by Market Overview:
Off-highway vehicles (OHVs) refer to specialized vehicles such as bulldozers, excavators, forklifts, and loaders that are used majorly in construction, mining, and agriculture. OHV telematics involves integration of telecommunication and information technologies in off-highway vehicles to enhance performance, safety, and productivity. It allows real-time tracking and monitoring of vehicle location, engine hours, fuel usage, idle time, diagnostic trouble codes, and maintenance schedules to gain operational insights. OHV telematics also provides safety features such as geofencing, collision mitigation, and driver behavior monitoring.
The global Off-highway Vehicle (OHV) Telematics Market is estimated to be valued at US$ 488.3 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for safety features from mining and construction industries is expected to drive the growth of OHV telematics market over the forecast period. With rising awareness regarding safety of operators and assets, OHV telematics that provide features such as collision prevention systems, driver fatigue monitoring, and geofencing are gaining traction. In addition, growing need to improve productivity and reduce operational costs is also fueling the adoption of OHV telematics solutions across industries. OHV telematics enables fleet managers to keep track of fleet health, fuel consumption, asset utilization, and maintenance schedules remotely. This helps in minimizing downtime and reducing operational costs significantly. Furthermore, development of 5G networks and integration of IoT in vehicles is expected to open new growth avenues by 2030.
Segment Analysis
he off-highway vehicle (OHV) telematics market is dominated by the construction and mining segment. This segment accounts for over 40% of the market share owing to high demand for heavy construction machinery such as excavators, loaders and dozers, in large infrastructure projects. The agriculture segment is expected to grow at the fastest pace during the forecast period due to rising adoption of telematics solutions in tractors and harvesters for improving efficiency and safety.
PEST Analysis
Political: Government regulations regarding vehicle safety and efficiency are encouraging OHV manufacturers to integrate telematics solutions.
Economic: Growth in sectors like construction, mining and agriculture is driving demand for OHVs which is positively impacting the telematics market.
Social: rising safety concerns related to vehicle theft and operator behavior are prompting companies to adopt telematics services.
Technological: Advancements in connectivity technologies like GPS, cellular networks are enabling new services leveraging live vehicle tracking and driver behavior monitoring.
Key Takeaways
The Global Off-Highway Vehicle (OHV) Telematics Market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing need for remote vehicle diagnostics and predictive maintenance solutions. The North America region currently dominates the market owing to large scale infrastructure projects and early adoption of telematics in construction and mining sectors. The construction segment is the largest with over 40% share primarily due to heavy demand for telematics solutions in excavators, loaders and bulldozers used for large projects.
Key players operating in the off-highway vehicle (OHV) telematics are TomTom International BV, Zonar Systems Inc., Harman International Industries Inc., Bridgestone Europe NV/SA, Trackunit A/S, ORBCOMM Inc., Omnitracs LLC, Topcon Corporation, Navman Wireless, Wacker Neuson SE, and MiX Telematics Limited, Stoneridge, Inc., Trackunit. Regional analysis shows that Asia Pacific region is slated to witness fastest growth during the forecast period supported by rapid industrialization, government investments in infrastructure and increasing sales of farming machinery in countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
