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Global Off-highway Equipment Industry Outlook 2024 Updated Research Available
Higher Focus on Equipment Services and Maintenance through Digital Solutions Enables Growth Opportunities
24-Apr-2024
Global
Market Outlook
KA32-01-00-00-00
AU_2024_688
In this analysis, Frost & Sullivan covers the off-highway equipment industry, focusing on agriculture, construction, and mining applications. The geographic scope is global, including the United States, Europe (the European Union and the United Kingdom), Asia (China and India), Australia, Latin America, and the Rest of the World. The study period is 2023–2024, with 2023 as the base year and 2024 as the forecast year.
Our analysis shows that the industry faces many challenges this year. Occurring amid a post-pandemic rebound, the ongoing Russo-Ukrainian and Israel-Hamas wars have severely impacted supply chains. After overcoming supply chain issues in major regions such as the United States and Europe, original equipment manufacturers (OEMs) have fulfilled order backlogs. However, the lag in interest rate recovery and inflation is causing uncertainty and hesitance in equipment purchasing for major customer groups.
OEMs, dealerships, maintenance, and service providers are updating strategies to accommodate customers’ short-term mindset. On the supply side, OEMs, dealers, and suppliers are nearshoring manufacturing to stabilize the supply chain. On the demand side, business-to-business and business-to-consumer customer groups are extending equipment life through remanufactured components and updating functions through retrofits. Frost & Sullivan expects this to increase technology focus among stakeholders, targeting equipment gateways to enhance their functions.
Regional challenges in China, Europe, and the Middle East have caused OEMs and suppliers to expand further into the North and Latin American markets. In addition, the increasing demand to digitize operations and solutions has allowed a new wave of start-ups to provide customized offerings. Strategic synergies between OEMs and start-ups will support their expansion into digital technology spaces. Due to minimal barriers and high return on investments, automation will be a focus area in the off-highway equipment industry.
Government incentives and public-private partnerships will allow OEMs to focus on expanding their battery manufacturing footprint. Vertical integration will broaden the product portfolio and enable one-stop solutions for end customers. Frost & Sullivan anticipates strategic partnerships to offer low-cost autonomous solutions and automation to alleviate customer hesitance in this space.
This analysis offers stakeholders insights by detailing relevant industry developments in the last few years; highlighting trends, notable participants, and partnerships; providing unit sales and revenue forecasts by region and application; and discussing opportunities they can explore to generate revenue.
Author: Krishna Achuthan
The 2023 Off-highway Equipment Industry—Forecast vs. Actual
The 2023 Off-highway Equipment Industry—Forecast vs. Actual (continued)
Key Findings—Top 5 Predictions for 2024
Off-highway Equipment Industry by Region
Regional Analysis by Revenue
Notable Acquisitions in 2023
Key OEM/Supplier Partnerships
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Off-Highway Equipment Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Top 10 Trends for 2024
Top 10 Growth Opportunities for 2024
Global GDP Growth—Mild Global Growth Slowdown from 3% in 2023 to 2.6% in 2024 as Key Economies Lose Growth Momentum
Inflation and Interest Rates—Headline Inflation to Continue Declining; H2 2024 Shift Toward Rate Cuts for Advanced Economies
Currency Trajectory—Dollar to Remain Strong in H1 2024; Emerging Market Currencies to Receive Boost from Q3 2024 Onwards
Oil Industry—Q1 OPEC+ Oil Production Cuts; Non-OPEC Production to Increase
Labor Market—Moderate Unemployment Uptick; Positive Expectations Regarding Market Sentiment to Support Labor Hoarding
Critical Mineral Supplies—Need for Economic Resiliency Will Bolster Cross-border and Cross-industry Partnerships
North America—Economic Slowdown amid Discretionary Spending Pullback and Elevated Interest Rates
Western Europe—Moderate Growth Pick-up as Inflation Headwinds Gradually Ease; Rebuilding Fiscal Buffers to Take Precedence
The Middle East—Non-oil Growth Driven by Economic Diversification to Limit the Pullback Caused by a Slowdown in Global Oil Markets
Asia—Emerging Economies to Drive Growth Momentum; Fiscal Measures to Support Chinese Economic Recovery
List of Countries, 2024
Research Scope
Off-highway Equipment Classification
Top Trends
Trend 1—OEM Autonomous Solutions
Trend 2—Autonomous Retrofits
Trend 3—Mobile Robots for Agriculture and Construction
Trend 4—Fleet Management and Maintenance
Trend 5—‘Always-on’ Connectivity Drives Satellite IoT
Trend 5—‘Always-on’ Connectivity Drives Satellite IoT (continued)
Trend 6—Hybrid Powertrains
Trend 7—Electric PTO
Impact of Trends by Region
Unit Sales by Region
Revenue Forecast by Segment
Equipment in Operation by Region
United States
Vendor Analysis—North America
Latin America
Vendor Analysis—Latin America
Europe
Vendor Analysis—Europe
China
India
Agricultural Tractor Vendor Analysis—India
Australia
Vendor Analysis—Asia-Pacific and the Rest of the World
Growth Opportunity 1—Sales Contraction to Push Connected Solutions, Ensuring Equipment Availability
Growth Opportunity 1—Sales Contraction to Push Connected Solutions, Ensuring Equipment Availability (continued)
Growth Opportunity 2—The Uptake of Retrofitting: Connected, Electric, and Partial Automation
Growth Opportunity 2—The Uptake of Retrofitting: Connected, Electric, and Partial Automation (continued)
Growth Opportunity 3—Equipment and Process Automation in Agriculture and Construction
Growth Opportunity 3—Equipment and Process Automation in Agriculture and Construction (continued)
Conclusions
Your Next Steps
Why Frost, Why Now?
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Off-highway Equipment: Annual Growth by Revenue, Global, 2022 and 2023
- Off-highway Equipment: Revenue by Region, Global, 2023
- Off-Highway Equipment: Top Trends, Global, 2024
- OEM Autonomous Solutions EIO, Global, 2023 and 2024
- Autonomous Retrofit EIO, Global, 2023 and 2024
- Agricultural Mobile Robots Market Size, Global, 2023 and 2024
- Connected EIO, Global, 2023 and 2024
- Factors Driving Satellite IoT in Off-highway, Global, 2024–2030
- Hybrid Off-highway Equipment Unit Sales, Global, 2023 and 2024
- Off-highway Equipment: Trends by Region, Global, 2024
- Off-highway Equipment: Unit Sales, Global, 2023 and 2024
- Off-highway Equipment: Revenue Forecast by Segment, Global, 2023 and 2024
- Off-highway Equipment: Market Size by EIO, Global, 2023 and 2024
- Off-highway Equipment: Regional Analysis, United States, 2023
- Off-highway Equipment: Select Vendor Analysis, North America, 2023
- Off-highway Equipment: Regional Analysis, Latin America, 2023
- Off-highway Equipment: Select Vendor Analysis, Latin America, 2023
- Off-highway Equipment: Regional Analysis, Europe, 2023
- Off-highway Equipment: Select Vendor Analysis, Europe, 2023
- Off-highway Equipment: Regional Analysis, China, 2023
- Off-highway Equipment: Regional Analysis, India, 2023
- Agricultural Tractor: Select Vendor Analysis, India, 2023
- Off-highway Equipment: Regional Analysis, Australia, 2023
- Off-highway Equipment: Select Vendor Analysis, Asia-Pacific and the Rest of the World, 2023
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