%20Telematics%20Market.jpg "Global Off-Highway Vehicle (OHV) Telematics Market") |
| Global Off-Highway Vehicle (OHV) Telematics Market |
The global Off-highway Vehicle (OHV) Telematics Market is estimated to be
valued at US$ 488.3 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 vehicles (OHVs) refer to vehicles such as construction equipment,
mining trucks, agriculture tractors and harvesting vehicles that are used
off-road for various construction, mining, and agriculture applications. OHV
telematics helps in vehicle monitoring, diagnostics, and maintenance planning
of such off-highway vehicles. It collects data from vehicle sensors and
components and transmits it to a central system for analysis. This data helps
operators in tracking vehicle location and hours of operations, optimizing
fleet utilization, detecting component failures, and reducing vehicle downtime.
Market key trends:
One of the major trends in the OHV telematics market is the growing adoption of
cloud-based platforms. Cloud-based platforms enable remote monitoring of
vehicle fleets in real-time. It facilitates easy access to vehicle data from
anywhere through internet-connected devices. Another key trend is the emergence
of advanced telematics solutions integrated with Artificial Intelligence (AI)
and IoT technologies. These solutions help operators in predictive maintenance
of vehicles by detecting component failures in advance using data analytics
tools. They also assist in reducing operating costs and improving overall
equipment efficiency.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the off-highway vehicle
(OHV) telematics market is moderate. The market requires high investment for
equipment installation and servicing network development.
Bargaining power of buyers: The bargaining power of buyers is moderate. The
fleet owners can choose from various product and service providers in the
market.
Bargaining power of suppliers: The bargaining power of suppliers is low to
moderate. The suppliers of components mainly include chip manufacturers,
hardware suppliers and connectivity providers.
Threat of new substitutes: The threat of substitutes is low as there are
limited alternative solutions available for fleet and asset management.
Competitive rivalry: Competitive rivalry in the market is high due to presence
of key global and regional players offering wide range of products and
solutions.
Key Takeaways
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 demand for fleet management solutions in
construction industries.
Regional analysis
North America dominated the OHV telematics market in 2022, accounting for
around 35% of the global market share. This is attributed to increasing
adoption of telematics solutions among construction companies in the US and
Canada. Asia Pacific is expected to witness fastest growth during the forecast
period, led by rising telematics adoption in countries such as China and India.
Key players
Key players operating in the Global
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., Trackunit. TomTom International offers variety of telematics solutions
such as asset tracking, fleet management and others tailored for off-highway
vehicle industry.
Read more:
https://www.trendingwebwire.com/off-highway-vehicle-telematics-market-size/