Off-Highway Machinery Market Report 2026

The off-highway machinery market size has grown strongly in recent years. It will grow from $218.32 billion in 2025 to $232.37 billion in 2026 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to expansion of infrastructure and construction activities, growth in mining and resource extraction projects, increasing adoption of diesel-powered heavy machinery, rising industrialization in emerging economies, development of large-scale agricultural mechanization programs.

The off-highway machinery market size is expected to see strong growth in the next few years. It will grow to $300.85 billion by 2030 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising shift toward electric and hybrid off-highway machinery, increasing demand for automation in construction and mining operations, growing adoption of connected and smart equipment systems, expansion of sustainable and low-emission industrial practices, increasing investment in autonomous heavy equipment technologies. Major trends in the forecast period include increasing adoption of autonomous and semi-autonomous off-highway machinery for mining and construction operations, growing integration of iot-enabled telematics systems for real-time equipment monitoring and fleet optimization, rising demand for electrified off-highway vehicles to reduce emissions in industrial operations, expansion of predictive maintenance solutions using ai-driven analytics for heavy machinery, increasing use of smart construction and mining equipment with remote operation capabilities.

The increasing construction activities are expected to drive the growth of the off-highway machinery market going forward. Construction activities include all operations necessary to develop infrastructure and buildings, ranging from initial site preparation to final finishing and commissioning. Construction activities are rising due to rapid urbanization, which is generating demand for new housing, commercial spaces, and infrastructure to support expanding urban populations. Off-highway machinery supports construction activities by providing high-powered equipment for demanding tasks such as grading, lifting, and hauling, ensuring precision, quicker execution, and cost-efficient project completion. For instance, in March 2026, according to the United States Census Bureau, a US-based federal statistical agency, building permits were recorded at approximately 1,376,000 units, housing starts reached 1,487,000 units, reflecting a 9.5% year-on-year increase, and housing completions stood at approximately 1,527,000 units, indicating continued momentum in residential construction activity. Therefore, the increasing construction activities are driving the growth of the off-highway machinery market.

Leading companies operating in the off-highway machinery market are focusing on developing innovative solutions, such as hybrid off-highway mining dump trucks, to improve fuel efficiency, reduce emissions, and enhance operational performance in large-scale mining operations. A hybrid off-highway mining dump truck is a heavy-duty haul truck that combines a conventional internal combustion engine with electric propulsion systems to enhance fuel efficiency, lower emissions, and improve mining performance. For instance, in April 2025, SANY India, an India-based manufacturing company, launched the SKT130S, claimed as the country’s first hybrid off-highway mining dump truck, to provide enhanced fuel efficiency, reduced emissions, and improved productivity in mining operations. The truck features a 925 kW Weichai diesel engine generating 3,200 Nm of torque, combined with a 61 cubic meter heaped body capacity for heavy-duty mining applications.

In February 2026, Volvo Construction Equipment, a Sweden-based manufacturer of construction machinery, acquired Swecon Group for $780 million. Through this acquisition, Volvo Construction Equipment aims to further strengthen its retail operations and service sales across major European markets, positioning retail as a key pillar of its European business strategy. Swecon Group is a Sweden-based manufacturing company that provides off-highway construction machinery.

Major companies operating in the off-highway machinery market are Caterpillar Inc., Komatsu Ltd., XCMG Group, Sany Heavy Industry Co. Ltd., Volvo Construction Equipment, Liebherr Group, John Deere, Hitachi Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd., JCB Ltd., CNH Industrial N. V., Hyundai Construction Equipment Co. Ltd., Kubota Corporation, Kobelco Construction Machinery Co. Ltd., Terex Corporation, Wacker Neuson Group, Manitou Group, Bobcat Company, Palfinger AG, Manitowoc Company Inc., Kato Works Co. Ltd., Tadano Ltd.

Asia-Pacific was the largest region in the off-highway machinery market in 2025 and is expected to be the fastest-growing region in the forecast period. The regions covered in the off-highway machinery market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the off-highway machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The off-highway machinery market consists of sales of excavators, bulldozers, wheel loaders, skid steer loaders, motor graders, and dump trucks. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.