Off-highway vehicle telematics refers to a technology that involves sending and receiving information via telecommunication devices installed in off-highway vehicles (OHVs). The off-highway vehicle telematics market has undergone changes due to proliferation of smartphones and internet. Fleet managers can thus keep a track of their vehicles.
With 4G assistance, geofence alerts are generated if a vehicle moves outside the specific area. Technological advancements that result in lower emission rates will work in favor of the off-highway vehicle telematics market. Additionally, wireless networks with better connectivity between vehicles will support the market.
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Fuel price reduction ways for OHVs will be welcomed by the market. Rental equipment companies have furthered telematics-integrated OHV volumes. The development of telematics for mixed fleets acts as a market challenge. Original equipment manufacturers (OEMs) are collaborating with after sales vendors to overcome the same.
Strict governmental regulations regarding navigation and safety of vehicles will propel the off-highway vehicle telematics market. The market has applications in construction, mining, industrial, and agricultural equipment. Construction and industrial had the largest share in 2013. The segment of agricultural equipment would grow due to technological awareness.
Mining is estimated to offer the highest potential in the future. Thus, OHV telematics demand would greatly escalate. The regions of North America and Europe occupy the largest share. Asia Pacific will experience significant growth due to innovative technologies and policies regarding OHVs. OHV telematics is in a developmental phase owing to less awareness of the technology.
On the other hand, governments around the world have endorsed OHV telematics and helped users understand its significance. The market is likely to expand on this account. Key players of the global off-highway vehicle telematics market include MiX Telematics, Telogis, General Motors Co., TomTom, and Daimler AG. In 2013, Telogis partnered with Manitowoc Company Inc. to create advanced OHV solutions.
Information Source: Grand View Research