ESOMAR-certified consulting firm Future Market Insights’ report, projects the global Off-Highway Vehicle (OHV) Telematics Market Demand to record growth at 15% CAGR over the forecast period of 2022 and 2032.
Growing demand from construction industry is accelerating OHV telematics sales across the globe. Demand for OHV telematics is rising extensively in emerging economies as are becoming more aware for the vehicle safety.
Off-Highway Vehicle (OHV) telematics refers to the use of technology to track and monitor the performance, location, and operation of off-highway vehicles, such as construction equipment, agricultural machinery, and mining vehicles. OHV telematics systems use sensors, GPS technology, and other data collection tools to gather information about the vehicle's usage and send it to a central server for analysis.
OHV telematics can provide a range of benefits, including improved operational efficiency, reduced maintenance costs, and enhanced safety. For example, telematics data can be used to optimize vehicle performance, monitor fuel consumption, and identify maintenance needs before they become critical issues. Additionally, OHV telematics can be used to monitor driver behavior and provide feedback to help improve safety and reduce the risk of accidents.
Increasing application within rental equipment companies, mining industry and for safety & security of vehicles will continue creating sales opportunities. As per the FMI’s analysis, despite the slight setback due to the pandemic, the global OHV telematics market registered the Y-o-Y growth at 14.50% CAGR during 2020-2021.
Steady recovery in automotive industry and recommencement of automotive production & manufacturing companies across the globe have improved the market growth.
Government increasing funding and initiatives towards the safety of vehicles have compelled the manufacturers to increase the adoption of telematics within the off highway vehicles.
Stringent regulations for the vehicle safety across the U.S., Germany, India, China and the U.K. is also expected to improve the adoption of OHV telematics over the coming years.
According to the FMI’s analysis, the global OHV telematics market reached a valuation of US$ 424 Mn in 2021.
For more information: https://www.futuremarketinsights.com/reports/ohv-telematics-market
Key Takeaways from FMI’s OHV Telematics Market Study
By end-use application type, construction segment will emerge as primary OHV telematics end-user, accounting for 64.4% market share.
In terms of sales channel, original equipment manufacturers are the most preferred over the aftermarket service providers, exhibiting growth at over 11.4% CAGR
In terms of technology type, cellular technology will cement its dominance during the forecast period, expanding at 11% CAGR
The U.S. will emerge as the leading market across North America backed by the high demand within the construction industry
Japan and South Korea will collectively account for over 6% of global market share over the forecast period
Germany and the U.K. are anticipated to lead the Europe’s OHV telematics market, exhibiting the growth at 10.20% CAGR
Increasing application in precision farming will bolster the demand of off-highway vehicle telematics across India through 2021
“Growing consumer preference for advanced telematics technology in off-highway vehicles for usage in construction, mining and agriculture equipment has bolstered the adoption of telematics, generating lucrative prospects for market players,” says the FMI analyst.
Competitive Landscape
TomTom International, Harman International, ORBCOMM Inc., Topcon Corporation, MiX Telematics, Navman Wireless, Omnitracs LLC, Wacker Neuson, Trackunit A/S and Zonar Systems Inc. among others are some prominent players operating in the OHV telematics market.
As per the FMI’s analysis, the market is dominated with top 5 players operating in OHV telematics market, accounting for 25% of market share. Top 5 players include, TomTom International, Harman International, MiX Telematics, ORBCOMM Inc., and Omnitracs.