Interact Analysis about Off-highway electronics market revenue forecast
According to Interact Analysis, Off-highway electronics market revenue forecast to exceed $7bn by 2030 as global demand for components grows
Interact Analysis estimates overall Off-highway electronics market revenue to be $5.3 billion in 2024. Thought to be the first industry-wide attempt to determine the size of, and provide forecasts for, the off-highway electronics market, Interact Analysis predicts market revenue will reach over $7 billion by 2030.
Off-highway Electronics Market between 2024 and 2030
According to Interact Analysis the main revenue driver in the market is electronic control units (ECUs), with this component valued at $1.7 billion in 2024 and expected to reach $2 billion by 2030. Strong revenue growth for ECUs is anticipated due to the increasing complexity of control systems and growing demand for advanced features that require more processing power in stand-alone controllers. Therefore, as more electronic components are integrated into off-highway machinery, demand for more powerful and additional ECUs will increase.
Low-level sensors are another key market driver, representing $1.2 billion of total market revenue in 2024, as are displays and HMIs, nearing $1 billion in market revenue in the same year. This latter figure is set to increase as demand for upgraded cabins and digital displays continues to grow.
A Highly Fragmented Market
The competitive landscape for the off-highway electronics industry is highly regionalized, as a high proportion of companies primarily serve their local markets. In addition, the market is fragmented, with numerous small and mid-sized players trying to compete against larger companies. Differences in brand recognition and reputation are two of the key factors that make it difficult for smaller companies to gain broader market traction and expand outside their core markets. Many of these smaller companies currently don’t offer a range of products, reducing their impact on the market still further.
Currently, there are no regulatory mandates relating to safety features for off-highway machinery. Therefore, adoption of advanced safety features must be driven by OEMs. While the market for off-highway machinery safety technology is currently smaller than other industries where regulatory mandates have driven widespread adoption – such as automotive – there is long-term growth potential, especially if regulations are imposed.
Chloe Mason, Market Analyst at Interact Analysis, says: “This is the first report of its kind for off-highway electronics. It demonstrates the complexity of the market and its strong potential for revenue growth – forecast to climb from $5.3 billion in 2024to over $7 billion by 2030.”
