Off-highway Hybrid Vehicles Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 27.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Off-highway Hybrid Vehicles Market Analysis
The Off-Highway Hybrid Vehicles Market is expected to exhibit a CAGR of 27% during the forecast period (2020-2025).
- Some of the major factors driving the growth of the market are growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms and increasing government initiatives in terms of subsidies and tax exemptions for increasing the adoption rate of electric and hybrid vehicles. Such factors are expected to propel the market.
- The overall situation of the construction machineries and vehicles market has shown signs of development, owing to the growth in the number of mega construction projects in Europe and the Asia-Pacific region. The Belt and Road initiative led by China, which involves the construction of ports, roads, railways, airports and energy projects is expected to significantly drive the demand for hybrid construction vehicles and machineries owing to the fact that China is rapidly adopting electric and hybrid vehicles.
- Agricultural activities are one of the principal contributors to greenhouse emissions and thus OEMs are now focusing on manufacturing cleaner and efficient agricultural vehicles that meets the established norms and standards of pollution. This is a major driver of market growth along with increased farm mechanization on a global level.
Off-highway Hybrid Vehicles Market Trends
This section covers the major market trends shaping the Off-Highway Hybrid Vehicles Market according to our research experts:
Growing Construction And Mining Activities
The global construction industry is expected to witness significant growth in the coming years, with the good opportunities in infrastructure, residential, and non-residential sectors.
Increasing number of mineral exploration sites and the subsequent demand for advanced processing machinery have contributed to the growth in the off-highway vehicle market. In China, Shanxi province has provided relaxation on stringent government policies and plans to add nearly 11 million tons of coke producing capacities to meet growing demand. In India, coal production grew by 5.17% between 2014 and 2019. Only 20% Indian reserves have been mined and this provide a big opportunity for miners. Canada alone had 22% of the active mineral exploration sites across the world, followed by Australia with 20% and Africa with 12%.
Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in construction of roads, highways, smart cities, metros, bridges, and expressways due to growing population and urbanization.
In China, the demand for cranes are increasing owing to the ongoing One Belt One Road initiative. The initiative which will aid in infrastructural development such as railways, buildings, and energy projects (China, North-East Asia, Southeast Asia, South Asia, Central Asia, and West Asia) stretching from China’s western regions to Europe. The US government is also expected to increase its infrastructure spending by over USD 1 trillion in the next 10 years, with an aim to create more jobs in the country.
Asia Pacific will exhibit the highest growth rate
Asia-Pacific region is expected to be a major market propelling the global construction industry, with augmenting construction activities in countries such as India and ASEAN countries (including Thailand, Singapore, Vietnam, and others).
For instance, in India, the construction sector is one of the booming industries. The construction sector in the country is expected to grow twice as fast as China’s till 2030, with the country’s populations. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country.
At 157.35 million hectares, India holds the second-largest agricultural land in the world. The agricultural sector, which is the backbone of the Indian economy, contributes majorly to the country’s GDP and nearly half of India’s population earns income through agriculture. As of February 2018, it was estimated that over 58% of rural Indians depends on agriculture. The consistent growth of the agricultural sector is driving the agricultural machinery market in the country.
Ongoing mega projects in China needs a lot of machinery and materials to be displaced from one part of the country to the other. Projects like Tianhuangping hydroelectric project, South North water transfer project and Beijing airport are some of the many projects that will deploy a large number of construction equipment.
Off-highway Hybrid Vehicles Industry Overview
The Off-Highway Hybrid Vehicles Market is a consolidated one with players such as Komatsu, Caterpillar, John Deere, etc. dominating the market. To address the need of low maintenance and clean energy equipment and vehicles, many global OEMs are using innovative technologies such as IoT in their products.
- Proxecto plans to launch its Hybrid Agri Vehicle (HAV) in 2020 to give a boost to Indian Agriculture sector. HAV is supported with smart maneuverability, minimum human intervention, electronic controls and other features.
- In May 2019, Volvo introduced new Hybrid excavator EC300E which cuts down the CO2 emissions by 17%. Volvo’s ECO mode option reduces the fuel consumption by excavator without compromising with the power required for operation
Off-highway Hybrid Vehicles Market Leaders
Volvo
Kobelco
Hitachi Construction Machinery
Komatsu
Caterpillar
*Disclaimer: Major Players sorted in no particular order
Off-highway Hybrid Vehicles Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Machinery
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5.1.1 Excavators
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5.1.2 Crawlers
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5.1.3 Cranes
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5.1.4 Loaders
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5.1.5 Other Machinery
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5.2 Application
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5.2.1 Construction
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5.2.2 Agriculture
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5.2.3 Mining
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5.3 Geography
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5.3.1 North America
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5.3.1.1 United States
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5.3.1.2 Canada
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5.3.1.3 Mexico
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5.3.1.4 Rest of North America
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5.3.2 Europe
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5.3.2.1 Germany
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5.3.2.2 United Kingdom
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5.3.2.3 France
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5.3.2.4 Russia
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5.3.2.5 Spain
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5.3.2.6 Rest of Europe
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5.3.3 Asia Pacific
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5.3.3.1 China
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5.3.3.2 Japan
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5.3.3.3 India
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5.3.3.4 South Korea
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5.3.3.5 Rest of Asia-Pacific
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle East and Africa
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5.3.5.1 United Arab Emirates
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5.3.5.2 Saudi Arabia
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5.3.5.3 Rest of Middle East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Volvo
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6.2.2 John Deere
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6.2.3 Solectrac
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6.2.4 Caterpillar
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6.2.5 Kobelco
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6.2.6 Komatsu
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6.2.7 Hitachi Construction Machinery
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6.2.8 Liebherr
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6.2.9 JCB
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Off-highway Hybrid Vehicles Industry Segmentation
The study covers the latest trends and technological development in Off-Highway hybrid vehicles, demand of the machinery, application, geography and market share of major Off-Highway hybrid vehicles developers across the world.
| Machinery | |
| Excavators | |
| Crawlers | |
| Cranes | |
| Loaders | |
| Other Machinery |
| Application | |
| Construction | |
| Agriculture | |
| Mining |
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Off-highway Hybrid Vehicles Market Research FAQs
What is the current Off Highway Hybrid Vehicles Market size?
The Off Highway Hybrid Vehicles Market is projected to register a CAGR of 27% during the forecast period (2024-2029)
Who are the key players in Off Highway Hybrid Vehicles Market?
Volvo, Kobelco, Hitachi Construction Machinery, Komatsu and Caterpillar are the major companies operating in the Off Highway Hybrid Vehicles Market.
Which is the fastest growing region in Off Highway Hybrid Vehicles Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Off Highway Hybrid Vehicles Market?
In 2024, the Europe accounts for the largest market share in Off Highway Hybrid Vehicles Market.
What years does this Off Highway Hybrid Vehicles Market cover?
The report covers the Off Highway Hybrid Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Off Highway Hybrid Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Off-highway Hybrid Vehicles Industry Report
Statistics for the 2024 Off-highway Hybrid Vehicles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Off-highway Hybrid Vehicles analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
