The telematics business has been evolving rapidly due to advancements in technologies. Some new trends on the horizon that must be investigated to stay ahead of the competition are:-
Thus, rising technological advancements in off-highway vehicle telematics will drive the growth of the off-highway vehicle telematics market
The construction industry's rapid digital transformation urges the adoption of new technologies that offer new prospects for the off-highway vehicle telematics market. Construction equipment telematics helps companies track their equipment's location and performance, monitor asset utilization, and verify that assets are being used effectively. If equipment is underutilized, it might be moved to another location where it is needed. This is how telematics for construction equipment improves overall efficiency which would, in turn, positively impact on the off-highway telematics market.
Furthermore, rising construction activity in both private and public sectors is likely to enhance market growth. Several infrastructure-related projects are underway or planned in countries such as India, the Philippines, the UAE, Saudi Arabia, Egypt, Nigeria, and the US. For instance, the Government of India allotted a budget of US$ 1.12 billion for the current fiscal year as part of the 'One Hundred Smart Cities' program in the Union Budget of 2014–2015. Moreover, the government plans to invest US$ 650 billion in various urban and infrastructural projects throughout the country over the next 20 years, which would, in turn, support the growth of the off-highway vehicle telematics market. Various infrastructure projects in the Middle East are in process, including Jeddah Economic City (Saudi Arabia), Masdar City (UAE), and Dubailand (UAE). This rapid rise in infrastructure projects is likely to increase demand for construction equipment.
North America is one of the leading regions in terms of the development and adoption of new technologies due to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any adverse impact on the growth of industrial sector hampers the economic growth of the region. At present, the US is the world’s worst-affected country due to COVID-19 outbreak. The off-highway vehicle telematics market reliance on manufacturing players, such as automobile companies and automobile component manufacturers, has been highlighted by the recent pause in manufacturing units due to COVID-19 outbreak. Even before the COVID-19 outbreak, the automobile sector faced challenges such as electric mobility, driverless cars, automated factories, and ridesharing. The automobile industry is suffering a major setback because of severe restrictions on travel, closing of international manufacturing, declining sales of car, and large layoffs. The overall demand for off-highway vehicle telematics is likely to increase once the industries attain normal operational conditions. Owing to the rise in demand for automobiles, favorable government policies, and ever-increasing investments by North American countries in advanced technology, North America has the large demand for off-highway vehicle telematics.
Microelectromechanical systems, the internet, and wireless technologies have all come together to form the Internet of Things (IoT). Fleet owners can utilize IoT to remotely monitor vehicle speed, tire air pressure, fuel usage, and driver behavior, further improving vehicle and driver efficiency. Developers of telematics systems can use this technology to create telematics solutions tailored to specific needs in the mining, agriculture, and construction industries, where operational costs are high. Service providers and fleet operators can embrace predictive analytics by combining IoT and fleet management technology. This gives the context to accomplish proactive management and a competitive edge in several critical operational areas. IoT sensors in service-oriented products, such as air conditioners, can only notify a service call when required, rather than at regular intervals. Condition-based monitoring lowers service costs while boosting accuracy and customer service. One of the most significant expenses for any fleet is fuel. If IoT sensors are integrated into the telematics system, fleet managers can get a near-real-time view of vehicle fuel use and expenditures. This enables managers to see who needs to be educated on effective driving behaviors and track unlawful operating expenditures and driving patterns, such as idling, which can waste gasoline. Furthermore, all fleets place a high focus on safety. With rising incidents of speeding, forceful braking, and aggressive driving, fleet managers can use driver coaching and safety education to address undesirable driving behaviors. Thus, the growing integration of the IoT can open up new commercial possibilities.
Based on connectivity type, the off-highway vehicle telematics market is segmented into cellular-based OHV telematics and satellite-based OHV telematics. The cellular-based OHV telematics segment led the off-highway vehicle telematics market with a share of 77.6% in 2020.
Based on application, the off-highway vehicle telematics market can be segmented into construction industry OHV telematics, agriculture industry OHV telematics, mining industry OHV telematics, and others. The construction industry OHV telematics segment led the off-highway vehicle telematics market with a share of 64.3% in 2020.
The regional trends and factors influencing the Off-Highway Vehicle Telematics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Off-Highway Vehicle Telematics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 781.00 Million |
| Market Size by 2028 | US$ 1,166.96 Million |
| Global CAGR (2021 - 2028) | 5.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Connectivity Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Off-Highway Vehicle Telematics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Off-Highway Vehicle Telematics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Based on technology, the off-highway vehicle telematics market can be segmented into LTE-M, NB-IoT, Sigfox, and others. The LTE-M led the off-highway vehicle telematics market with a share of 82.3% in 2020.
The players operating in the off-highway vehicle telematics market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
Based on connectivity type, the off-highway vehicle telematics market is segmented into Cellular-Based OHV telematics, and Satellite-Based OHV telematics. The cellular-Based OHV telematics segment led the off-highway vehicle telematics market with a share of 77.6% in 2020.
Growth in construction industry and government policies to increase security and safety of off-highway vehicles are driving the growth of the off-highway vehicle telematics market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including off-highway vehicle telematics market. The growing integration of the IoT can open up new commercial possibilities thus are presenting significant potential for the future growth of the off-highway vehicle telematics market players.
In 2020, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. North America is a prospective market for off-highway vehicle telematics developers.
The major companies in off-highway vehicle telematics includes Omnitracs, LLC; ORBCOMM; Stoneridge, Inc.; Teletrac Navman; TomTom International BV; Trackunit A/S; Wacker Neuson, Zonar Systems Inc.; TTCONTROL GMBH; and ACTIA Group.
Based on application, the off-highway vehicle telematics market can be segmented Construction Industry OHV telematics, Agriculture Industry OHV telematics, Mining Industry OHV telematics, and Others. The construction industry OHV telematics segment led the Off-Highway Vehicle Telematics market with a share of 64.3% in 2020.