Automotive on highway segment or on road application segment comprises all automotive applications that are intended for use on manmade surfaces. Passenger cars and commercial vehicles intended for passenger and freight movement ....see more
The low-speed vehicle market is expected to grow from USD 8.9 billion in 2021 to USD 14.4 billion by 2027, at a compound annual growth rate (CAGR) of 8.2% during the forecast period.The key players such as Textron Inc. (US), Yamaha Motor Co Ltd (Japan), The Toro Company (US), Deere & Company (US), Waev Inc (US), and Club Car (US)
The lawn mower market is expected to grow from USD 23.5 billion in 2022 to USD 33.6 billion by 2027, at a compound annual growth rate (CAGR) of 7.4% during the forecast period.The leading playersJohn Deere (US),Honda Motor Co Ltd. (Japan), The Toro Company (US), Husqvarna (Sweden), MTD Products Inc (US), and Kubota (Japan).
The all-terrain vehicle market is expected to grow from USD 4.3 billion in 2022 to USD 5.0 billion by 2027, at a CAGR of 2.7% during the forecast period. The all-terrain vehicle market is primarily dominated by globally established players such Polaris (USA), Honda (Japan), Can-Am (Canada), Yamaha (Japan), and Textron (USA). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth ATV market across different regions.
The farm equipment market is expected to grow from USD 99.4 Billion in 2021 to USD 126.0 Billion by 2027, at a CAGR of 4.0% during the forecast period. The farm equipment market is consolidated. John Deere (US), AGCO Corporation (US), CNH Industrial (UK), Kubota Corporation (Japan), and CLAAS (Germany) are the top players in the Farm Equipment market. New product development, partnership and joint venture strategy have been the most dominating strategy adopted by major players from 2018 to 2021, which helped them to innovate on their offerings and broaden their customer base.
The OTR tires market is expected to grow from USD 8.7 billion in 2021 to USD 11.0 billion by 2026, at a compound annual growth rate (CAGR) of 5.0% during the forecast period.The key players Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (US), and Pirelli & C. S.p.A. (Italy).
The Construction Equipment Market is expected to grow from USD 208.3 billion in 2021 to USD 250.4 Billion by 2026, at a CAGR of 3.8% during the forecast period. Some of the major industry players from Asia are Komatsu (Japan), Hitachi Construction Machinery (Japan), and Zoomlion (China). These companies are involved in service providing as well as equipment manufacturing. Major players profiled in the report are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Xuzhou Construction Machinery Group (XCMG) (China), Sany Heavy Industries (China), and Zoomlion (China).
The global terminal tractor market is expected to grow from USD 718 million in 2021 to USD 877 million by 2026, at a compound annual growth rate (CAGR) of 4.1% during the forecast period.Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US)
The global construction & heavy equipment telematics market is expected to grow from USD 676 million in 2021 to USD 1,498 million by 2026, at a compound annual growth rate (CAGR) of 17.2% during the forecast period.Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch (Germany)
The global mining machinery market size is projected to reach USD 36.2 billion by 2025, at a CAGR of 4.5% during the forecasting period. Caterpillar Inc. (US), Epiroc AB (Sweden), Komatsu Ltd. (Japan), Sandvik AB (Sweden), and Doosan Corporation (South Korea). These players have adopted strategies such as partnerships, agreements, supply orders, expansions, new product development, and acquisitions to increase their share and diversify and strengthen their business networks in the mining machinery market.
The Electric Off-highway Vehicle Market is expected to grow from USD 6.3 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 22.8% during the forecast period. The electric off-highway vehicle market is dominated by few globally established players, such as Caterpillar (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Volvo CE) (Sweden), Epiroc (Sweden), Sandvik (Sweden), and Hitachi Construction Machinery (Japan), among others. These players mostly adopted the new product development strategy to develop the advanced electric dump truck, electric LHD, electric excavator, electric loader, electric dozer, electric lawnmower, and electric tractor to retain their position in the electric off-highway vehicle market.
The military truck market is expected to be worth 20,171 units by 2027, at a compound annual growth rate (CAGR) of 3.2%. during the forecast period. The global military truck market is dominated by major players such as Oshkosh Corporation (US), Rheinmetall AG (Germany), IVECO S.p.A., (Italy), TATRA TRUCKS A.S., (Czech Republic), Arquus (France), Textron Inc., (US), General Dynamics (US), and Mitsubishi Heavy Industries (Japan), and many others. These companies have strong distribution networks at a global level. Besides, these companies offer a wide range of military trucks in the market. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
The Modular Trailer Market is expected to grow from USD 7.3 billion in 2019 to USD 10.2 billion by 2027, at a CAGR of 4.3% during the forecast period. The modular trailer market is dominated by global players and comprises several regional players as well. The key players in the modular trailer market are Goldhofer (Germany), Nooteboom Trailers (Netherlands), Faymonville (Italy), VMT Industries (India), TII Group (Germany) K-Line trailers (Canada), Tratec Engineers (India), and Anster (China).
