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.
Omnitracs, LLC, ORBCOMM, Stoneridge, Inc, Teletrac Navman, and TomTom International BV – Prominent Market Participants in Off-Highway Vehicle 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. 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.
Government Policies to Increase Security and Safety of Off-Highway Vehicles is further supporting the growth of the off-highway vehicle telematics market. However, growing uncertainty among fleet operators are restraining off-highway vehicle telematics market growth. Moreover, rising integration of IoT has created many lucrative opportunities for the off-highway vehicle telematics market.
Omnitracs, LLC, ORBCOMM, Stoneridge, Inc, Teletrac Navman, and TomTom International BV are the five key market players operating in the global off-highway vehicle telematics market. The Off-Highway Vehicle Telematics market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the Off-Highway Vehicle Telematics market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Most of the market initiatives were observed in the North America region, which have a high potential of Off-Highway Vehicle Telematics providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2021 | The AI Dual Dashboard Camera is the newest addition to Teletrac Navman’s suite of hardware products. The AI Dual Camera is functional with the company’s TN360 platform. | North America |
| 2019 | ACTIA opens up its new subsidiary sot the vehicle telematics market in Yokohoma Japan. It is a step towards the group’s objectives to evaluate and seize new commercial opportunities in the country while supporting its international customers locally. | North America |
