become the leading market for smart off-road equipment technology by 2026) as operators increasingly use advanced technologies - such as autonomous equipment and digital mine management solutions - to lower costs and boost output.


Rising Labor Costs & Tightening Emissions Standards Drive Purchase of Advanced Equipment


High production costs and labor shortages mean that advanced off-road equipment is typically most cost-effective in high-income countries such as Australia, Canada, Germany, and the US. Use of state-of-the-art technology will remain limited in lower- and mid-income nations, where profits are less influenced by labor costs and emissions standards are generally less stringent. The mining industry is a notable exception, since many of the world’s largest mines - which are operated by multinational companies that can afford advanced, high-end machinery - are located in lower-income countries.


China Has an Outsized Impact on Global Demand for Off-Road Equipment


China is by far the largest consumer of off-road equipment, accounting for 31% of demand in 2021. The country is forecast to represent 26% of global absolute gains in 2022. However, opportunities will differ between the major markets:
  • Mining and agriculture will see solid growth as these markets continue to recover from the pandemic-related declines in 2020.
  • Construction will advance more slowly from a high base, as the market for this equipment posted significant gains in 2020, when a combination of strong government spending and China’s ability to mitigate negative economic effects from the pandemic’s initial phase spurred investment in new and replacement construction equipment.

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.

Table of Contents

1. Executive Summary

2. Impact of COVID-19 Pandemic

  • COVID-19 General Trends
  • Impact on the Economy
  • Impact on the Construction Industry
  • Impact on the Off-Road Equipment Industry

3. Regional Outlook

  • Off Road Equipment Market Size & Outlook by Region
  • Growth Comparison by Country
  • Demand by Equipment Type
  • Country Spotlight: United States
  • Country Spotlight: Australia
  • Country Spotlight: India

4. Global Technology Trends

  • Product Development & Technology Focus
  • Industrial Internet of Things (IIoT)
  • Smart Technology Trends
  • Smart Technology Definition & Scope
  • Global Smart Equipment Outlook
  • Autonomous Equipment
  • Predictive Maintenance
  • Global Positioning
  • Drones
  • Advanced Software & Data Collection Technologies
  • Engine Technologies
  • Hybrid Engines
  • All-Electric Engines
  • Advanced Ergonomics, User Friendliness & Operability

5. Construction Machinery

  • Scope & Product Description
  • Demand by Region
  • Technology Focus 2022
  • Key Innovation Trends
  • Smart Technology Outlook
  • Electric & Hybrid Engines
  • Autonomous & Semi-Autonomous Machines
  • Construction Drones
  • Improved Handling & Ergonomics

6. Agricultural Equipment

  • Scope & Product Description
  • Demand by Region
  • Technology Focus 2022
  • Key Innovation Trends
  • Smart Technology Outlook
  • Autonomous Tractors & Other Machinery
  • Farming Robots
  • Agricultural Drones
  • Precision Agriculture
  • Specialty Machines
  • Data Systems

7. Mining Equipment

  • Scope & Product Description
  • Demand by Region
  • Technology Focus 2022
  • Key Innovation Trends
  • Smart Technology Outlook
  • Autonomous & Semi-Autonomous Mining Machinery
  • Electric & Hybrid Mining Machinery
  • Digital Mine Management
  • High Performance Equipment
  • Mining Drones

8. Forestry Equipment

  • Scope & Product Description
  • Demand by Region
  • Technology Focus 2022
  • Key Innovation Trends
  • Smart Technology Outlook
  • Fuel Efficiency & Lower Emissions
  • Improved Handling & Operator Comfort
  • Advanced Software & Remote Monitoring
  • Winch-Assist Technologies
  • Forestry Drones

9. Manufacturer Spotlight

  • Leading Global Suppliers
  • AGCO
  • Caterpillar
  • CNH Industrial
  • Deere
  • Hitachi
  • Komatsu
  • Liebherr-International
  • Sandvik
  • Tigercat

10. Appendix

  • Report Details
  • Definitions
  • Abbreviations
  • Methodology
  • Study-Specific Methodology
  • Sources
  • Associations & Agencies
  • Related Studies & Reports
  • Group US Studies
  • Group Global Studies
  • Focus Reports
  • Country Lists by Region
  • Macroeconomic Assumptions
  • Global Economic Outlook
  • Global Population
  • Global Construction Outlook
  • Global Manufacturing Outlook

