ESOMAR-certified consulting firm Future Market Insights’ report, projects the global Off-Highway Vehicle (OHV) Telematics Market to record growth at 15% CAGR over the forecast period of 2022 and 2032.
Worldwide sales of OHV telematics are accelerating due to a rising demand from the construction industry. In emerging markets, there is a significant increase in demand for OHV telematics as people become more concerned about vehicle safety.
Sales prospects will continue to be generated by growing applications in the mining industry, rental equipment businesses, and for vehicle safety and security. According to the FMI’s estimate, the global OHV telematics market experienced Y-o-Y growth at a CAGR of 14.50% from 2020 to 2021, despite a minor hiccup brought on by the pandemic.
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The global market growth has been enhanced by the automotive industry’s steady recovery and the restart of automotive production & manufacturing firms.
Manufacturers are being forced to integrate more telematics in off-highway vehicles as a result of government subsidies and efforts aimed at improving vehicle safety.
In the upcoming years, it is anticipated that stricter laws for vehicle safety in the United States, Germany, India, China, and the United Kingdom would increase the implementation of OHV telematics.
The global OHV telematics market was valued at US$ 424 million in 2021, according to the FMI’s estimate.
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 over11.4% CAGR
- In terms of technology type, cellular technology will cement its dominance during the forecast period, expanding at11% 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.
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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.
OHV Telematics Market by Category
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Technology Type:
- Cellular
- Satellite
By End-Use Application:
- Construction
- Cranes
- Dozers
- Dump Trucks
- Excavators
- Loaders
- Others
- Agriculture
- Harvesters
- Tractors
- Mining
- Surface Mining Machinery
- Underground Mining Machinery
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