Product Code: GVR-4-68040-549-1
Off-highway Vehicles Market Trends:
The global off-highway vehicles market size was valued at USD 544.07 billion in 2024 and is projected to grow at a CAGR of 6.9% from 2025 to 2030. The market is growing due to rising infrastructure projects, increased mechanization in agriculture, and the need for more efficient mining equipment. Additionally, advancements in electrification, autonomous technology, and low-emission powertrains are driving further expansion. However, high initial costs and strict emission regulations remain key challenges.
Massive infrastructure investments worldwide are fueling the growing demand for off-highway vehicles. China's Belt and Road Initiative (BRI) has provided USD 679 billion for global projects in transportation and energy, boosting the need for construction & mining machinery. Similarly, in January 2025, the U.S. RAISE program allocated USD 1.32 billion to modernize roads and bridges, increasing demand for earthmoving and material-handling equipment. These initiatives highlight the growing reliance on off-highway vehicles to support large-scale infrastructure expansion.
The industry is driven by the need for more efficient and technologically advanced mining equipment as global mineral extraction intensifies. For instance, India is a major producer of coal, iron ore, and bauxite and relies heavily on open-pit mining, which makes up 90% of its mining operations. This has led to a surging demand for high-performance haul trucks, excavators, and drilling machines to improve efficiency and reduce costs. Additionally, India's 100% FDI policy in mining is accelerating investment in automated and fuel-efficient mining equipment, further boosting the adoption of next-generation off-highway vehicles for large-scale extraction activities.
Rising labor shortages, increasing food demand, and government incentives are driving rapid mechanization in agriculture. For instance, India's Sub-Mission on Agricultural Mechanization (SMAM) provides up to 50% financial assistance for purchasing equipment and setting up Custom Hiring Centres to improve small farmers' access to machinery. Similarly, China has achieved a 72% mechanization rate in crop cultivation and harvesting, reflecting a global push toward automation. Advanced off-highway agricultural vehicles, including tractors, harvesters, and autonomous planting systems, are needed to improve efficiency, increase yields, and reduce costs. This shift is supporting demand for mechanization, shaping the future of the agricultural equipment market.
High initial costs and strict emission regulations remain key challenges in the off-highway vehicle market. For instance, the European Union's Stage V emission standards impose stringent limits on particulate matter and NOx emissions for non-road mobile machinery, increasing compliance costs for manufacturers. The U.S. Environmental Protection Agency's (EPA) Tier 4 regulations require advanced exhaust after-treatment systems, adding to equipment costs. Additionally, the transition to electric and hybrid powertrains demands significant investment in R&D and infrastructure, further raising initial expenses.
Global Off-highway Vehicles Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global off-highway vehicles market report based on type, propulsion type, and region.
- Type Outlook (Revenue, USD Million, 2018 - 2030)
- Construction
- Up to 250 HP
- 250-500 HP
- More than 500 HP
- Mining
- <500 HP
- 500-2000 HP
- >2000 HP
- Agriculture
- Less than 40 HP
- 41 to 100 HP
- More than 100 HP
- Propulsion Type Outlook (Revenue, USD Million, 2018 - 2030)
- ICE
- Electric
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Middle East & Africa (MEA)
- UAE
- Kingdom of Saudi Arabia (KSA)
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Off-highway Vehicles Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Off-highway Vehicles Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social Landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental Landscape
- 3.3.2.6. Legal landscape
Chapter 4. Off-highway Vehicles Market: Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.1.1. Off-highway Vehicles Market: Type Movement Analysis, 2024 & 2030 (USD Million)
- 4.2. Construction
- 4.2.1. Construction Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.2.2. Up to 250 HP
- 4.2.2.1. Up to 250 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.2.3. 250-500 HP
- 4.2.3.1. 250-500 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.2.4. More than 500 HP
- 4.2.4.1. More than 500 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3. Mining Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.1. <500 HP
- 4.3.1.1. <500 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.2. 500-2000 HP
- 4.3.2.1. 500-2000 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.3.3. >2000 HP
- 4.3.3.1. >2000 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Agriculture Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4.1. Less than 40 HP
- 4.4.1.1. Less than 40 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4.2. 41 to 100 HP
- 4.4.2.1. 41 to 100 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4.3. More than 100 HP
- 4.4.3.1. More than 100 HP Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Off-highway Vehicles Market: Propulsion Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Off-highway Vehicles Market: Propulsion Type Movement Analysis, 2024 & 2030 (USD Million)
- 5.3. ICE
- 5.3.1. ICE Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Electric
- 5.4.1. Electric Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Off-highway Vehicles Market: Regional Estimates & Trend Analysis
- 6.1. Off-highway Vehicles Market Share, By Region, 2024 & 2030 (USD Million)
- 6.2. North America
- 6.2.1. North America Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.2. U.S.