List of Tables

2. Impact of COVID-19 Pandemic
Table 2-1 - Global Gross Domestic Product, 2019 - 2023 (billion 2020 dollars)
Table 2-2 - Global Construction Expenditures, 2019 - 2023 (billion 2019 dollars)
Table 2-3 - Annual Global Off-Road Equipment Demand by Type, 2019 - 2022 (million dollars)
3. Regional Outlook
Table 3-1 - Global Off-Road Equipment Demand by Region, 2020 - 2026 (million dollars)
Table 3-2 - Off-Road Equipment Demand Growth for Selected Countries, 2022 - 2026 (% CAGR)
Table 3-3 - Global Off-Road Equipment Demand by Type, 2020 - 2026 (million dollars)
4. Global Technology Trends
Table 4-1 - Smart Off-Road Machinery Demand by Type, 2020 - 2026 (million dollars)
Table 4-2 - Key Advantages of Autonomous Off-Road Equipment
Table 4-3 - Global Off-Road Equipment Drone Demand by Type, 2020 - 2026 (million dollars)
5. Construction Machinery
Table 5-1 - Global Construction Machinery Demand by Region, 2020 - 2026 (million dollars)
Table 5-2 - Electric Construction Machinery: Selected Products Available or in Development
Table 5-3 - Autonomous & Semi-Autonomous Construction Machinery: Selected Products Available or in Development
Table 5-4 - Construction Machinery with Improved Handling & Ergonomics: Selected Products
6. Agricultural Equipment
Table 6-1 - Global Agricultural Equipment Demand by Region, 2020 - 2026 (million dollars)
Table 6-2 - Autonomous Agricultural Equipment: Selected Products Available or in Development
Table 6-3 - Farming Robots: Selected Products Available or in Development
Table 6-4 - Specialty Agricultural Equipment: Selected New Products
7. Mining Equipment
Table 7-1 - Global Mining Equipment Demand by Region, 2020 - 2026 (million dollars)
Table 7-2 - Autonomous Mining Equipment: Selected Products Available or in Development
Table 7-3 - Electric & Hybrid Mining Equipment: Selected Products Available or in Development
Table 7-4 - Digital Mine Management Technologies: Selected New Products
Table 7-5 - Mining Equipment: Selected New Products
8. Forestry Equipment
Table 8-1 - Global Forestry Equipment Demand by Region, 2020 - 2026 (million dollars)
Table 8-2 - Fuel Efficient & Low Emissions Forestry Equipment: Selected New Products
Table 8-3 - Forestry Equipment with Improved Handling or Operator Comfort: Selected Products
10. Appendix
Table 10-1 - Off-Road Equipment Scope: Product Examples by Equipment Type
Table 10-2 - Relevant NAICS & SIC Codes
Table 10-3 - Relevant HS Codes
Table 10-4 - Relevant NACE Codes
Table 10-5 - Abbreviations & Acronyms Used in Study
Table 10-6 - Countries in North America
Table 10-7 - Countries in Central & South America
Table 10-8 - Countries in Western Europe
Table 10-9 - Countries in Eastern Europe
Table 10-10 - Countries in the Asia/Pacific Region
Table 10-11 - Countries in the Africa/Mideast Region
Table 10-12 - Global Gross Domestic Product by Region & Country, 2011 - 2026 (billion 2019 dollars)
Table 10-13 - Global Population by Region & Country, 2011 - 2026 (million persons)
Table 10-14 - Global Construction Expenditures by Region & Country, 2011 - 2026 (billion 2019 dollars)
Table 10-15 - Global Manufacturing Value Added by Region & Country, 2011 - 2026 (billion 2019 dollars)

