The off-highway vehicle (OHV) telematics market is projected to grow from USD 488.3 million in 2023 to USD 2,154.3 million by 2033, with an expected compound annual growth rate (CAGR) of 16% over the forecast period.
The outlook for the OHV telematics market is positive, driven primarily by the increasing adoption of telematics solutions in construction, agriculture, and mining equipment. The automotive sector is leveraging next-generation technologies, including automotive telematics, to enhance the creation and efficiency of machines, which is expected to significantly boost market growth in the coming years.
The growth of the automotive sector and the use of advanced technologies to improve equipment performance have heightened end-user demand for telematics solutions. The integration of big data and modern technologies for enhanced connectivity and real-time data monitoring is becoming more prevalent in off-highway vehicles. Additionally, the rising demand for advanced OHVs in applications like precision farming is driving the adoption of telematics technologies.
The advancement of telematics, along with superior performance and reduced labor costs enabled by AI and IoT, has increased the sales of OHVs equipped with modern telemetry systems. The growing need for enhanced security and protection of OHVs, without compromising on cost or efficiency, has led to the implementation of smart telematics systems that optimize machinery operations.
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
Key Segmentations
By Sales Channel
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Technology Type
- Cellular
- Satellite
By End-Use Application
- Construction
- Agriculture
- Mining
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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