The growing demand for precision farming and increasing concentration on organizational efficiency in the mining sector is driving the demand for the Off-Highway Vehicle Telematics Market
Vancouver, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global Off-Highway Vehicle Telematics Market is forecasted to be worth USD 487.27 Million by 2032, according to a current analysis by Emergen Research. The Off-Highway Vehicle Telematics market’s growth can be attributed to the increasing demand for precision farming. Besides, increasing concentration on organizational efficiency in the mining sector is anticipated to further propel the market growth during the forecast timeframe. The surge in the dual-mode operation adoption of Machine to Machine communication is also forecasted to augment the market shortly. Alongside, the rapid adoption of IoT will have a positive effect on the growth of the market. Developers of telematics systems may utilize IoT in order to develop telematics solutions according to particular specifications in different industries where operating costs are high.
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However, the lack of training for heavy equipment operations is likely to impede market growth over the forecast timeframe.
Scope of Research
|The market size value in 2019||USD 110.5 Million|
|CAGR (2023 – 2032)||12.6%|
|The revenue forecast in 2032||USD 487.27 Million|
|Base year for estimation||2022|
|Historical data||2019 – 2021|
|Forecast period||2023 – 2032|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Technology, Sales Channel, End-User, and Region|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; BENELUX; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||Zonar Systems, Inc., Omnitracs LLC, MiX Telematics Limited, Harman International Industries Inc., TomTom International BV, Orbcomm Inc., Wacker Neuson SE, Bridgestone Europe NV/SA, Topcon Corporation, and Stoneridge, Inc. among others|
|Customization scope||10 hrs of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The market for Off-Highway Vehicle Telematics is fragmented, with a significant number of medium and small-sized players, which account for a significant global share of the market. The key players of the market are well-equipped with significant manufacturing resources and are also engaged in various research and development activities. Some of the top players in the Off-Highway Vehicle Telematics market comprise:
- Zonar Systems, Inc.
- Omnitracs LLC
- MiX Telematics Limited
- Harman International Industries Inc.
- TomTom International BV
- Orbcomm Inc.
- Wacker Neuson SE
- Bridgestone Europe NV/SA
- Topcon Corporation
- Stoneridge, Inc.
In September 2020, Omnitracs, LLC, announced the acquisition of SmartDrive Systems, Inc. It will offer a converged approach focused on Artificial Intelligence and Machine Learning that reinterprets the future of commercial transport by combining SmartDrive’s unparalleled transport intelligence platform, video security hardware, and risk assessment system with the Omnitracs One system.
In September 2020, MiX Telematics Limited announced a partnership with Navistar International Corporation. With the collaboration, MiX and Navistar aim to introduce an improved and robust consolidated data collection for mutual clients. In the last few years, consumers and suppliers’ reliance on telematics data has grown in terms of seeking greater uptime and enhanced maintenance service. At the point of development, OEMs like Navistar incorporated telematics hardware into their vehicles to remotely recognize and interpret fault codes and use them while out in the market.
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Key Highlights From The Report
- It is expected that during the forecast period the OEM segment will hold the largest market with a CAGR of 12.7%. The biggest advantage of going for OEM-embedded telematics-ready hardware is that you can use asset tracking telematics automatically as you buy new vehicles. This policy would make it easier for end-users to control their assets through manufacturers’ technologies.
- During the forecast period, the mining industry is expected to witness steady market growth as this technology offers some benefits such as distribution and pick-up routing and planning, increases driver safety and actions, and monitors idling time against a threshold.
- Due to the growing concern for driver safety, the region of Europe is expected to experience steady growth over the projected period. Moreover, it is anticipated that government initiatives to prevent deadly road accidents will soon fuel the demand in this region.
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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; 2019-2032)
- Sales Channel Outlook (Revenue, USD Million; 2019-2032)
- End-User Outlook (Revenue, USD Million; 2019-2032)
- Regional Outlook (Revenue, USD Million; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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