The global Off-Highway Vehicle (OHV) Telematics Market to record growth at 15% CAGR over the forecast period of 2022 and 2032. The FMI forecasted that the global OHV telematics market would be worth US$ 421 million in 2021 ESOMAR-certified consulting firm Future Market Insights’ report, projects
The market for OHV telematics is growing globally as a result of increased demand from the construction sector. As people’s concerns about vehicle safety grow, there is a noticeable rise in demand for OHV telematics in emerging economies.
Growing applications in the mining sector, rental equipment companies, and for vehicle safety and security will continue to offer sales opportunities. Despite a temporary setback caused by the pandemic, the FMI estimates that the global OHV telematics market grew Y-o-Y at a CAGR of 14.50% from 2020 to 2021.
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The gradual recovery of the automotive sector and the restart of automotive production & manufacturing companies have contributed to the growth of the global market.
Government subsidies and initiatives to increase vehicle safety are pressuring manufacturers to include more telematics in off-highway vehicles.
It is projected that OHV telematics will become more widely used in the coming years as a result of stronger vehicle safety regulations in the United States, Germany, India, China, and the United Kingdom.
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.
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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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