- 6.2.2.1. U.S. Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.3. Canada
- 6.2.3.1. Canada Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.2.4. Mexico
- 6.2.4.1. Mexico Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3. Europe
- 6.3.1. Europe Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.2. U.K.
- 6.3.2.1. U.K. Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.3. Germany
- 6.3.3.1. Germany Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.3.4. France
- 6.3.4.1. France Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Asia Pacific Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.2. China
- 6.4.2.1. China Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.3. Japan
- 6.4.3.1. Japan Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.4. India
- 6.4.4.1. India Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4.5. South Korea
- 6.4.5.1. South Korea Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Latin America
- 6.5.1. Latin America Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5.2. Brazil
- 6.5.2.1. Brazil Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6. Middle East and Africa
- 6.6.1. Middle East and Africa Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.2. UAE
- 6.6.2.1. UAE Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.3. KSA
- 6.6.3.1. KSA Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.4. South Africa
- 6.6.4.1. South Africa Off-highway Vehicles Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Company Categorization
- 7.2. Company Market Positioning
- 7.3. Company Heat Map Analysis
- 7.4. Company Profiles/Listing
- 7.4.1. Caterpillar Inc.
- 7.4.1.1. Participant's Overview
- 7.4.1.2. Financial Performance
- 7.4.1.3. Product Benchmarking
- 7.4.1.4. Strategic Initiatives
- 7.4.2. Komatsu Ltd.
- 7.4.2.1. Participant's Overview
- 7.4.2.2. Financial Performance
- 7.4.2.3. Product Benchmarking
- 7.4.2.4. Strategic Initiatives
- 7.4.3. Deere & Company
- 7.4.3.1. Participant's Overview
- 7.4.3.2. Financial Performance
- 7.4.3.3. Product Benchmarking
- 7.4.3.4. Strategic Initiatives
- 7.4.4. CNH Industrial N.V.
- 7.4.4.1. Participant's Overview
- 7.4.4.2. Financial Performance
- 7.4.4.3. Product Benchmarking
- 7.4.4.4. Strategic Initiatives
- 7.4.5. Hitachi Construction Machinery Co., Ltd.
- 7.4.5.1. Participant's Overview
- 7.4.5.2. Financial Performance
- 7.4.5.3. Product Benchmarking
- 7.4.5.4. Strategic Initiatives
- 7.4.6. Liebherr Group
- 7.4.6.1. Participant's Overview
- 7.4.6.2. Financial Performance
- 7.4.6.3. Product Benchmarking
- 7.4.6.4. Strategic Initiatives
- 7.4.7. Volvo Group (AB Volvo)
- 7.4.7.1. Participant's Overview
- 7.4.7.2. Financial Performance
- 7.4.7.3. Product Benchmarking
- 7.4.7.4. Strategic Initiatives
- 7.4.8. XCMG Group
- 7.4.8.1. Participant's Overview
- 7.4.8.2. Financial Performance
- 7.4.8.3. Product Benchmarking
- 7.4.8.4. Strategic Initiatives
- 7.4.9. Kubota Corporation
- 7.4.9.1. Participant's Overview
- 7.4.9.2. Financial Performance
- 7.4.9.3. Product Benchmarking
- 7.4.9.4. Strategic Initiatives
- 7.4.10. SANY Group
- 7.4.10.1. Participant's Overview
- 7.4.10.2. Financial Performance
- 7.4.10.3. Product Benchmarking
- 7.4.10.4. Strategic Initiatives