List of Figures

1. Executive Summary
Figure 1-1 - Global Off-Road Equipment Market
2. Impact of COVID-19 Pandemic
Figure 2-1 - Real GDP by Region, 2019 - 2022 (% annual change)
Figure 2-2 - Annual Global Off-Road Equipment Demand, 2018 - 2024 (billion dollars)
3. Regional Outlook
Figure 3-1 - Global Off-Road Equipment Demand by Region, 2022 - 2026 (% CAGR)
Figure 3-2 - Off-Road Equipment Demand Growth by Country, 2022 - 2026 (% CAGR)
Figure 3-3 - Global Off-Road Equipment Demand by Type, 2004 - 2026 (billion dollars)
Figure 3-4 - US: Off-Road Equipment Market Position & Outlook
Figure 3-5 - Australia: Off-Road Equipment Market Position & Outlook
Figure 3-6 - India: Off-Road Equipment Market Position & Outlook
4. Global Technology Trends
Figure 4-1 - Off-Road Equipment Innovation Focus by Product Type
Figure 4-2 - Smart Machinery Share of 2022 Off-Road Equipment Sales & Sales Forecast by Equipment Type, 2022 - 2026 (% CAGR)
Figure 4-3 - Autonomous Off-Road Equipment: Top Developers
Figure 4-4 - Drones: Product Examples
Figure 4-5 - Electric Powered Off-Road Equipment: Product Examples
5. Construction Machinery
Figure 5-1 - Construction Machinery: Product Examples
Figure 5-2 - Global Construction Machinery Demand, 2004 - 2026 (billion dollars)
Figure 5-3 - Construction Machinery: Demand Growth by Region, 2022 - 2026 (% CAGR)
Figure 5-4 - Construction Machinery: Key Innovation Trends
Figure 5-5 - Smart Construction Machinery Demand, 2021 - 2026 (million dollars)
Figure 5-6 - Construction Drones: Product Examples
6. Agricultural Equipment
Figure 6-1 - Agricultural Equipment: Product Examples
Figure 6-2 - - Global Agricultural Equipment Demand, 2004 - 2026 (billion dollars)
Figure 6-3 - Agricultural Equipment: Demand Growth by Region, 2022 - 2026 (% CAGR)
Figure 6-4 - Agricultural Equipment: Key Innovation Trends
Figure 6-5 - Smart Agricultural Equipment Demand, 2021 - 2026 (million dollars)
Figure 6-6 - Agricultural Equipment: Autonomous Machinery in Development
Figure 6-7 - Agricultural Equipment: Selected Robots in Development
7. Mining Equipment
Figure 7-1 - Mining Equipment: Product Examples
Figure 7-2 - Global Mining Equipment Demand, 2004 - 2026 (billion dollars)
Figure 7-3 - Mining Equipment: Demand Growth by Region, 2022 - 2026 (% CAGR)
Figure 7-4 - Mining Equipment: Key Innovation Trends
Figure 7-5 - Smart Mining Equipment Demand, 2021 - 2026 (million dollars)
8. Forestry Equipment
Figure 8-1 - Forestry Equipment: Product Examples
Figure 8-2 - Global Forestry Equipment Demand, 2004 - 2026 (billion dollars)
Figure 8-3 - Forestry Equipment: Demand Growth by Region, 2022 - 2026 (% CAGR)
Figure 8-4 - Forestry Equipment: Key Innovation Trends
Figure 8-5 - Smart Forestry Equipment Demand, 2021 - 2026 (million dollars)
Figure 8-6 - Advanced Software for Forestry Equipment: Product Examples
Figure 8-7 - Winch-Assist Systems for Forestry Equipment: Product Examples
9. Manufacturer Spotlight
Figure 9-1 - AGCO: R&D Overview & Key Focus Areas
Figure 9-2 - Caterpillar: R&D Overview & Key Focus Areas
Figure 9-3 - CNH Industrial: R&D Overview & Key Focus Areas
Figure 9-4 - Deere: R&D Overview & Key Focus Areas
Figure 9-5 - Hitachi: R&D Overview & Key Focus Areas
Figure 9-6 - Komatsu: R&D Overview & Key Focus Areas
Figure 9-7 - Liebherr-International: R&D Overview & Key Focus Areas
Figure 9-8 - Sandvik: R&D Overview & Key Focus Areas
Figure 9-9 - Tigercat: R&D Overview & Key Focus Areas

Companies Mentioned

  • AGCO
  • Caterpillar
  • CNH Industrial
  • Deere
  • Hitachi
  • Komatsu
  • Liebherr-International
  • Sandvik
  • Tigercat

Methodology

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