Off highway vehicle telematics market forecasted to be worth USD 1604.3 million by 2034
Off Highway Vehicle Telematics Market Forecasted to be Worth USD 1604.3 Million by 2034, Predicts Prophecy Market Insights
Press Release, 15 October 2024
According to research report from Prophecy Market Insight, the off-highway vehicle telematics market size is expected to grow from USD 635.2 Million in 2024 to USD 1604.3 Million by 2034, at a CAGR of 10.7% during the forecast period.
A telematics system uses a vehicle tracking device to transmit, receive, and store telemetry data from a vehicle. This data includes information such as location, speed, idling time, harsh acceleration or braking, fuel consumption, and vehicle diagnostics. By analyzing specific events and patterns, these insights can benefit entire fleets. With advances in telecommunications and information technology, telematics has expanded its role in industries like transportation and logistics. The focus has recently shifted from simply tracking vehicle location and routing to prioritizing driver safety. By monitoring driving behavior, vehicle health, and maintenance schedules, telematics solutions help reduce accidents, speeding violations, and downtime
Market Key Drivers:
Presence of regulatory policies to increase security and safety of off-highway vehicles
Governments worldwide are implementing stringent policies to enhance the safety and security of off-highway vehicles. These regulations mandate regular inspections, timely brake servicing, and the integration of electronic tools and communication systems into these vehicles. Key trends in the global off-highway vehicle (OHV) telematics market include partnerships between OEMs and telematics service providers, the adoption of dual-mode M2M communication options, a reduction in telematics service costs, and increased use of telematics by rental equipment companies. The U.S. Department of Labor requires daily safety checks on engine parts, service brakes, and other components of heavy equipment like dump trucks and loaders at the start of each shift to ensure safe operations.
The reluctance of end users to adapt to new business practices is expected to limit the growth of the global market. Additionally, a lack of adequate training for operating telematics systems in heavy equipment is anticipated to hinder the expansion of the global off-highway vehicle (OHV) telematics market.
The Off-Highway Vehicle (OHV) telematics market has several key applications, including:
Fleet Management and Monitoring: Telematics systems in OHVs provide real-time tracking of vehicles, monitoring their location, usage patterns, and fuel consumption. This helps fleet managers optimize route planning, reduce idle time, and improve overall operational efficiency.
Predictive Maintenance and Vehicle Diagnostics: By collecting data on engine performance, brake condition, and other vehicle components, telematics can predict when maintenance or repairs are needed. This prevents unexpected breakdowns, reduces downtime, and extends the lifespan of equipment.
Safety and Compliance Monitoring: Telematics enables monitoring of driving behavior, including speed, harsh braking, and acceleration. It ensures vehicles are operated safely, helps companies comply with safety regulations, and reduces the risk of accidents and fines.
The Top Players in the Market Are:
CalAmp
· Caterpillar
CNH Industrial
Deere & Company
Doosan
JCB
Komatsu
Mix Telematics
Omnitracs
ORBCOMM
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