The mining remanufacturing components market is projected to reach USD 5.0 billion by 2027 from USD 3.8 billion in 2019, at a CAGR of 3.5% during the forecast period. The mining remanufacturing components are driven primarily by the growing mining equipment parc & equipment working hours and lower cost of remanufactured mining components as compared with OE products.Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), Epiroc (Sweden), Atlas Copco (Sweden), JCB (UK), Volvo Construction Equipment (Sweden), SRC Holdings Corporation (US), and Swanson Industries (US).
The sliding bearing market for railways is projected to reach USD 1,531 million by 2027 from USD 934 million in 2019, at a CAGR of 6.4% during the forecast period. The sliding bearing market is primarily driven by the increasing demand for high efficiency, rising railway development projects, and the increasing demand for light rail & metros due to growing urbanization.Schaeffler (Germany), SKF (Sweden), NTN Corporation (Japan), MinebeaMitsumi (Japan), Timken (US), GGB Bearing (US), and THK (Japan).
Increasing demand for special application trucks with high engine power requirement and increasing focus toward fuel economy standards have triggered the growth of the high-performance trucks market. Also, increase in demand for long-haul trucks for efficient transportation of goods has also boosted the demand for high-performance trucks globally. The high-performance trucks market, by volume, had a market size of 1.7 Million units in 2016 and is projected to reach 2.5 Million units by 2025, at a CAGR of 4.06% during the forecast period. The Tier-I suppliers profiled in the report include Cummins (US), ZF (Germany), Allison (US), and Eaton (Ireland). These systems and components are supplied to automotive OEMs such as Volvo (Sweden), Daimler (Germany), Scania (Sweden), Ford (US), GMC (US), and others.
The global forklift market is projected to grow at a CAGR of 1.93%, from USD 16.00 Billion in 2016 to USD 17.61 Billion by 2021.The base year for the report is 2015 and the forecast year is 2021. The market size in terms of volume is estimated to reach 1.5 Million by 2021. The Increasing trend in e-commerce & warehouse segment and the technological advancements are the major driving factors for the global forklift market.
The light duty vehicle market for North America is projected to grow at a CAGR of 5.65% during the forecast period, to reach 24540.0 thousand units by 2021, from an estimated 18647.1 thousand units in 2016. The base year for the report is 2015 and the forecast year is 2021. The increasing demand for light duty vehicles in North America, stringent emission regulations leading to light weighting/engine downsizing, and infrastructure growth has led to an increase in passenger car production in North America.
The SUV & sub-compact SUV market in terms of production, is projected to reach 30.2 Million units by 2020, growing at a CAGR of 5.36%. The SUV & sub-compact SUV market has witnessed considerable growth in countries such as the U.S., China, India, and Mexico, owing to the low cost, compact size, stylistic design, and better maneuverability, among others.
The market for natural gas commercialvehicles is gaining traction in many countries due to the combined effects of low-cost CNG and LNG and higher prices of diesel.The conversion options available in commercial vehicles make them an attractive option in terms of reduction in running costs and overall cost of ownership. The low cost of conversion and prospect of significant emission reduction will increase the penetration of alternativefuels, worldwide. The OE CNG & LNG trucks and buses market size to reach 418,889 units by 2019
The South American region has been garnering a lot of attention from automotive OEMs over the past few years. The regions vehicle production witnessed a growth of 8.23% from 2011 to 2013. The major countries contributing to the South American automotive production were Brazil, Argentina, and Columbia. The major automotive original equipment manufacturers of the region are Fiat Chrysler Automobiles, Volkswagen, Ford Motor Co., and General Motors Co. With aid from the government in the form of liberal policies and regulations, OEMs in the region have been increasing their operations in the region to cater to the domestic and export demands. The entire South American automobile production is expected to grow to 5,760.79 thousand units by 2018.
Low emission vehicles are expected to witness good growth as they are being accepted across the globe. Currently, low emission market is dominated by Full Hybrid Electric Vehicles (FHEVs) and expected to remain as market leader during the forecasted period. The market of North America is expected to be the biggest one for FHEVs. However, our research says that market for PHEVs and BEVs will develop at a faster rate due to governments’ initiatives to develop charging infrastructure in battery technology.