April 17, 2024
Off-Highway Vehicle (OHV) Telematics Market

Off-Highway Vehicle Telematics Market Is Driven By Remote Monitoring Necessity

Off-highway vehicles (OHVs) such as excavators, loaders, dozers, and cranes are an integral part of heavy construction, mining, and agriculture industries. Telematics systems enable remote monitoring of these vehicles’ health, condition, and performance in real-time. This provides timely maintenance updates, utilization reports, and location tracking. Telematics also helps optimize fuel usage and efficiency through automated engine diagnostics.

The global off-highway vehicle telematics market is estimated to be valued at US$ 488.3 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One key trend in the off-highway vehicle telematics market is the integration of advanced connectivity capabilities. Emerging technologies like vehicle-to-everything (V2X) communication allow excavators, loaders, and other construction equipment to continuously share data with each other as well as operator consoles and central servers. This enables possible use cases like alerting an operator of nearby moving vehicles or notifying other vehicles of a machine’s movement. V2X-enabled telematics could optimize workflow coordination and safety on crowded job sites. However, ensuring cybersecurity of increasingly connected equipment remains an important challenge for providers and users.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Off-Highway Vehicle (OHV) Telematics Market is moderate as high capital investment is required to enter the market.

Bargaining power of buyers: Buyers have moderate bargaining power in the Off-Highway Vehicle (OHV) Telematics Market as there are several existing players in the market.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternatives.

Threat of new substitutes: The threat of substitutes is low as there are currently no alternatives available.

Competitive rivalry: The competitive rivalry is strong due to presence of major players.

Key Takeaways

The Global Off-Highway Vehicle (OHV) Telematics Market Demand  is expected to witness high growth. The global off-highway vehicle telematics market is estimated to be valued at US$ 488.3 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Regional analysis The North America region dominates the Off-Highway Vehicle (OHV) Telematics Market currently due to presence of major OHV manufacturers and demand for vehicle safety and security. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to the increasing infrastructure development and construction activities in emerging countries such as China and India. Technological advancements in OHV telematics solutions by major players especially in emerging regions will drive higher adoption..

Key players operating in the Off-Highway Vehicle (OHV) Telematics Market are FMC Corporation, BASF SE, Bayer AG, Sumitomo Chemical Co., Ltd., Syngenta AG, Adama Agricultural Solutions Ltd., UPL Limited (previously United Phosphorus Limited), Nufarm Limited, Tagros Chemicals India Ltd., Heranba Industries Limited. Increasing adoption of advanced technologies such as GPS, automation and connected solutions by key players is expected to boost the market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it