Telematics is a technology of sending, receiving, and storing data by the utilization of telecommunication devices. Off-highway vehicle (OHV) telematics refer to the integrated utilization of communication and information with the technology of telecommunications. Thus, the technology including the sending, receiving, and storing of information related to off-highway vehicles via telecommunication devices is called as off-highway vehicle telematics.
Growing Demand for Precision Agriculture to Bolster OHV Telematics Market
The market for off-highway vehicle (OHV) telematics is predicted to rise at a healthy 8.90% CAGR on the basis of value in the forecast horizon 2016 to 2026. This growth is attributed to numerous factors such as the rising demand for precision agriculture, the recovery in the construction industry, and the increasing inclination toward operational excellence in the industry of mining. In addition, the increasing policies posed by governments to raise security and safety of off-highway vehicles will stimulate the demand for OHV telematics. The top trends seen in the market are implementation of dual model service option in case of M2M communication, collaboration between telematics service providers and OEMs, low cost of telematics services, and an increased implementation of telematics by companies operating in rental equipment market.
Presence of Cellular Networks Globally to Raise Demand for Cellular Technology
There are two main types of technologies prevalent in the global OHV telematics market, namely satellite and cellular. Of these, the segment of cellular holds the leading position in the market and is highly demanded by telematics service providers owing to the fact that cellular network is present in majority of the places. This segment is predicted to exhibit a 9.0% CAGR between 2016 and 2026. By sales channel, the OHV telematics market is categorized into aftermarket and OEM. Of these, the segment of OEM will register the highest 9.40% CAGR from 2016 to 2026, on the basis of value. This is owing to the fact that end users usually opt for telematics services offered by OEMs than the ones offered by service providers of aftermarket telematics. In addition, OEMs also collaborate with numerous telematics companies for presenting better services to end users and thus acquire a competitive edge in this market.
Construction End use Segment Held a Share of 62.4% in 2015
There key end users of OHV telematics are agriculture, mining, and construction. The segment of construction is further sub-segmented into dozers, cranes, dump trucks, loaders, excavators, and others. On the other hand, the segment of agriculture is further categorized into tractors and harvesters. The segment of mining is sub-segmented into underground mining machinery and surface mining machinery. Of these, the segment of construction held a share of 62.4% in the market in 2015.
Latin America to Represent Lucrative Opportunities in Global OHV Telematics Market
Geographically, the OHV telematics market is segmented into Eastern Europe, the Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), Latin America, and North America, Western Europe, and Japan. Of these, North America is poised to lead the OHV market with a share of more than 66.8% in 2015 and is predicted to maintain its superiority till 2026 end. On the other hand, Latin America is predicted to exhibit the swiftest growth rate in the coming years and will be trailed by Japan. The reason for the dominance of Japan and Latin America is the rising demand from the mining, agriculture, and construction sectors in these two areas.
Browse the full Global Off-highway Vehicle (OHV) Telematics Market report at : http://www.mrrse.com/ohv-telematics-market
The top players in the market are TomTom International, ORBCOMM Inc., MiX Telematics, Omnitracs LLC, Wacker Neuson, Trackunit A/S, and Zonar Systems Inc, among others.