As the number of cases of accidents is increasing, several governments worldwide are forming policies that promote safety and security of off-highway vehicles (OHV). These policies are encouraging the deployment of OHV telematics. The awareness regarding OHV telematics has increased considerably in the past few years and these technologies are now observed as the go-to solutions for enhancing the overall cost of ownership. As per a report by Future Market Insights (FMI), which is now available on Market Research Reports Search Engine (MRRSE) the opportunity in the global off-highway vehicles (OHV) telematics market is expected to rise at a CAGR of 8.9% in terms of value from 2016 to 2026.
Browse the full Global Off-highway Vehicle (OHV) Telematics Market Report:http://www.mrrse.com/ohv-telematics-market
Rising Demand from Agricultural and Mining Sectors to Fuel Growth Prospects
The growth of the global OHV telematics market can be attributed to the rising implementation of telematics technologies across several sectors including the construction, mining, and agriculture. The reducing cost of telematics services and the rising demand for precision agriculture are fuelling the demand for OHV telematics. Furthermore, due to increasing focus on operational excellence, the demand for these solutions in the mining sector is likely to remain high throughout the forecast period.
Other factors such as rising adoption of dual mode service option for M2M communication, increasing implementation of telematics by equipment rental companies, and growing trend of collaboration between telematics service providers and OEMs are augmenting the growth of the global market.
Lack of Standardization to Hamper Widespread Adoption
The lack of training programs on the use of OHV telematics has adversely affected the growth of the market. Moreover, several companies in the construction and agriculture industries are reluctant to change their traditional business practices, which is limiting the large-scale adoption of these solutions. Furthermore, the lack of standardization is negatively impacting the dynamics of the global OHV telematics market.
Cellular to Remain Most-valuable Technology Segment
On the basis of technology, the market is segmented into cellular and satellite. Cellular is estimated to exhibit a noteworthy 9.0% CAGR during the same period. Due to the availability of cellular networks at most places, the segment is expected to dominate the market until 2026. Based on end-user application, the construction segment was the leading segment in 2015, accounting for more than 62% of the overall market revenue. The rising demand for telematics technology from construction equipment rental companies is expected to drive the adoption of telematics in the construction sector.
Browse the full Press Release of Global Off-highway Vehicle (OHV) Telematics Market at :http://www.mrrse.com/global-ohv-telematics-market
North America to Lead Revenue Generation through 2026 Owing to Presence of Stringent Government Regulations
By sales channel, the OHV telematics market is categorized into aftermarket and original equipment manufacturers (OEM). The OEM segment is anticipated to rise at a CAGR of 9.4% over the forecast period. Due to their reliable and enhanced services, end-user industries usually prefer OEMs over aftermarket telematics service providers. Therefore, OEMs stand to gain a competitive advantage in the long term.
In terms of geography, North America accounted for nearly 66.8% of the overall market revenue in 2015. Due to rapid technological advancements and stringent government regulations, the region will continue to remain the leading segment until 2026. However, due to the flourishing growth of the construction and mining industry, the Latin America region is poised to expand at a significant CAGR during the same period.