With a 7.1% CAGR, the projected global market size of off-highway vehicle engines (OHVs) will reach $15,809 million by 2027. This growth can be attributed to the increasing demand for these vehicles in the construction, mining, and agriculture sectors. Despite the COVID-19 pandemic, the agricultural and construction industries have continued to grow, which has helped the OHV market maintain its momentum. Given these statistics, here are a few expected trends for OHVs for 2023:
Increasing demand for Electric OHVs
The electric off-highway vehicle market is projected to grow rapidly in the coming years. By 2030, the market is projected to be worth 42.70 billion dollars, based on a CAGR of 31.7%. These vehicles are becoming more popular in various industries, including construction, agriculture, and mining. This is due to improved fuel efficiency, lower emissions, and the growing awareness of these benefits.
Moreover, given how electric vehicles must be charged at certain intervals, their operators will have an increased awareness of how often and how long they use these vehicles, resulting in maximizing their use and turning it off when it’s not needed. This will help companies reduce costs, as well as help the environment. Many companies are leading industry initiatives in developing hybrid and fully electric off-highway vehicles, including Caterpillar, CNH Industrial, and JCB. This is in response to environmental regulations becoming stricter and the increasing customer demand.
Remote Control and Automation
Off-highway vehicles are increasingly outfitted with remote control and automation features to assist workers in completing tasks. For example, construction vehicles can be equipped with remote controls that allow the driver to operate the vehicle from a distance. This is especially helpful when the driver needs to navigate the vehicle through a tight space or around obstacles.
Additionally, these features also help workers complete tasks more efficiently. For example, agricultural vehicles with automated planting and harvesting systems reduce the need for manual labor. This not only increases the work process’s efficiency but also helps reduce the risk of injury for workers.
Assistive automation features minimize downtime and human error brought by fatigue and other factors. For example, a worker may attempt to keep working for too long. This will lead to rapid fatigue, resulting in mistakes. However, if the vehicle has an automation system that takes off some of the worker’s tasks, the worker would be able to work longer without getting too tired. Consequently, this would minimize errors and downtime. Overall, automation makes these jobs easier, faster, and safer for everyone involved.
Growth of Rental Services
Due to the high cost of OHVs, many companies opt for rental services. Renting an OHV is more cost-effective than buying one, especially if it won’t be needed as often. These rentals also often offer a variety of vehicles to choose from and flexibility in the rent duration. Along with recent advances in vehicle technologies, businesses that thrive in offering these services can expect continuous demand, especially from construction and agricultural sites.
With these growing demands, more OHV rental businesses should focus on maintaining their fleets. This is done by ensuring that each vehicle is cleaned and serviced after every use. Doing so will help prolong the life of the vehicles and make them more reliable for customers. For example, heavy equipment used in construction is often exposed to tough and demanding conditions, which can quickly wear them down. If not properly serviced and maintained, they may need to be replaced more often than necessary. This is why businesses that rent out these vehicles should work with heavy equipment repair services that can keep their entire fleet running in peak conditions. This will help their customers avoid any downtime and maintain satisfaction.
As off-highway vehicles become increasingly sophisticated, so does the technology that keeps them running. With the advent of predictive maintenance, OHVs can be monitored and serviced more proactively. By tracking data such as engine performance, oil pressure, and other vital signs, service technicians can better understand when a machine is likely to need servicing. This not only leads to longer vehicle life and fewer breakdowns, but it also helps reduce ownership costs. Moreover, this information will keep its operators updated about the vehicles’ condition while using it, allowing them to make necessary changes or repairs before a problem occurs. This helps operators avoid downtime, costly maintenance, and overusing the vehicle, ultimately leading to its premature wear and tear.
As technology advances and the needs of industries change, it’s important for OHV owners and operators to stay up to date with industry trends. By doing so, they can make better decisions about purchases and upgrades, ensuring their machines are equipped with the latest features and technologies.