Automotive on highway segment or on road application segment comprises all automotive applications that are intended for use on manmade surfaces. Passenger cars and commercial vehicles intended for passenger and freight movement ....see more
The global terminal tractor market size is projected to grow from USD 1.55 billion in 2025 to USD 2.25 billion by 2032 at a CAGR of 5.5%. The terminal tractor market is dominated by global players such as Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US). These companies have adopted product developments and supply contract strategies to gain traction in the terminal tractor market.
The microcars market is projected to reach USD 49.00 billion by 2032 at a CAGR of 4.2% during the forecast period. Major microcar manufacturers in the region are SAIC-GM-Wuling (China), BYD Auto Co., Ltd. (China), Suzuki Motor Corporation (Japan), Honda Motor Corporation (Japan), Daihatsu Motor Co., Ltd. (Japan), Nissan Motor Co. Ltd. (Japan) and Mitsubishi Motors Co., Ltd. (Japan).
The global OTR tires market is projected to reach USD 5.58 billion by 2032 at a CAGR of 6.2% during the forecast period. Major manufacturers in the OTR tires market include Continental AG (Germany), Bridgestone Corporation (Japan), Michelin (France), the Yokohama Rubber Co., Ltd. (Japan), and Pirelli C. S.p.A (Italy), Titan International, Inc. (US), Nokian Tyres (Finland), CEAT (India), CMA, LLC. (US), Sumitomo Rubber Industries (Japan), MRF Tyres (India), Balkrishna Industries Ltd (India), and Eurotire Inc. (US).
The global automotive aftermarket is projected to reach USD 804.87 billion by 2030, witnessing a CAGR of 2.9% during the same period. Rising digitalization and e-Commerce, increasing consolidation in the aftermarket, development of new-age business models, the transformation of the aftermarket due to EV adoption, and growth in demand for remanufactured parts are some significant trends expected to be seen in the automotive aftermarket.
The global XEV aftermarket is projected to reach USD 195.07 billion by 2035, registering a CAGR of 11.5% during the forecast period. Battery-centric aftersales will leverage data for predictive health monitoring and proactive maintenance, extending lifespan and preventing failures. Personalized services based on usage patterns will optimize charging and performance. Efficient diagnostics, aided by battery data, will enable quicker repairs and informed decisions on replacements or second-life applications.
The farm equipment market is projected to reach USD 115.15 billion by 2032, registering a CAGR of 4.0% during the forecast period. The farm equipment market is dominated by established players such as Deere & Company (US), AGCO Corporation (US), CNH Industrial (Netherlands), Kubota Corporation (Japan), CLAAS KGAA (Germany), Mahindra & Mahindra (India), ISEKI & Co., Ltd. (Japan), Escorts Kubota Limited (Idia), SDF Group (Germany), and Yanmar Holdings Co., Ltd (Japan). These companies adopted strategies such as product developments, deals, and others to gain traction in the market.
The Compact Construction Equipment market is projected to reach USD 56.05 billion by 2032, at a CAGR of 5.1% during the forecast period. The major players in the compact construction equipment market are Doosan Bobcat (South Korea), Caterpillar (US), Komatsu Ltd. (Japan), JCB (UK) and Kubota Corporation (Japan). Key players have adopted new product developments, collaborations, strategic partnerships, and expansion strategies to maintain their presence in the compact equipment market.
The Software Defined Vehicle market size is projected to reach $1,237.6 billion by 2030, at a CAGR of 34.0% during the forecast period. The Software Defined Vehicle market is dominated by global players such as Tesla (US), NIO (China), Li Auto Inc.(China), ZEEKR (China), XPENG Inc. (China), and Rivian (US), among others. These companies have adopted strategies of new product development, expansions, collaborations, partnerships, and acquisitions to gain traction in the market. Collaborations were the most adopted strategy, among others.
The low-speed vehicle market is projected to reach USD 16.3 billion by 2030, at a CAGR of 6.6% during the forecast period. Textron Inc. (US), Deere & Company (US), Yamaha Motor Co., Ltd. (Japan), The Toro Company (US), Kubota Corporation (Japan), Club Car (US), American Landmaster (US), Columbia Vehicle Group Inc. (US), Waev Inc. (US), Suzhou Eagle Electric Vehicle Manufacturing (China).
The autonomous forklift market is projected to reach USD 5.07 billion by 2032, at a CAGR of 9.3% during the forecast period. Several global and regional players dominate the autonomous forklift market. Some of the manufacturers in the autonomous forklift market are Toyota Industries Corporation (Japan), Hyundai Construction Equipment Co Ltd (South Korea), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (Japan), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Agilox Services GMBH (Austria), Anhui Heli Co Ltd (China), Hangcha Group Co. Ltd (China) Multiway Robotics (Shenzhen) Company (China), and Scott Automation (China).
