Off-Highway Vehicle Telematics Market to Grow at 5.9% CAGR to Hit USD 1,166.96 Million by 2028 – Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

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Off-Highway Vehicle Telematics Market Growth Projection to 2028

Pune, India, - According to our latest market study on" "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)", The off-highway vehicle telematics market was valued at US$ 781.00 million in 2021 in and is expected to reach US$ 1,166.96 million by 2028; it is estimated to register a CAGR of 5.9% during the forecast period from 2021 to 2028.

The construction industry’s rapid digital transformation urges the adoption of new technologies that offer new prospects for the off-highway vehicle telematics market. Construction equipment telematics helps companies track their equipment’s location and performance, monitor asset utilization, and verify that the assets are effectively used. If equipment is underutilized, it might be moved to another required location, which is how telematics improves overall efficiency. Furthermore, the rising construction activity in both private and public sectors enhances market growth. Several infrastructure-related projects are underway or planned in India, the Philippines, the UAE, Saudi Arabia, Egypt, Nigeria, and the US. For instance, the Government of India allotted a budget of US$ 1.12 billion for the current fiscal year as part of the “One Hundred Smart Cities” program in the Union Budget of 2014-2015.

Moreover, the government plans to invest US$ 650 billion in various infrastructural projects throughout the country over the next 20 years. Various infrastructure projects in the Middle East are in process, including Jeddah Economic City (Saudi Arabia), Masdar City (UAE), and Dubailand (UAE). The rapid rise in infrastructure projects increases demand for construction equipment.

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Companies Profiled in this report includes: Omnitracs, LLC; ORBCOMM; Stoneridge, Inc.; Teletrac Navman; TomTom International BV; Trackunit A/S; Wacker Neuson, Zonar Systems Inc.; TTCONTROL GMBH; and ACTIA Group.

Increasing demand for OHV data analysis due to higher productivity, effective utilization and lower operational costs connected with maintenance and repairs, is supporting the off-highway telematics market growth. In addition, as fleet managers prefer productivity solutions for better management, which would in turn, support the growing demand for off-highway telematics in fleet management system. Furthermore, the off-highway vehicle telematics market is being driven by regulations in developed regions to equip off-highway vehicles with telematics for improved tracking of vehicle emissions, fuel emissions, driver hour regulation, and accident detection. Commercial trucks utilize electronic logging devices (ELDs) or electronic onboard recorders (EOBRs) to increase road safety in the US. ELD compliance has risen steadily since the mandate was initially announced in 2014. The additional features of typical ELDs include vehicle analytics, accident detection, driver behavior monitoring, and fuel consumption analysis. In the European Union, all commercial vehicles must adhere to driver hour limits and have tachygraphy installed if they weigh more than 3,500 kilos. Telematics solutions are becoming more popular in the heavy-duty on- and off-highway equipment industry. Major automakers are now including telematics systems as standard equipment on their vehicles, and this trend is spreading to additional models and equipment categories. The expansion of end-use sectors like construction, mining, and agriculture, particularly in emerging countries, is expected to boost the demand for off-road vehicles and ultimately fuel the growth of the off-highway vehicle telematics market.'

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Impact of COVID-19 Pandemic on 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 production, sales, and technological advancements. The COVID-19 pandemic has resulted in regional lockdowns, line closures, and the disintegration of transportation organizations. Furthermore, the financial vulnerability of the off-highway vehicle telematics market due to the pandemic is much higher than it was in previous outbreaks, such as severe acute respiratory syndrome (SARS), avian influenza, pig influenza, bird influenza, and Ebola. Due to the rapidly rising cases, the market is being influenced from various angles. The labor force’s availability is reportedly disrupting the global 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 off-highway vehicle telematics manufacturers as both are linked.

Key Findings of Study:

The global off-highway vehicle telematics market is segmented into 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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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The post Off-Highway Vehicle Telematics Market to Grow at 5.9% CAGR to Hit USD 1,166.96 Million by 2028 – Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners appeared first on Herald Keeper.

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