Future Market Insights has announced the addition of the “OHV Telematics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 12/06/2017 -- 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 vehicle telematics. Telematics services use cellular or satellite technology for sending and receiving the information.
The global off-highway vehicle (OHV) telematics market is projected to register a healthy CAGR of 8.9% in terms of value during the forecast period (2016–2026). This is mainly attributed to various factors, regarding which FMI offers detailed insights in its report.
Drivers and Trends
Growth of the global off-highway vehicle (OHV) telematics market is influenced by a number of factors such as the recovering construction industry, increasing demand for precision agriculture, focus on operational excellence in the mining industry and government policies to increase safety and security of off-highway vehicles.
Key trends observed in the global off-highway vehicle (OHV) telematics market are collaboration between OEMs and telematics service providers, adoption of dual mode service option for M2M communication, reduction in the cost of telematics services and high adoption of telematics by rental equipment companies.
On the basis of end-use application, the global off-highway vehicle (OHV) telematics market has been segmented into construction, agriculture and mining. Construction segment has been estimated to account for 62.4% value share of the market in 2015. Construction segment is further sub-segmented into cranes, dozers, dump trucks, excavators, loaders and others. Agriculture segment is further sub-segmented into harvesters and tractors. Mining segment is sub-segmented into surface mining machinery and underground mining machinery.
By technology, the global off-highway vehicle (OHV) telematics market has been segmented into cellular and satellite. Cellular segment is expected to register a CAGR of 9.0% over the forecast period.
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On the basis of sales channel, the global off-highway vehicle (OHV) telematics market is segmented into OEM and aftermarket. OEM segment has been estimated to register a CAGR of 9.4% in terms of value over 2016–2026. End users generally prefer telematics services provided by OEMs as compared to those provided by aftermarket telematics service providers. OEMs collaborate with various telematics companies to offer enhanced services to end users and gain competitive advantage in the long term. OEMs such as JCB, Caterpillar, Komatsu, and Volvo offer their own telematics services namely LiveLink, CAT Product Link, KOMTRAX and CareTrack, respectively.