Albany, New York, November 04, 2016: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a new report, titled “Off-highway Vehicle (OHV) Telematics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.” The report by Future Market Insights (FMI), predicts that the global off-highway vehicle (OHV) telematics market is poised to exhibit a healthy 8.90% CAGR between 2016 and 2026, in terms of value.
Increasing Demand from Construction Equipment Rental Companies to Bolster Demand for OHV Telematics
On the basis of end-use application, the market is segmented into mining, agriculture, and construction. The utilization of OHV telematics has been substantial in the construction segment in 2015 and this segment represented a share of 62.4% in the same year. This is due to the increasing telematics adoption within the construction segment owing to soaring demand for this technology from construction equipment rental companies.
In terms of technology, the report categorizes the market into cellular and satellite. Of these, the segment of cellular is predicted to exhibit a 9.0% CAGR in the forecast horizon. The reason for the extensive employment of this segment by telematics service providers is the availability of cellular network in majority of the places globally.
North America OHV Telematics Market Holds a Share of More than 66.8%
By sales channel, the report segments the OHV telematics market into aftermarket and OEM. Of these, the segment of OEM is poised to rise at a 9.4% CAGR on the basis of value from 2016 to 2026. Region wise, the off-highway vehicle (OHV) telematics market is categorized into Western Europe, North America, Latin America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa, Eastern Europe, and Japan. Of these, in 2015, the North America OHV telematics market accounts for a share of over 66.8% and is expected to maintain its lead role by end of 2026.
However, as stated in the report, Latin America is poised to hold the most promising opportunities in the market in forthcoming years and will be followed by the nation of Japan. The increasing demand from the construction, mining, and agriculture sectors in Japan and Latin America will fuel the growth of the market for OHV telematics.
Employment of OHV Telematics in Mining and Agriculture Sectors to Boost Market Growth
The growth of the OHV telematics market is supported by the increasing implementation of this technology in various application areas such as mining, agriculture, and construction industries. In addition, the rising policies by governments to raise the security and safety of off-highway vehicles and rising off-highway vehicles’ demand will provide impetus to the development of this market.
Furthermore, the increasing inclination toward precision agriculture and the rising focus toward mining industry’s operational excellence may also work in favor of the growth of the overall market. On the other hand, the absence of standardization of telematics systems is a primary factor impeding the development of the market, as per this study.
Browse Full Global Off-highway Vehicle (OHV) Telematics Market Report with TOC:http://www.mrrse.com/ohv-telematics-market
ORBCOMM Inc., TomTom International, Harman International, Topcon Corporation, Navman Wireless, MiX Telematics, Omnitracs LLC, Trackunit A/S, Wacker Neuson, and Zonar Systems Inc., among others, are the key players operating in the global off-highway vehicle (OHV) telematics market.
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