Off-highway Vehicle (OHV) Telematics Market Poised to Rake in US$ 311.1 Mn by 2026
Future Market Insights (FMI) delivers key insights on the off-highway vehicle (OHV) telematics market in its latest report titled, “Off-highway Vehicle (OHV) Telematics Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. The global off-highway vehicle (OHV) telematics market is projected to register a healthy CAGR of 8.9% in terms of value during the forecast period (2016–2026). This growth is attributed to various factors, regarding which FMI offers detailed insights in its report.
Growth of the global off-highway vehicle (OHV) telematics market is mainly driven by increasing adoption of telematics technologies across all applications such as construction, agriculture & mining equipment. Other trends driving growth include reduction in the cost of telematics services, government policies to increase safety & security of off-highway vehicles and increasing global demand for off-highway vehicles. Reluctance to change business practices and lack of standardisation of telematics system are certain factors restraining growth of the off-highway vehicle (OHV) telematics market.
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On the basis of end-use application, the global off-highway vehicle (OHV) telematics market has been segmented into construction, agriculture and mining. Construction segment has been estimated to account for 62.4% value share of the market in 2015. Adoption of telematics in construction segment is higher due to increasing demand for telematics technology from construction equipment rental companies.
By technology, the global off-highway vehicle (OHV) telematics market has been segmented into cellular and satellite. Cellular segment is expected to register a CAGR of 9.0% over the forecast period. Cellular technology is the most preferred technology for telematics service providers as cellular network is available in most places.
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On the basis of sales channel, the global off-highway vehicle (OHV) telematics market is segmented into OEM and aftermarket. OEM segment is expected to register a CAGR of 9.4% in terms of value over 2016–2026.
North America’s Dominance of Global Off-Highway Market to Continue
North America has been estimated to dominate the global off-highway vehicle (OHV) telematics market, with over 66.8% market share in 2015 and is anticipated to remain dominant by 2026 end, followed by Western Europe, Asia Pacific Excluding Japan (APEJ), and Japan. Among all the regions, Latin America market is anticipated to register the highest CAGR over 2016–2026, followed by Japan. This is mainly attributed to increasing demand from construction, agriculture, and mining sectors in Latin America and Japan.
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Key players in the global off-highway vehicle (OHV) telematics market include TomTom International, Harman International, ORBCOMM Inc., Topcon Corporation, MiX Telematics, Navman Wireless, Omnitracs LLC, Wacker Neuson, Trackunit A/S and Zonar Systems Inc. These key players are collaborating with other companies in the supply chain or acquiring them to enhance their product offerings in the market. For example, in January 2016, Harman International acquired TowerSec, a cyber-security provider, to integrate cyber security architecture into its infotainment systems.