Following a sharp decline in 2020 to US$416bn (€345.53bn), demand is expected to rebound in 2021 as revenues in these industries rise, and machine purchases resume. According to Freedonia, mining will see a particularly strong bounce back, as it was deemed “nonessential” in parts of the world, forcing operations to idle for several months.
Freedonia’s 184-page Global Off-Road Equipment Technology 2021 report forecasts a CAGR (compound annual growth rate) in the global off-road equipment sector of 3.8% in the 2021-2025 period.
A report breakdown of the 2020 sales of off-road equipment by type shows that 45% were construction units, 29% were agricultural units, 24% were mining machines, and 2% forestry models.
The new Freedonia study provides off-road equipment demand values for 2019, 2020, 2021, and 2025 at the manufacturers’ level in current US dollars (i.e., not adjusted to account for inflation). Demand is segmented by equipment type and world region. Data include the value of replacement parts and attachments sold separately.
Global Off-Road Equipment Technology 2021 also examines several key industry topics, including autonomous machinery and robotics, all-electric and low-emissions equipment, improved ergonomics and operator comfort, and machine connectivity and IoT solutions.
Leading industry players featured in the Freedonia report include Caterpillar, Kubota, CNH Industrial, Liebherr, John Deere, Hitachi, Sandvik, and Komatsu.
For more information about Global Off-Road Equipment Technology 2021 and/or to enquire about purchasing a copy of the report, visit www.freedoniagroup.com