Construction equipment telematics is fastest growing segment fueling the growth of Off-highway Vehicle (OHV) Telematics Market

 Market Overview:

Off-highway vehicle (OHV) telematics helps in vehicle tracking, geofencing, collision prevention and detection, fault diagnostics, maintenance alerts, and other applications. It provides real-time vehicle monitoring to enhance various operations of the vehicle such as security, safety, driver behavior, and fleet management.

The global Off-highway Vehicle (OHV) Telematics Market is estimated to be valued at US$ 488.3 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
One of the key trends in the OHV telematics market is the integration of advanced telematics solutions with construction equipment. Telematics solutions provide real-time location, fuel consumption, engine status, idle time, maintenance alerts, geo-fencing, and other insights about the equipment. This helps construction companies optimize operations, reduce equipment downtime and maintenance costs. Furthermore, telematics aids in improving safety by incorporating features like geo-fencing, tracking, and real-time accident notifications. Regulatory mandates in regions like Europe regarding equipment safety and emissions are also driving the demand for advanced telematics.
Segment Analysis
The off-highway vehicle (OHV) telematics market is segmented into solution, vehicle type, and region. Based on solution, the fleet/asset management segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Fleet/asset management solutions enable organizations to effectively track their vehicles, optimize routes, and improve operational efficiency.

Key Takeaways
The Global Off-Highway Vehicle (OHV) Telematics Market Size is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for fleet management and vehicle telematics solutions.

Regional analysis
North America dominated the global OHV telematics market in 2023 and is expected to continue its dominance over the forecast period. Rapid adoption of advanced technologies and presence of major OHV manufacturers and telematics solution providers are driving the market in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising digitalization and increasing construction activities.

Key players
Key players operating in the off-highway vehicle (OHV) telematics market are 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, MiX Telematics Limited, Stoneridge, Inc. and Trackunit. TomTom International BV and Zonar Systems Inc. captured significant market share in 2023 due to their wide range of offerings and global presence.

 

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