Albany, NY -- (SBWIRE) -- 05/20/2019 -- Transparency Market Research has published a new report titled, "Off-road Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026". According to the report, the global off-road vehicle market for automotive is anticipated to surpass US$ 380 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period.
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Off-road vehicles are primarily utilized in three sectors: Construction, mining, and agriculture, and all the three sectors are expanding at a significant pace; however, the off-road vehicle market is expanding significantly owing to considerable expansion of the construction industry. Moreover, expanding economies are a major factor fueling the construction industry, as economic expansion leads to high investment for the development of infrastructure of their respective economies, which in turn boosts the demand for construction equipment and machinery that hold a significant share of the off-road vehicle market.
Along with rapidly expansion of the construction industry, the mining sector has witnessed considerable expansion in the last few years. It is another major industry that utilizes off-road vehicles in large numbers. Haul trucks and loaders are majorly employed equipment in the mining sector, which in turn boosts the demand for off-road vehicles. Furthermore, the major players engaged in mining are likely to undertake more aggressive efforts in order to boost their production, as demand for minerals and metals is rising consistently owing to the expansion of manufacturing industries. These efforts are likely to boost the market significantly during the forecast period.
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Furthermore, the agriculture sector is a major contributor to the global GDP (gross domestic product), and in 2014, it accounted for one-third of the global GDP. According to the World Bank, agricultural development is a considerably powerful tool that can be employed to beat extreme poverty. Therefore, governments of countries in most regions are taking required steps to boost their respective agriculture sector and manufacturers involved in the manufacturing of agricultural equipment are continuously developing equipment which can boost the production of the sector. Therefore, such development is likely to boost the off-road vehicle market, as most vehicles used in the agriculture sector are off-road vehicles.