With over 65% of OHV Telematics Sales Originating From Installation in Construction Equipment Fleet; the Market Is Set To Experience Over 15% Growth during Projection Tenure (2021-2031)

DUBAI, U.A.E, Aug. 11, 2021 /PRNewswire/ -- As per Future Market Insights (FMI), the global OHV telematics market will surpass US$ 424 Mn through 2021. The market is poised to exhibit remarkable growth at 15.40% CAGR during the forecast period of 2021 and 2031.

Increasing adoption of OHV telematics within construction and agriculture industry will spur the sales. Demand for cellular technology within mining industries and construction industry will encourage the adoption of telematics in off-highway vehicles.

Alongside this, application of telematics is continuously rising within rental equipment companies and mining industry for safety and security of vehicles. Due to this, key players are increasing investment to offer artificial intelligence (AI) integration in telematics systems.

Adoption of such novel technologies will improve the efficiency and optimize the performance of OHV telematics through real-time data feed. This will spur the sales in the market during the forecast period.

Also, stringent regulations and government policies implemented to ascertain road safety and security of the vehicle drivers and passengers have aided the implementation of telematics in off-highway vehicles.

As the world struggled with impact of unprecedented COVID-19 outbreak, sales of OHV telematics witnessed a slight setback during the FQ-20. However, steady recovery of activities in construction and mining industry, following vaccination roll outs, has improved prospects for market growth.

As per FMI, despite the tepid sales registered in 2020, the OHV telematics market registered impressive year-on-year (Y-o-Y) growth at 14.50% during 2020-2021.

"Market players are currently focusing on AI and IoT integration to offer advanced vehicle safety. This also will result in a slew of launches aimed at gaining competitive edge," says the Future Market Insights analyst.

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Key Takeaways from OHV Telematics Market Survey

• Original equipment manufacturers (OEMs) are gaining immense popularity as the primary sales channel for OHV telematics market
• In terms of technology, cellular segment will exhibit impressive growth at over 11% CAGR owing to the burgeoning demand for novel GPS tracking technology
• Application of OHV telematics within construction industry will spur the sales, accounting for nearly 65% of market sales
• The U.S. is anticipated to yield impressive growth opportunities backed by rising adoption of telematics in construction sector
• Increasing adoption of telematics across India within agriculture industry for precision farming will spur the sales
• Growth of OHV telematics across Germany and the U.K. is mainly attributed to the rising demand for advanced telematics in construction industry

Key Drivers

• Increasing adoption of telematics among rental equipment companies will spur the growth
• Increasing application of OHV telematics in agriculture for precision farming will further the adoption, driving sales
• Rising adoption of telematics within the construction industry for real-time tracking data and to optimize the logistic solution will accelerate the growth

Key Restraints

• Dearth of proper standardization and connectivity issues is likely to act as a restraint
• Concerns regarding the live data feed and cyber-security might curb the growth of OHV telematics
• High cost associated with the installation will create a challenge for the market players over the forecast period

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Competitive Landscape

Integration of cutting-edge technologies remains the core strategy of key players to expand their global footprints.

For instance, in June 2021, GPS Trackit unveiled its new connected video telematics system, VIDFLEET, integrated with artificial intelligence to deliver real-time in-cab audible alerts with clear pictures.

Leading players are also focusing on expansion of their already existing product portfolio through product innovation and launches.

For instance, in June 2020, to help commercial vehicle customers optimize and enhance their fleet management, Ford commercial solution announced the launch of its new web-based software telematics solution with GPS tracking to enhance their fleet efficiency.

Strategic mergers and collaborations among key end-users are among the key strategy adopted by industry giants to maintain their lead.

For instance, in September 2020, leading player MiX Telematics announced its partnership with Navistar to provide customers enhanced and comprehensive telematics solution.

As per FMI's analysis, TomTom International, Harman International, Mix Telematics, Omnitracs, and ORBCOMM Inc. are the top 5 players dominating the market, accounting for 25% of global market share.

Some of the leading players operating in the OHV telematics market profiled by Future Market Insights are:

• TomTom International
• Harman International
• ORBCOMM Inc.
• Topcon Corporation
• MiX Telematics
• Navman Wireless
• Omnitracs LLC
• Wacker Neuson
• Trackunit A/S
• Zonar Systems Inc.
• Others

More Valuable Insights on OHV Telematics Market

FMI, in its latest report, offers a detailed segmentation on the global OHV telematics market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in OHV telematics market with detailed segmentation:

By Sales Channel:

• Original Equipment Manufacturers (OEMs)
• Aftermarket

By Technology:

• Cellular
• Satellite

By End-Use Application

• Construction
• Cranes
• Dozers
• Dump Trucks
• Excavators
• Loaders
• Others
• Agriculture
• Harvesters
• Tractors
• Mining
• Surface Mining Machinery
• Underground Mining Machinery

By Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• Asia Pacific excluding Japan
• Japan
• Middle East and Africa (MEA)

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Key Questions Covered in the OHV Telematics Market Report 

• The report offers detailed insights into OHV telematics demand outlook for 2021-2031
• The market study also highlights projected sales growth for OHV telematics market between 2021 and 2031
• OHV telematics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• OHV telematics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights