SEATTLE, May 08, 2020 (GLOBE NEWSWIRE) — Telematics can be termed as integration of telecommunications and infomatics. Telematics enables wireless data communication and can be used in fleet tracking and management. Off-Highway Vehicle (OHV) telematics finds applications in agriculture, mining, constructions, and other industries.
The global off-highway vehicle (OHV) telematics market is estimated to account for US$ 179.2 Mn in terms of value by 2027.
OHV Telematics Market: Drivers
Increasing focus on reducing fuel consumption is expected to boost growth of the global off-highway vehicle (OHV) telematics market over the forecast period. Use of OHV telematics can aid in tracking and identifying vehicles that exceed load limit. This in turn can save fuel consumption.
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Moreover, increasing adoption of telematics in the agriculture sector is also expected to aid in growth of the market. In the agriculture sector, telematics can be used to capture data from tractors or other equipment operating in the farm. The data can be transferred in real time to assess and analyze the efficiency of farm machinery.
OHV Telematics Market: Opportunities
Increasing adoption of telematics in the mining sector is expected to offer lucrative growth opportunities for players in the global off-highway vehicle (OHV) telematics market. Use of telematics in the mining sector ensures efficient use of assets. It also offers real time updates regarding hazards and developments during journeys. This in turn minimizes the risk of incidents.
Moreover, increasing theft of agriculture machinery is also expected to aid in growth of the market. The costs associated with replacing heavy machinery can be high. This in turn is expected to boost demand for OHV telematics in the agriculture sector.
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- North America holds the dominant position in the global off-highway vehicle (OHV) telematics market and is expected to witness significant growth over the forecast period 2019-27. This is owing to increasing strict rules regulation from government authorities. Furthermore, adoption of telematics is well received from industries in North America, as this improves total cost of ownership.
- Among end use application, construction segment is dominate the global off-highway vehicle (OHV) telematics market over the forecasted period 2019-27. This is owing benefits provided from GPS enables vehicles, which help to monitor the vehicles. Furthermore, telematics provides the required data for further planning. Thus, according to Coherent Market Insights analysis, construction type will contribute more than 60% in application global off highway vehicle (OHV) telematics market.
- Among technology, Satellite segment is dominate the global off-highway vehicle (OHV) telematics market over the forecasted period 2019-27. Stellate uses low earth orbit which enables owner to track the vehicle, two way data transmission, remote monitoring and control. Benefits provided by satellite type vehicles its market is expected to grow further. Therefore, key players in the market launching new products to capture this market. . For instance, April 2019, ORBCOMM Inc. launched its enhanced web platform and its latest telematics devices for heavy equipment industry.
Market Trends/Key Takeaways
In Australia, changes in Fringe Benefits Tax (FBT) laws is expected to boost adoption of OHV telematics. Under law changes, personal vehicle use exempt from FBT is now limited to:
- Employee journeys between their home and place of work, with an additional diversion of up to two kilometres also allowed
- No more than 750 kilometers in total for each FBT year
- Single journeys for a wholly private purpose of 200 kilometres or less
Use of OHV telematics aids in maintaining compliance with the FBT law changes.
Adoption of OHV telematics can aid in improving utilities infrastructure. GPS telematics can be used to reduce time consumed for travelling maintenance crews and equipment. It can also be used to monitor the location of utilities infrastructure and machinery.
OHV Telematics Market: Competitive Landscape
Major players operating in the global off-high vehicle (OHV) telematics market include, 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.
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OHV Telematics Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in April 2019, ORBCOMM Inc. launched its enhanced web platform and its latest telematics devices for heavy equipment industry.
By End-use Application
- Dump Trucks
- Surface Mining Machinery
- Underground Mining Machinery
By Sales Channel
- North America
- Asia pacific
- Latin America
- Middle East and Africa
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