The Off-Highway Vehicle Telematics Market is expected to be valued at USD 269.2 Million in 2027 from USD 110.5 Million in 2019, registering a CAGR of 12.6% through the forecast period. The escalating initiatives of the government to enhance the security and reliability of off-highway vehicles are predominantly driving the market growth. Moreover, the proliferation of the construction and building sector and the escalation in construction activities in private and public sectors are projected to contribute to the market growth significantly in the estimated timeframe.
Implementation of telematics in industrial machinery and equipment drastically minimizes the time and labor for the manual testing of the machinery. Stringent policies implemented are predicted to add to the growth of the industry. However, the increasing ability of the end-users to customize business practices and the shortage of training for heavy machinery operations are projected to impede the market growth in the projected timeframe.
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Key Highlights from the Report:
- The cellular sub-segment is projected to command the market growth, expanding at a CAGR of 13.0% through the analysis period. With the advancement in the accessibility of 4G networks, there is an escalation in the prominence and enhancement of performance of smartphones that use cellular networks to transmit the data.
- The aftermarket sub-segment is estimated to exhibit lucrative growth in the following years as it offers full ownership, pilot assessment, simplified incorporation, and atheist branding.
- The construction industry is foreseen to account for a sizeable share of the market in the projected timeframe. The incorporation of telematics in the construction sector quips the organization with intelligence gathering-level details regarding the operations of the vehicles and installation and their usage. This allows them to identify and correct the shortfalls existing in the vehicle operations.
- North America is projected to be the key revenue-generating region in the coming years and accounting for a substantial market share. The accelerated proliferation of the construction sector in the region is predicted to augment the market demand for this technology, primarily in the United States and Canada. The augmenting number of transportation firms in the region is estimated to further add traction to the regional growth.
- Major companies in the industry include Zonar Systems, Inc., MiX Telematics Limited, Omnitracs LLC, Harman International Industries Inc., Stoneridge, Inc., Orbcomm Inc., Wacker Neuson SE, TomTom International BV, Bridgestone Europe NV/SA, and Topcon Corporation, among others.
- In 2019, Bridgestone Corporation unveiled a partnership between its subsidiary, the Bridgestone Europe NV/SA, and TomTom for the acquisition of the latter’s TomTom Telematics, its digital fleet solutions business. Under the acquisition deal, Bridgestone added essential features to its Tires and Diversified Products as a Solution initiative. The strategy offers a comprehensive view of the organization’s changing corporate environment along with its clients and the ongoing commitment of the society for quality enhancements.
For the purpose of this report, Emergen Research has segmented the Global Off-Highway Vehicle Telematics Market on the basis of technology, sales channel, end-user, and region:
Technology Outlook (Revenue, USD Million; 2017-2027)
Sales Channel Outlook (Revenue, USD Million; 2017-2027)
End-User Outlook (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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