Off-highway vehicles are crucial in various industries for their capabilities such as heavy lifting, material transportation, and excavation. Telematics systems offer remote access and diagnostics of these vehicles. They involve installing a device in the vehicle to monitor location, engine hours, diagnostic trouble codes and fuel usage via satellite or cellular networks. This allows fleet managers to track job progress, optimize routes and schedules.
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 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased safety and security concerns have accelerated the adoption of OHV telematics solutions. Advanced telematics enhance machine and workforce safety through real-time location tracking, geo-fencing, collision detection and emergency response. They also help prevent risks of unauthorized vehicle access and theft. Manufacturers are increasingly integrating telematics hardware with connectivity and analytical software to provide advanced reporting and alerts. Regulatory mandates in regions like Europe also pushing the fleet managers to opt for telematics to track machine run hours and emissions. These factors are expected to drive the off-highway vehicle telematics market growth over the forecast period.
Segment Analysis
The global off-highway vehicle (OHV) telematics market is dominated by the construction segment. Within the construction segment, earth moving machinery holds the largest share. Telematics solutions help construction companies track their heavy machinery spread across project sites. Functions like geofencing, fuel monitoring and performance tracking help optimize equipment usage and reduce operational costs.
Key Takeaways
The Global Off-Highway Vehicle (OHV) Telematics Market Demand is expected to witness high growth over the forecast period driven by rapid urbanization and infrastructure development worldwide. 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 5.4% over the forecast period 2023 to 2030.
Regional analysis:
North America is currently the largest market for OHV telematics owing to stringent regulations regarding machine safety and productivity. However, Asia Pacific is expected to emerge as the fastest growing region supported by ongoing infrastructure projects and adoption of advanced technologies in large economies like China and India. Government initiatives for smart transportation and focus on mining and construction sectors will fuel further penetration of telematics solutions in the region.
Key players:
Key players operating in the off-highway vehicle (OHV) telematics market are FMC Corporation, BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Adama Agricultural Solutions Ltd., UPL Limited (previously United Phosphorus Limited), Nufarm Limited, Tagros Chemicals India Ltd., Heranba Industries Limited.
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Over the course of time, the telematics-based solutions have observed high market attraction due to the high demand for efficient smart solutions to manage services or products.
Advanced communication and Internet of Things (IoT) solutions enabled by global network operators have fostered considerable development in the field.Report Overview: https://bisresearch.com/industry-report/off-highway-vehicle-telematics-market.htmlTelematics forms the channel between a vehicle and its cloud/analytics center and is responsible for communicating voice, transferring data, and assessing machine codes generated by the vehicle's on-board system.
Telematics can form a safe and secure channel for data transfer and communication in a connected vehicle system without any leak.
Telematics, with respect to the connected vehicle, is being developed with the integrated ability of the Internet of Things (IoT).
Connecting a telematics service with the internet results in the opportunity into real-time monitoring and data analytics.
Today, the telematics companies are focusing on developing an end-to-end solution for a consumer, such as JD Link from John Deere, which provides a device, connectivity, and platform and customer support service for OHV application.Off-highway vehicle (OHV) primarily has applications in three industries, majorly construction, agriculture, and mining, among others.
