Rising Integration of IoT to Provide Growth Opportunities for Off-Highway Vehicle Telematics Market During 2021–2028
According to our latest market study on "Off-Highway Vehicle Telematics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Connectivity Type, Application, Technology, and Geography," the market is expected to grow from US$ 781.00 million in 2021 and is projected to reach US$ 1,166.96 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
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, which 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. IoT sensors are integrated into the telematics system so that fleet managers can get a near-real-time view of vehicle fuel use and expenditures. This enables managers to see the drivers who need to be educated on effective driving behaviors and track unlawful operating expenditures and driving patterns, such as idling, which can waste gasoline.
Off-Highway Vehicle Telematics Market
Off-Highway Vehicle Telematics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connectivity Type (Cellular-Based OHV Telematics and Satellite-Based OHV Telematics), Application (Construction Industry OHV Telematics, Agriculture Industry OHV Telematics, Mining Industry OHV Telematics and Others), and Technology (LTE-M, NB-IoT, Sigfox and Others)
Off-Highway Vehicle Telematics Market Size and Growth 2028
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Further, all fleets place a high focus on safety. With the 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 creates new commercial possibilities in the off-highway vehicle telematics market.
The global off-highway vehicle telematics market is segmented based on connectivity, application, technology, and geography. Based on connectivity, the global off-highway vehicle telematics market is segmented into cellular-based OHV telematics and satellite-based OHV telematics. In 2020, the cellular-based OHV telematics segment held the larger market share. In terms of application, the off-highway vehicle telematics market is segmented into construction industry OHV telematics, agriculture industry OHV telematics, mining industry OHV telematics, and others. In 2020, the construction industry OHV telematics segment accounted for the largest market share. Based on technology, the off-highway vehicle telematics market is segmented into LTE-M, NB-IoT, Sigfox, and others. In 2020, the LTE-M segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global off-highway vehicle telematics market.
Impact of COVID-19 Pandemic on Global Off-Highway Vehicle Telematics Market
COVID–19 pandemic has significantly affected the world and continues to shatter several countries. Until the COVID-19 pandemic, the automotive industry was experiencing substantial growth in terms of production, sales, and technological advancements. The COVID-19 pandemic has resulted in regional lockdowns, line closures, and the disintegration of transportation organizations. Due to the rapidly rising cases, the off-highway vehicle telematics market is influenced from various angles. The labor force's availability is reportedly disrupting the global off-highway vehicle telematics market's inventory network, as the lockdown and the virus spread are forcing people to stay indoors. When the manufacturing process is halted, the retail network comes to a halt, negatively impacting the display of the off-highway vehicle telematics market manufacturers as both are linked.
Omnitracs, LLC; ORBCOMM; Stoneridge, Inc.; Teletrac Navman; TomTom International BV; Trackunit A/S; Wacker Neuson, Zonar Systems Inc.; TTCONTROL GMBH; and ACTIA Group are a few major companies operating in the off-highway vehicle telematics market.
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