The off-highway vehicle (OHV) telematics market is expected to be valued at US$ 488.3 million in 2023, rising to US$ 2154.3 million by 2033. The off-highway vehicle (OHV) telematics market is predicted to develop at a 16% CAGR between 2023 and 2033.
The Off-Highway Vehicle (OHV) telematics market pertains to the integration of telematics systems in vehicles designed for off-road use, including construction equipment, agricultural machinery, and mining vehicles. These telematics solutions provide valuable data on vehicle performance, location tracking, maintenance needs, and more, enabling improved efficiency, safety, and productivity in various industries.
Drivers Increasing Demand in the Off-Highway Vehicle Telematics Market:
- Enhanced Operational Efficiency: Telematics systems offer real-time monitoring and analysis of off-highway vehicle operations, allowing companies to optimize fleet management, route planning, and resource allocation. The demand for improved operational efficiency drives the adoption of telematics solutions in industries such as construction, agriculture, and mining.
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- Remote Equipment Monitoring: Telematics technology enables remote monitoring of off-highway equipment, providing insights into equipment health, usage patterns, and performance metrics. This remote monitoring capability allows for proactive maintenance scheduling, reducing downtime and optimizing equipment lifespan, thereby increasing demand for telematics solutions.
- Safety and Security Concerns: Safety is a paramount concern in off-highway industries, where accidents can have serious consequences. Telematics systems offer features such as geofencing, collision detection, and emergency notifications, enhancing vehicle safety and security. The need to mitigate risks and ensure compliance with safety regulations drives the adoption of telematics solutions.
- Regulatory Compliance Requirements: Increasing regulatory requirements pertaining to emissions, fuel efficiency, and operator safety mandate the use of telematics systems in off-highway vehicles. Compliance with regulations such as Tier 4 emissions standards and safety protocols necessitates the integration of telematics technology, boosting market demand.
- Data-Driven Decision Making: Telematics systems generate vast amounts of data related to vehicle performance, utilization, and maintenance needs. This data-driven approach enables informed decision-making, helping companies optimize operations, reduce costs, and enhance productivity. The demand for actionable insights drives the adoption of telematics solutions across off-highway industries.
Key Takeaways:
- According to FMI’s study, the construction segment is projected to account for around 65% of global OHV telematics market sales.
- In the last five years, the market recorded a CAGR of 11%.
- The market for automated guided vehicles in the United States is expected to develop at a 15% CAGR through 2033, according to FMI.
- According to FMI’s analysis, Germany is expected to lead Europe’s (OHV) telematics market, rising at a healthy 14% CAGR throughout the projection period.
- The market’s main players control roughly 60% of the market.
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Competitive Landscape:
Leading industry participants are emphasizing the extension of their already extensive product portfolios. Moreover, increasing expenditure on research to develop improved products is another key strategy for market players to preserve their market position. Other important objectives include facility expansions and strategic alliances to help meet the increased demand for OHV telematics from a variety of end-use sectors. For example,
- July 2022 – Guidepoint Systems, a global provider of car telematics and Software as a Service (SaaS), partnered with Free2move, Stellantis’ global fleet, mobility, and linked data firm.
- March 2022 – Navistar reaffirmed its commitment to a connected and data-driven future by standardizing a factory-installed telematics solution on the recent Class 6-8 International Truck and IC Bus vehicle ranges.
Key Companies Profiled
- Omnitracs, LLC
- ORBCOMM
- Stoneridge, Inc.
- Teletrac Navman
- TomTom International BV
- Trackunit A/S
- Wacker Neuson
- Zonar Systems Inc.
- TTCONTROL GMBH
- ACTIA Group
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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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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