Dublin, June 12, 2024 (GLOBE NEWSWIRE) -- The "Global Off-highway Equipment Industry Outlook 2024" report has been added to ResearchAndMarkets.com's offering.
This analysis covers the off-highway equipment industry, focusing on agriculture, construction, and mining applications. The geographic scope is global, including the United States, Europe (the European Union and the United Kingdom), Asia (China and India), Australia, Latin America, and the Rest of the World. The study period is 2023-2024, with 2023 as the base year and 2024 as the forecast year.
The analysis shows that the industry faces many challenges this year. Occurring amid a post-pandemic rebound, the ongoing Russo-Ukrainian and Israel-Hamas wars have severely impacted supply chains. After overcoming supply chain issues in major regions such as the United States and Europe, original equipment manufacturers (OEMs) have fulfilled order backlogs. However, the lag in interest rate recovery and inflation is causing uncertainty and hesitance in equipment purchasing for major customer groups.
OEMs, dealerships, maintenance, and service providers are updating strategies to accommodate customers' short-term mindset. On the supply side, OEMs, dealers, and suppliers are nearshoring manufacturing to stabilize the supply chain. On the demand side, business-to-business and business-to-consumer customer groups are extending equipment life through remanufactured components and updating functions through retrofits. The publisher expects this to increase technology focus among stakeholders, targeting equipment gateways to enhance their functions.
Regional challenges in China, Europe, and the Middle East have caused OEMs and suppliers to expand further into the North and Latin American markets. In addition, the increasing demand to digitize operations and solutions has allowed a new wave of start-ups to provide customized offerings. Strategic synergies between OEMs and start-ups will support their expansion into digital technology spaces. Due to minimal barriers and high return on investments, automation will be a focus area in the off-highway equipment industry.
Government incentives and public-private partnerships will allow OEMs to focus on expanding their battery manufacturing footprint. Vertical integration will broaden the product portfolio and enable one-stop solutions for end customers. The publisher anticipates strategic partnerships to offer low-cost autonomous solutions and automation to alleviate customer hesitance in this space.
This analysis offers stakeholders insights by detailing relevant industry developments in the last few years; highlighting trends, notable participants, and partnerships; providing unit sales and revenue forecasts by region and application; and discussing opportunities they can explore to generate revenue.
Key Growth Opportunities:
- Sales Contraction to Push Connected Solutions, Ensuring Equipment Availability
- The Uptake of Retrofitting: Connected, Electric, and Partial Automation
- Equipment and Process Automation in Agriculture and Construction
Key Topics Covered:
Growth Environment
- The 2023 Off-highway Equipment Industry - Forecast vs. Actual
- Key Findings - Top 5 Predictions for 2024
- Off-highway Equipment Industry by Region
- Regional Analysis by Revenue
- Notable Acquisitions in 2023
- Key OEM/Supplier Partnerships
2024 Global Economic Outlook
- Top 10 Trends for 2024
- Top 10 Growth Opportunities for 2024
- Global GDP Growth - Mild Global Growth Slowdown from 3% in 2023 to 2.6% in 2024 as Key Economies Lose Growth Momentum
- Inflation and Interest Rates - Headline Inflation to Continue Declining; H2 2024 Shift Toward Rate Cuts for Advanced Economies
- Currency Trajectory - Dollar to Remain Strong in H1 2024; Emerging Market Currencies to Receive Boost from Q3 2024 Onwards
- Oil Industry - Q1 OPEC+ Oil Production Cuts; Non-OPEC Production to Increase
- Labor Market - Moderate Unemployment Uptick; Positive Expectations Regarding Market Sentiment to Support Labor Hoarding
- Critical Mineral Supplies - Need for Economic Resiliency Will Bolster Cross-border and Cross-industry Partnerships
- North America - Economic Slowdown amid Discretionary Spending Pullback and Elevated Interest Rates
- Western Europe - Moderate Growth Pick-up as Inflation Headwinds Gradually Ease; Rebuilding Fiscal Buffers to Take Precedence
- The Middle East - Non-oil Growth Driven by Economic Diversification to Limit the Pullback Caused by a Slowdown in Global Oil Markets
- Asia - Emerging Economies to Drive Growth Momentum; Fiscal Measures to Support Chinese Economic Recovery
- List of Countries, 2024
Research Scope and Segmentation
- Research Scope
- Off-highway Equipment Classification
Trends
- Top Trends
- Trend 1 - OEM Autonomous Solutions
- Trend 2 - Autonomous Retrofits
- Trend 3 - Mobile Robots for Agriculture and Construction
- Trend 4 - Fleet Management and Maintenance
- Trend 5 - 'Always-on' Connectivity Drives Satellite IoT
- Trend 6 - Hybrid Powertrains
- Trend 7 - Electric PTO
- Impact of Trends by Region
Industry Analysis
- Unit Sales by Region
- Revenue Forecast by Segment
- Equipment in Operation by Region
Analysis by Region - The Americas
- United States
- Vendor Analysis - North America
- Latin America
- Vendor Analysis - Latin America
Analysis by Region - Europe
- Europe
- Vendor Analysis - Europe
Analysis by Region - Asia-Pacific
- China
- India
- Agricultural Tractor Vendor Analysis - India
- Australia
- Vendor Analysis - Asia-Pacific and the Rest of the World
Conclusions
For more information about this report visit https://www.researchandmarkets.com/r/8rh0yk
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