Global Off-highway Equipment Outlook: Which Growth Prospects Showcase Vast Potential?
Increased equipment utilization and spend on inventory will result in adoption of digital services and sustain post-pandemic rebound
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This research service analyzes the current status and growth trends of the off-highway equipment industry, specifically for construction, mining, and agricultural equipment. It considers the ongoing effects of the COVID-19 pandemic and examines the top industry participants and their anticipated development and launch activities for 2022, notable partnerships, and other factors that continue to reshape the industry. It provides a deeper analysis of top markets including the United States, Europe, China, and India.
Off-highway equipment manufacturers have started laying out roadmaps targeting a sustainable future. To accelerate the transition to electric machinery, manufacturers have started offering training to guide employees, technicians, and customers including rental companies and contractors on market value, site productivity, and the environmental benefits of electrification. Equipment electrification, digitization, and automation have created the need for synergies between original equipment manufacturers, suppliers, and service providers: 2021 witnessed more than 40 partnership announcements by off-highway OEMs. Most of the collaborations were aimed at developing alternative powertrains and autonomous solutions. Hybrid powertrains are being used as transitional technologies to stimulate the use of hydrogen and electricity as fuel. Emerging markets such as India, Southeast Asia, the Commonwealth of Independent States, and parts of Europe will be targets for the establishment of remanufacturing centers.
Big Data integration in telematics is improving decision-making capabilities. The accumulation of data and equipment sophistication will increase value through servitization. Manufacturers indicate telematics and remote monitoring, connectivity (GPS), and vehicle-operator monitoring as 3 of the most critical technologies that will disrupt the industry in the next 2 to 3 years.
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