DUBLIN--(BUSINESS WIRE)--The "Off-Highway Vehicle Telematics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connectivity Type, Application, and Technology" report has been added to ResearchAndMarkets.com's offering.

The global off-highway vehicle telematics market was valued at US$ 754.44 million in 2020 and is expected to reach US$ 1,166.96 million by 2028; it is estimated to register a CAGR of 5.9% during the forecast period.

The off-highway vehicle telematics market covers a wide range of equipment utilized in the construction, mining, agriculture, and forestry industries, including specialist heavy machinery, lighter gear, and other vehicles. Telematics hardware and software solutions for remote monitoring and management of fleets of machinery and equipment used in these industries are called off-highway vehicle telematics. By using off-highway vehicle (OHV) telematics devices that allow GPS, cellular, or satellite connectivity for access to real-time equipment data, off-highway vehicle telematics solutions offer continuous monitoring of the position, condition, health, and utilization of equipment.

Increasing demand for OHV data analysis due to higher productivity, effective utilization and lower operational costs connected with maintenance and repairs, is supporting the off-highway telematics market growth. In addition, as fleet managers prefer productivity solutions for better management, which would in turn, support the growing demand for off-highway telematics in fleet management system.

Furthermore, the off-highway vehicle telematics market is being driven by regulations in developed regions to equip off-highway vehicles with telematics for improved tracking of vehicle emissions, fuel emissions, driver hour regulation, and accident detection. Commercial trucks utilize electronic logging devices (ELDs) or electronic onboard recorders (EOBRs) to increase road safety in the US. ELD compliance has risen steadily since the mandate was initially announced in 2014. The additional features of typical ELDs include vehicle analytics, accident detection, driver behavior monitoring, and fuel consumption analysis.

In the European Union, all commercial vehicles must adhere to driver hour limits and have tachygraphy installed if they weigh more than 3,500 kilos. Telematics solutions are becoming more popular in the heavy-duty on- and off-highway equipment industry. Major automakers are now including telematics systems as standard equipment on their vehicles, and this trend is spreading to additional models and equipment categories. The expansion of end-use sectors like construction, mining, and agriculture, particularly in emerging countries, is expected to boost the demand for off-road vehicles and ultimately fuel the growth of the off-highway vehicle telematics market.

Impact of COVID-19 Pandemic on Off-Highway Vehicle Telematics Market

COVID-19 pandemic has significantly affected the world and continues to shatter several countries. Until the COVID-19 pandemic, the automotive industry was experiencing substantial growth in production, sales, and technological advancements. The COVID-19 pandemic has resulted in regional lockdowns, line closures, and the disintegration of transportation organizations. Furthermore, the financial vulnerability of the off-highway vehicle telematics market due to the pandemic is much higher than it was in previous outbreaks, such as severe acute respiratory syndrome (SARS), avian influenza, pig influenza, bird influenza, and Ebola.

Due to the rapidly rising cases, the market is being influenced from various angles. The labor force's availability is reportedly disrupting the global market's inventory network, as the lockdown and the virus spread are forcing people to stay indoors. When the manufacturing process is halted, the retail network comes to a halt, negatively impacting the off-highway vehicle telematics manufacturers as both are linked.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global off-highway vehicle telematics market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global off-highway vehicle telematics market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Growth in Construction Industry
  • Government Policies to Increase Security and Safety of Off-Highway Vehicles

Restraints

  • Growing Uncertainty Among Fleet Operators

Opportunities

  • Rising Integration of IoT

Future Trends

  • Technological Advancements in Off-Highway Vehicle Telematics

Companies Mentioned

  • Wacker Nelson SE
  • Stoneridge, Inc.
  • TTControl GmbH
  • Omnitracs, LLC
  • ORBCOMM Inc.
  • Trackunit A/S
  • TomTom Telematics BV
  • Zonar Systems Inc.
  • Teletrac Navman
  • ACTIA Group

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