The passenger vehicle sales in India were 4.1 million units in 2023 and are expected to reach 6.0 million units in 2030, registering a CAGR of 5.6% between 2024 and 2030. India’s automotive market (PV+CV) will likely reach 7.5 million units in 2030, from 5.1 million units in 2023, at a CAGR of 5.7%. The top automobile OEMs in the market are Maruti Suzuki (India), Hyundai (S.Korea), Tata Motors (India), Mahindra and Mahindra (India), Kia(S.Korea), Volkswagen (Germany), Toyota (Japan) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market. Future of automotive in India is led by these top OEMs.
MarketsandMarkets: Global medium & heavy commercial vehicle sales were 3.3 million units in 2024 and are projected to be 3.5 million units by 2025, witnessing a YoY growth of 4.4% from 2024 to 2025. The top commercial vehicle OEMs in the market are TATA Motors (India), AB Volvo (Sweden), Daimler AG (Germany), PACCAR Inc. (US), HINO (Japan), IVECO S.p.A (Italy), MAN (Germany), and Ashok Leyland (India). The other companies that support the automobile industry with technology development are CATL, Robert Bosch, ZF, and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the commercial vehicle market.
The construction equipment market is projected to reach USD 194.76 billion by 2030, with a CAGR of 3.8% during the forecast period. The region is home to several prominent construction equipment manufacturers, including Komatsu (Japan), Doosan Enerbility (South Korea), Zoomlion Heavy Industry Science & Technology Co., Ltd. (China), Kobelco Construction Machinery Co., Ltd. (Japan), HD Hyundai Construction Equipment Co., Ltd. (South Korea), Kubota Corporation (Japan), YANMAR HOLDINGS CO., LTD. (Japan), Sumitomo Construction Machinery Co., Ltd. (Japan), Hitachi Construction Machinery Co., Ltd. (Japan), and SANY Group (China).
Global Automotive Outlook is projected to reach 85.1 million units in 2025, witnessing a YoY growth of 1.3% during the forecast period. The top automobile OEMs in the market are General Motors (USA), Tesla (USA), Volkswagen (Germany), Ford (USA) , BYD (China), Toyota (Japan) Hyundai (South Korea) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.
The autonomous construction equipment market is projected to reach USD 9,773.1 million by 2030, at a CAGR of 14.2% during the forecast period. The major players in the autonomous construction equipment market are Deere & Company (US), CNH Industrial (UK), Caterpillar (US, Komatsu Ltd (Japan), Libherr Group (Switzerland), Hitachi Construction Machinery Co., Ltd (Japan), Volvo Construction Equipment (Sweden), Doosan Bobcat (South Korea), Built Robotics (Us), HD Hyundai (South Korea), and Sandvik (Sweden)
The global specialty vehicle market is projected to reach USD 99.80 billion by 2030 at a CAGR of 3.3% during the forecast period. Major manufacturers in the specialty vehicles market include Mercedes-Benz Group AG (Germany), AB Volvo (Sweden), Rosenbauer International AG (Germany), Oshkosh Corporation (US), Morita Holdings Corporation (Japan), REV Group (US), and IVECO Group (Italy), Federal Signal Corporation (US)
The all-terrain vehicle (ATV) market is projected to reach reach USD 3.3 billion by 2030 at a CAGR of 2.3% during the forecasting period. The all-terrain vehicle market is primarily dominated by globally established players such as Polaris Inc. (US) and Honda Motor Co, Ltd (Japan), BRP (Canada), Yamaha Motor Corporation (Japan), and Textron Inc. (US). Suzuki Motor Corporation (Japan), Deere & Company (US), CFMOTO (China), Hisun (US). (These companies consistently develop new products, adopt expansion strategies, and undertake collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth ATV market across different regions.
The global hydrogen truck market is projected to reach USD 10.8 billion by 2035 at a CAGR of 16.9% during the forecast period. The major players in the hydrogen bus and truck market include Foton International (China), Yutong Bus Co., Ltd. (China), Xiamen King Long International Trading Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), and Hyundai Motor Company (South Korea). These companies offer hydrogen buses and trucks and have strong global distribution networks and are focussing on developing long-range vehicles. For instance, in May 2023, Hyundai Motor launched the commercialized XCIENT Fuel Cell tractor for the North American market at the ACT Expo.
