Future Market Insights has announced the addition of the “Off-Highway Vehicle Telematics Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 10/16/2015 -- Telematics is the technology of sending, receiving and storing information through the use of telecommunication devices.Off-highway vehicle (OHV) telematics is the integrated use of information and communication with telecommunications technology. The technology of sending, receiving, and storing information pertaining to off-highway vehicles through telecommunication devices is generally termed as off-highway telematics.
OHV telematics business has been witnessing rapid change over the past few years with advancements in the internet, cell phones, and GPS (global positioning system) receivers. GPS receivers and GSM devices, which communicate with the user and web-based software, are installed in each OHV. Overall awareness of OHV telematics has considerably increased in recent years as the technology is now perceived as a convincing solution for improving total vehicular cost of ownership.
Utilisation of off-highway vehicle telematics acts as a readymade solution for enhancing the total cost of ownership, particularly in sectors such as mining, construction, industrial, and agricultural equipment.
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The global OHV telematics market is projected to double in size from 2014 to 2020 due to expected growth in demand from end user industries such as mining, construction and industrial. Stringent government normsconcerning vehicle safety and navigation are further expected to drive growth in the market. The global off-highway telematics market is expected to grow at an above average rate when compared with global automotive production.
North America and Europe are the largest contributors in the global OHV telematics market. Asia Pacific is expected to register the highest CAGR, due to high penetration rate of wireless technologies, increasing awareness, and changing government norms.
Globally, among all the above-mentioned segments,the mining industry is expected to provide the maximum potential in the near future as it creates space for technological innovation and advancement. Hence, the demand for OHV telematics solutionswill increase at a promising rate over the next 6 years. Another attractive segment for OHV telematics is agricultural equipment due to implementation of latest technological solutions for improving field productivity, increasing awareness and rising adoption rates in this segment. Reduction in the cost of wireless data and related hardware have also beendriving growth in the market.
Consumers view telematics as one of the best ways to reduce vehicle operating cost. The growth in volume of telematics integrated vehicles is expected to grow after 2015. This growth will be fuelled by the entry of rental equipment provider companies into the telematics market.
The key players in the OHV telematics market includeCaterpillar Inc., Daimler AG, General Motors Co., Omnitracs, MiX Telematics, Telogis, Verizon, Masternaut, AB Volvo, and TomTom. Participants in this market follow the strategy of acquisitions andmergers to enhance their market share and customer base. Moreover, original equipment manufacturers (OEMs)dealing in heavy equipment are going into strategic partnerships with aftermarket vendors to develop advanced solutions. For example, Telogis signed an agreement with Manitowoc Company Inc.in 2013to develop OHV solutions. OEMs do not have sufficient database infrastructure and face difficulty in providing solutions for mixed fleets. Partnering with aftermarket vendors helps OEMs to overcome this shortcoming. OEMs such as Caterpillar, Komatsu, Volvo, and John Deere work with aftermarket suppliers such as Navman Wireless and industry bodies to develop standard APIs for taking care of data such as vehicle identification, location, and hours of use. Rental fleet companies are now working towards standardisation of more advanced data feeds such as geo-fencing, immobilisation, safety devices and alerts.
Caterpillar and Trimble have developed a brand agnostic fleet management and site productivity solutions platform designed for contractors with mixed equipment fleets. The two companies are working on telematics via a joint venture company.
The Association of Equipment Management Professionals (AEMP) and Association of Equipment Manufacturers (AEM) have begun to standardise OHV telematics and provide necessary training to the potential OHV telematics customers. The challenge to install telematics for mixed fleets is expected to be addressed as original equipment manufacturers have started partnering with thirdparty vendors.
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There have been many initiatives from AEMP and AEM to standardise and educate customers on the benefits of telematics yet the government regulations regarding safety and security are lacking in their intensity. Growth in the global market is further inhibited because heavy equipment fleet owners prefer basic telematics service due to the high cost associated with high end telematics.
Currently, OHV telematics is in its nascent stage due to limited awareness of the technology. However, globally, governments have been promoting the use of telematics in OHVs, and consumers have begun slowly to understand the importance of having telematics in their OHVs. Due to this, the global OHV telematics market is expected to expand. Mining, construction and industrial sector segments are expected to play an important role in the overall development of this industry.