The global 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.
Off-highway Vehicle (OHV) Telematics systems provides fleet managers real-time vehicle location tracking, mileage tracking, vehicle performance reports to monitor off-road vehicles operating away from paved roads. OHV Telematics system helps operators optimize fleet usage, enhance safety and reduce operating costs.
Market key trends:
One of the key trends in the OHV Telematics Market is the rise in implementation of wireless technology in telematics systems. Earlier systems required physical installation of devices but integration of technologies like GPS, Wi-Fi, and cellular networks allows wireless transmission of critical vehicle and operational data. This enhances flexibility and reduces installation costs. Also, increasing adoption of integrated telematics solutions offering various features like geo-fencing, real-time location tracking and machine performance monitoring in a single platform is expected to drive the market growth during the forecast period.
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Market key trends:
One of the major trends gaining traction in the Global Off-Highway Vehicle (OHV) Telematics Market is the integration of various advanced technologies such as IoT, AI, and cloud computing. Telematics system providers are integrating these advanced technologies to enhance functionality and monitor Off-highway vehicles remotely. For instance, IoT enables connectivity of OHV with other devices to share data while AI helps analyze the collected data and provide insights. This trend is expected to drive the market during the forecast period.
Strength: The integration of advanced technologies opens up new opportunities to efficiently track and monitor off-highway vehicles.
Weakness: High initial costs associated with the installation and services of telematics solutions.
Opportunity: Growing construction and mining industry in emerging countries increases demand for off-highway vehicles and the associated telematics solutions.
Threats: Stringent regulations regarding vehicular emissions can hamper the sales of off-highway vehicles and subsequently the demand for telematics.
The global Off-highway Vehicle (OHV) Telematics Market is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing infrastructural development activities.
Asia Pacific dominates the market and expected to grow with the highest CAGR during the forecast period. Growing construction and mining activities in China, India are the major factors driving the market.
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.