The global fire truck market is projected to reach USD 9.6 Billion by 2030 at a CAGR of 2.7% during the forecast period. Rosenbauer International AG (CFT (Concept Fire Truck)), RT (Revolutionary Technology), ALPAS (Advanced Low-Profile Aerial System), and hybrid variants), Magirus GmbH (Magirus AirCore and Team Cab Electric), IVECO Magirus (Dragon X8 and SuperDragon X6 Electric), E-ONE, a division of the REV Group (Cyclone II Electric and Typhoon II Electric), Volvo Group (FL, FE Electric Fire Truck), and Scania AB (Citywide and P-Series Electric Fire Truck) are major manufacturers of EV fire trucks.
The global electric scooter and motorcycle market is projected to reach USD 12.4 Billion by 2030, registering a CAGR of 18.9% during the forecast period. The electric scooter and motorcycle market is dominated by established players such as Yadea Technology Group Co., Ltd. (China), Ola Electric (India), TVS Motor Company (India), Ather Energy (India), and Gogoro (Taiwan).
The global industrial vehicles market size is projected to reach USD 56.7 billion by 2030, at a CAGR of 4.6% during the forecast period. The industrial vehicles market is dominated by global players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Hyster-Yale Materials Handling, Inc. (US), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
The Electric Tractor market size is projected to reach USD 3.4 billion by 2030, at a CAGR of 28.3% during the forecast period. Major manufacturers in the electric tractor market include Kubota Corporation (Japan), Solectrac (US), AGCO Corporation (US), CNH Industries NV (Netherlands), and Escorts Kubota Limited (India).
The electric mid- and large (9-14m) bus market is projected to reach 171,000 units by 2030, with a CAGR of 14.4% during the forecast period. The electric mid- & large (9-14m) buses market is dominated by established players such as BYD (China), Yutong (China), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden).
The global electric construction equipment market is projected to reach USD 44.8 billion by 2030, at a CAGR of 23.6% during the forecast period. Major players operating in the electric construction equipment market are Caterpillar Inc. (US), Komatsu Ltd. (Japan), Volvo Construction Equipment (Sweden), Hitachi Construction Machinery (Japan), and Deere & Company (US).
The mining machinery market is projected to reach USD 32.8 billion by 2030, at a CAGR of 4.1% during the forecast period. The mining machinery market is moderately fragmented. Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland) are the key companies operating in the mining machinery market.
The quadricycle market is projected to reach USD 35.6 billion by 2032, at a CAGR of 6.4% over the same period. The quadricycle market is dominated by global players and comprises several regional players. Some of the key players in the quadricycle market are Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Toyota Motor Corporation (Japan), Aixam (France), Ligier Group (Franc), Italcar Industrial S.r.l (Italy), Citroen (France), Alke (Italy), Casalini (Italy), Renault Group (France), and Bellier Automobiles (France).
The electric utility vehicle market is projected to reach USD 23.9 billion by 2027, registering a CAGR of 4.8% during the forecast period. The electric utility vehicle market is dominated by established players such as Polaris (US), Club Car (US), Toyota Industries Corporation (Japan), John Deere (US), and Textron (US), among others. These players have worked on providing offerings for the electric utility vehicle ecosystem. They have initiated partnerships to develop their electric utility vehicle technology and offer best-in-class products to their customers.
The SUV market is projected to reach USD 1,221.7 billion by 2027, at a CAGR of 6.6% during the forecast period. The SUV market is led by established global suppliers such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd (Germany), Hyundai Motor Company (South Korea), General Motors (US), Ford Motor Company (US), Stellantis (The Netherlands), Daimler AG (Germany), Volkswagen AG (Germany), Nissan Motor Co., Ltd (Japan), and BMW Group (Germany). These companies adopted several strategies to gain traction in the SUV market. New product development, partnerships, and expansion strategies from 2018 to 2022 helped them to innovate on its offerings and broaden their customer base
The lawn mower market is projected to reach USD 33.6 billion by 2027, at a CAGR of 7.4% over the forecast period. The lawn mower market is primarily dominated by globally established players John Deere (US), Honda Motor Co Ltd. (Japan), The Toro Company (US), Husqvarna (Sweden), MTD Products Inc (US), and Kubota (Japan). These companies are consistently developing new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high growth lawn mower market across different regions.
