The global off-highway vehicles market size is anticipated to reach USD 804.86 billion by 2030 and is expected to expand at a CAGR of 6.9% during the forecast period, according to a new report by Grand View Research, Inc. A surge in infrastructure development, urbanization, and the modernization of agricultural and mining operations is driving the market.
As governments and private sectors invest heavily in construction and resource extraction projects, the demand for specialized machinery such as bulldozers, excavators, and harvesters has intensified. These vehicles are essential for performing heavy-duty tasks in environments where conventional on-road vehicles are ineffective, making them indispensable to large-scale industrial activities.
Technological advancements are also pivotal in shaping the market's trajectory. Integrating automation, electrification, and GPS-based fleet management systems has significantly enhanced off-highway vehicles' performance, efficiency, and environmental compliance. With increasing pressure to reduce emissions and improve fuel efficiency, manufacturers are innovating to produce cleaner and smarter machines. Additionally, the growing popularity of equipment leasing over ownership makes these vehicles more accessible to a broader range of users, further fueling market growth.
The market players are focusing on various strategic initiatives such as mergers, acquisitions, and collaborations. For instance, in March 2025, Yanmar announced a new Electrification Unit to advance e-powertrain solutions for compact off-highway vehicles, including excavators and wheel loaders, starting in April 2025.
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Further key findings from the report suggest:
• Based on type, the construction segment held the largest share of 41.1% in 2024.
• In terms of propulsion type, the ICE segment accounted for the largest share in 2024.
• Based on propulsion type, the electric segment is estimated to grow at a significant CAGR during the coming years.
• The off-highway vehicles market in Asia Pacific accounted for a 39.7% share of the overall market in 2024.
• North America off-highway vehicles industry held a significant share in 2024.
List of Key Players in the Off-highway Vehicles Market
• Caterpillar Inc.
• Komatsu Ltd.
• Deere & Company
• CNH Industrial N.V.
• Hitachi Construction Machinery Co., Ltd.
• Liebherr Group
• Volvo Group (AB Volvo)
• XCMG Group
• Kubota Corporation
• SANY Group
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About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
