by 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 Overview:
Off-highway vehicle telematics solutions provide fleet tracking and monitoring, diagnostics, and other services for off-road construction, agriculture, and mining equipment. These solutions help businesses optimize operations, enhance worker safety, and reduce downtime and fuel costs.
Market key trends:
One of the key trends in the OHV telematics market is the rise in adoption of integrated telematics solutions. Earlier, telematics devices were installed separately. However, integrated devices offer more convenience as they are factory-fitted and require less installation and wiring. This has increased their popularity. Another major trend is the increasing demand for advanced diagnostics services. Telematics solution providers are offering enhanced diagnostics capabilities including predictive diagnostics to monitor equipment health and perform scheduled and unscheduled maintenance. This helps minimize downtime and reduce maintenance costs. Customization as per industry and equipment type requirements is another trend, as one-size-fits-all may not be suitable for varied off-highway vehicle needs.
Segment Analysis
The global off-highway vehicle (OHV) telematics market is segmented by component, technology, vehicle type, end-use industry, and region. Based on component, the market is bifurcated into solutions and services. The solutions segment currently dominates the market due to its high demand for fleet/asset management and safety & security solutions in OHV machines.
By technology, the Global Off-Highway Vehicle (OHV) Telematics Market is classified into cellular and satellite. The cellular segment holds a larger market share owing to the wide availability of cellular networks and cost-effective cellular-based telematics solutions.
In terms of vehicle type, the market is divided into construction equipment, agriculture tractors, and mining equipment. The construction equipment segment dominates as construction projects actively use various telematics solutions to track vehicles and ensure safety.
Key Takeaways
The global off-highway vehicle (OHV) telematics market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for fleet/asset management solutions, remote diagnostics, and compliance monitoring solutions.
Regional analysis: North America dominates the market currently due to stringent regulations regarding vehicle safety and growing telematics deployment. Asia Pacific shows the fastest growth due to rising infrastructure development and rapid industrialization in China and India.
Key players analysis: Key players operating in the off-highway vehicle (OHV) telematics market 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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
