ESOMAR-certified consulting firm Future Market Insights’ report, projects the global Off-Highway Vehicle (OHV) Telematics Market to record growth at 15% CAGR over the forecast period of 2022 and 2032.
Global demand for OHV telematics is rising as a result of rising demand from the construction industry. In emerging markets, there is a discernible increase in demand for OHV telematics as people’s concerns about vehicle safety grow.
Sales potential will keep expanding as a result of expanding applications in the mining industry, rental equipment businesses, and for vehicle safety and security. The FMI predicts that the global OHV telematics market expanded Y-o-Y at a CAGR of 14.50% from 2020 to 2021, despite a brief hiccup brought on by the pandemic.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1430
The global market has expanded as a result of the automobile industry’s slow but steady recovery and the resumption of automotive production & manufacturing firms.
Manufacturers are under pressure to enhance the amount of telematics in off-highway vehicles due to government incentives and programmes to improve vehicle safety.
Stronger vehicle safety laws in the United States, Germany, India, China, and the United Kingdom are anticipated to lead to a rise in the usage of OHV telematics in the upcoming years.
The FMI forecasted that the global OHV telematics market would be worth US$ 424 million in 2021.
Key Takeaways from FMI’s OHV Telematics Market Study
- By end-use application type, construction segment will emerge as primary OHV telematics end-user, accounting for 64.4% market share.
- In terms of sales channel, original equipment manufacturers are the most preferred over the aftermarket service providers, exhibiting growth at over 11.4% CAGR
- In terms of technology type, cellular technology will cement its dominance during the forecast period, expanding at 11% CAGR
- The U.S. will emerge as the leading market across North America backed by the high demand within the construction industry
- Japan and South Korea will collectively account for over 6% of global market share over the forecast period
- Germany and the U.K. are anticipated to lead the Europe’s OHV telematics market, exhibiting the growth at 10.20% CAGR
- Increasing application in precision farming will bolster the demand of off-highway vehicle telematics across India through 2021
“Growing consumer preference for advanced telematics technology in off-highway vehicles for usage in construction, mining and agriculture equipment has bolstered the adoption of telematics, generating lucrative prospects for market players,” says the FMI analyst.
Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-1430
Competitive Landscape
TomTom International, Harman International, ORBCOMM Inc., Topcon Corporation, MiX Telematics, Navman Wireless, Omnitracs LLC, Wacker Neuson, Trackunit A/S and Zonar Systems Inc. among others are some prominent players operating in the OHV telematics market.
As per the FMI’s analysis, the market is dominated with top 5 players operating in OHV telematics market, accounting for 25% of market share. Top 5 players include, TomTom International, Harman International, MiX Telematics, ORBCOMM Inc., and Omnitracs.
OHV Telematics Market by Category
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Technology Type:
- Cellular
- Satellite
By End-Use Application:
- Construction
- Cranes
- Dozers
- Dump Trucks
- Excavators
- Loaders
- Others
- Agriculture
- Harvesters
- Tractors
- Mining
- Surface Mining Machinery
- Underground Mining Machinery
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-1430
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn | Twitter | Blogs
