Off-road vehicles are capable of driving on and off tiled or pebbly surfaces. They generally have large tires with deep, open treads, and flexible suspensions. The most common use of these vehicles is for traveling or driving in areas that do not have asphalt roads. Higher clearance and higher power enables these vehicles to access trails and roads that have rough and low-traction surfaces.
Increase in demand and production of off-road vehicles is projected to boost the off-highway vehicle market during the forecast period. All-terrain vehicles are a part of off-highway vehicles. Demand for all-terrain vehicles (ATVs) is increasing due to their suitability for activities such as driving and travelling in rough terrain areas. Moreover, a rise in automation and usage of machinery to ease the work of humans in various industries such as agriculture, construction, mining, and infrastructure has increased the utilization of off-road vehicles in these sectors.
However, the high cost and maintenance expenditure of these vehicles are anticipated to significantly restrain the off-highway vehicle market. Regulatory bodies are imposing stringent norms, globally, to reduce carbon emissions from automobiles. Off-road vehicles burn large amount of fuel and create more carbon emission as compared to normal vehicles, as off-highway vehicles require large amount of power to operate. Improvement in the carbon emission of these vehicles is likely to propel the off-highway vehicle market during the forecast period.
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The off-highway vehicle market can be segmented based on fuel type, end-use industry, engine capacity, and geography.
Based on fuel type, the off-highway vehicles market can be segregated into gasoline and diesel. Both fuels are used in IC (Internal Combustion) engines to generate mechanical energy. Diesel fuel is more commonly utilized, as it provide maximum power output required for OHV.
Off-highway vehicles have applications in various sectors such as agriculture, construction, infrastructure, mining, and all-terrain vehicles. Farm tractors and load-carrying (crop carrying) vehicles are some off-highway vehicles that are employed in the agriculture sector. Excavators and stone crushers are some off-highway vehicles that are utilized in construction and infrastructure sectors. Quads, quad bikes, and RZR are types of all-terrain vehicles.
Based on engine capacity, the off-highway vehicles market can be classified into less than 5L, 5L to 10L, and more than 10L. Capacity is measured by the volume of the engine bore, wherein the heating of fuel takes place. Heavy-duty vehicles possess higher capacity engines for improved performance.
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In terms of geography, the off-highway vehicle market can be segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Asia Pacific accounts for a prominent share of the global off-highway vehicle market, owing to the high adoption rate of off-highway vehicles and the booming automotive sector, leading to an increased production of off-highway vehicles, especially in China and India.
Key players operating in the global off-highway vehicle market include Caterpillar Inc., Cummins Inc., Deutz AG, Kubota Corporation, J. C. Bamford Excavators Ltd., Deere and Company, Hitachi Construction Machinery Co. Ltd., AGCO Corporation, Mahindra and Mahindra Ltd., and Massey Ferguson Ltd.