Market Size of Off-Highway Actuators Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Off-Highway Actuators Market Analysis
The Off-highway Actuators Market is poised to register a CAGR of over 6.00% over the forecast period (2020-2025).
- Off-highway vehicle actuator growth is dependent on the growth rate of agricultural and construction machinery industries. Rising agriculture mechanization trends in developing countries and spike in residential and commercial construction projects globally are driving the off-highway actuators markets.
- At the global level, the off-highway machinery is anticipated to grow significantly over the next decade owing to the growing demand for construction machinery from developed regions such as Europe. The recovery of Europe's construction industry improved business in the mining and quarrying sectors, and a favorable economic environment with low-interest rates further stimulated investments into off-highway machinery which further boosts the actuators market.
- As the demand for electrification of off-highway vehicles is growing, manufacturers have started offering off-highway vehicles with more advanced actuators such as electric actuators and electrohydraulic actuators to improve the vehicle efficiency.
