The Growing Demand For Connected Construction Equipment Is Anticipated To Open Up New Avenues For The Off-Highway Vehicle (OHV) Telematics Market

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The Growing Demand For Connected Construction Equipment Is Anticipated To Open Up New Avenues For The Off-Highway Vehicle (OHV) Telematics Market
The Off-highway Vehicle (OHV) Telematics Market is estimated to be valued at US$ 488.3 Mn or 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 systems help in fleet management, improves productivity, fuel efficiency and safety of OHV. The systems track real-time location, monitor engine hours, fault codes and provide alerts in case of emergencies. They also facilitate remote diagnostics and preventive maintenance of OHVs. These connected solutions are gaining traction among construction, mining and agriculture sector for efficient management of fleets.

Market Dynamics:
Growing construction, mining and agriculture industries is a key driver for Off-highway Vehicle (OHV) Telematics Market. The sectors require large fleets of construction equipment, heavy machinery and farm vehicles for various activities. Telematics solutions enable businesses to track assets, monitor utilization, enhance operational efficiency and reduce downtime which supports their growth. Government mandates and regulations regarding vehicles security are also boosting adoption of telematics across regions. Rising demand for safety, reducing fleet operational costs and increasing digitization are further propelling the market growth over the forecast period.
Segment Analysis
The Global Off-Highway Vehicle (OHV) Telematics Market is segmented into solution, vehicle type, and industry vertical. The solution segment is further divided into tracking, monitoring, and others. Among these, the tracking segment dominated with a share of over 35% in 2022. Tracking solutions help fleet managers track critical metrics like location, working hours, fuel usage, and others, thereby enhancing productivity and reducing costs.

PEST Analysis
Political: Stringent regulations regarding vehicle safety and security are pushing the adoption of OHV telematics solutions. Various agencies are also promoting telematics to improve safety on construction sites.
Economic: The rising demand for infrastructure and mining activities is propelling the demand for off-highway vehicles. This is expected to boost spending on OHV telematics for efficient fleet management.
Social: Improving safety standards and growing awareness about fleet management benefits are positively influencing the market. Telematics allow real-time monitoring of driver behavior and help enhance safety.
Technological: Rapid advancement in connectivity technologies like GPS, cellular networks and emergence of low-cost telematics devices are fueling the adoption of OHV telematics systems. Various technologies like artificial intelligence and IoT are also being integrated.

Key Takeaways
The global Off-highway Vehicle (OHV) Telematics Market is expected to witness high growth, exhibiting 16% CAGR over the forecast period, due to increasing construction and mining activities globally. The market size for 2023 is estimated to be US$ 488.3 Mn.

Regional analysis: North America dominated with over 30% share in 2022 led by rising investments in infrastructure projects in the US and Canada. Asia Pacific is expected to be the fastest growing region owing to increasing government spending on construction and mining in China and India.

Key players: Key players operating in the 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, MiX Telematics Limited, Stoneridge, Inc. These players are focusing on new product launches and innovations to gain a competitive edge in the market.

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.

 

Read more: https://www.rapidwebwire.com/off-highway-vehicle-telematics-market-trends/

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