The global construction & heavy equipment telematics market is expected to grow from USD 676 million in 2021 to USD 1,498 million by 2026, at a compound annual growth rate (CAGR) of 17.2% during the forecast period.Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch (Germany)
The military truck market is expected to be worth 20,171 units by 2027, at a compound annual growth rate (CAGR) of 3.2%. during the forecast period. The global military truck market is dominated by major players such as Oshkosh Corporation (US), Rheinmetall AG (Germany), IVECO S.p.A., (Italy), TATRA TRUCKS A.S., (Czech Republic), Arquus (France), Textron Inc., (US), General Dynamics (US), and Mitsubishi Heavy Industries (Japan), and many others. These companies have strong distribution networks at a global level. Besides, these companies offer a wide range of military trucks in the market. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
The Modular Trailer Market is expected to grow from USD 7.3 billion in 2019 to USD 10.2 billion by 2027, at a CAGR of 4.3% during the forecast period. The modular trailer market is dominated by global players and comprises several regional players as well. The key players in the modular trailer market are Goldhofer (Germany), Nooteboom Trailers (Netherlands), Faymonville (Italy), VMT Industries (India), TII Group (Germany) K-Line trailers (Canada), Tratec Engineers (India), and Anster (China).
The mining remanufacturing components market is projected to reach USD 5.0 billion by 2027 from USD 3.8 billion in 2019, at a CAGR of 3.5% during the forecast period. The mining remanufacturing components are driven primarily by the growing mining equipment parc & equipment working hours and lower cost of remanufactured mining components as compared with OE products.Caterpillar (US), Komatsu (Japan), Hitachi Construction Machinery (Japan), Liebherr (Switzerland), Epiroc (Sweden), Atlas Copco (Sweden), JCB (UK), Volvo Construction Equipment (Sweden), SRC Holdings Corporation (US), and Swanson Industries (US).
The sliding bearing market for railways is projected to reach USD 1,531 million by 2027 from USD 934 million in 2019, at a CAGR of 6.4% during the forecast period. The sliding bearing market is primarily driven by the increasing demand for high efficiency, rising railway development projects, and the increasing demand for light rail & metros due to growing urbanization.Schaeffler (Germany), SKF (Sweden), NTN Corporation (Japan), MinebeaMitsumi (Japan), Timken (US), GGB Bearing (US), and THK (Japan).
Increasing demand for special application trucks with high engine power requirement and increasing focus toward fuel economy standards have triggered the growth of the high-performance trucks market. Also, increase in demand for long-haul trucks for efficient transportation of goods has also boosted the demand for high-performance trucks globally. The high-performance trucks market, by volume, had a market size of 1.7 Million units in 2016 and is projected to reach 2.5 Million units by 2025, at a CAGR of 4.06% during the forecast period. The Tier-I suppliers profiled in the report include Cummins (US), ZF (Germany), Allison (US), and Eaton (Ireland). These systems and components are supplied to automotive OEMs such as Volvo (Sweden), Daimler (Germany), Scania (Sweden), Ford (US), GMC (US), and others.
The light duty vehicle market for North America is projected to grow at a CAGR of 5.65% during the forecast period, to reach 24540.0 thousand units by 2021, from an estimated 18647.1 thousand units in 2016. The base year for the report is 2015 and the forecast year is 2021. The increasing demand for light duty vehicles in North America, stringent emission regulations leading to light weighting/engine downsizing, and infrastructure growth has led to an increase in passenger car production in North America.
The market for natural gas commercialvehicles is gaining traction in many countries due to the combined effects of low-cost CNG and LNG and higher prices of diesel.The conversion options available in commercial vehicles make them an attractive option in terms of reduction in running costs and overall cost of ownership. The low cost of conversion and prospect of significant emission reduction will increase the penetration of alternativefuels, worldwide. The OE CNG & LNG trucks and buses market size to reach 418,889 units by 2019
The South American region has been garnering a lot of attention from automotive OEMs over the past few years. The regions vehicle production witnessed a growth of 8.23% from 2011 to 2013. The major countries contributing to the South American automotive production were Brazil, Argentina, and Columbia. The major automotive original equipment manufacturers of the region are Fiat Chrysler Automobiles, Volkswagen, Ford Motor Co., and General Motors Co. With aid from the government in the form of liberal policies and regulations, OEMs in the region have been increasing their operations in the region to cater to the domestic and export demands. The entire South American automobile production is expected to grow to 5,760.79 thousand units by 2018.
Low emission vehicles are expected to witness good growth as they are being accepted across the globe. Currently, low emission market is dominated by Full Hybrid Electric Vehicles (FHEVs) and expected to remain as market leader during the forecasted period. The market of North America is expected to be the biggest one for FHEVs. However, our research says that market for PHEVs and BEVs will develop at a faster rate due to governments’ initiatives to develop charging infrastructure in battery technology.