Off-Highway Vehicle (OHV) Telematics Industry Projected to Hit USD 2,154.3 Million by 2033, Growing at a 16% CAGR

The off-highway vehicle (OHV) telematics industry is projected to grow from USD 488.3 million in 2023 to USD 2,154.3 million by 2033, with a compound annual growth rate (CAGR) of 16% during this period.

This optimistic forecast is primarily driven by the increasing adoption of telematics solutions across construction, agriculture, and mining sectors. The automotive industry is also leveraging advanced technologies like automotive telematics to enhance machinery efficiency, contributing to significant market growth.

Key factors fueling demand for telematics technologies include the expansion of the automotive sector and the integration of cutting-edge technologies aimed at optimizing equipment performance. The use of big data and modern connectivity solutions in OHVs has grown, alongside a rising need for advanced vehicles in applications such as precision farming.

The combination of telematics advancements and enhanced performance, coupled with reduced labor costs through AI and IoT support, has led to increased sales of OHVs equipped with sophisticated telemetry systems. Additionally, the demand for improved security and protection in OHVs-without compromising on cost or efficiency-has prompted the implementation of smart telematics systems that optimize machinery operations.

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Key Takeaways:

According to FMI's study, the construction segment is projected to account for around 65% of global OHV telematics market sales.
In the last five years, the market recorded a CAGR of 11%.
The market for automated guided vehicles in the United States is expected to develop at a 15% CAGR through 2033, according to FMI.
According to FMI's analysis, Germany is expected to lead Europe's (OHV) telematics market, rising at a healthy 14% CAGR throughout the projection period.
The market's main players control roughly 60% of the market.

Competitive Landscape:

Leading industry participants are emphasizing the extension of their already extensive product portfolios. Moreover, increasing expenditure on research to develop improved products is another key strategy for market players to preserve their market position. Other important objectives include facility expansions and strategic alliances to help meet the increased demand for OHV telematics from a variety of end-use sectors. For example,

July 2022 - Guidepoint Systems, a global provider of car telematics and Software as a Service (SaaS), partnered with Free2move, Stellantis' global fleet, mobility, and linked data firm.
March 2022 - Navistar reaffirmed its commitment to a connected and data-driven future by standardizing a factory-installed telematics solution on the recent Class 6-8 International Truck and IC Bus vehicle ranges.

Key Companies Profiled

Omnitracs, LLC
ORBCOMM
Stoneridge, Inc.
Teletrac Navman
TomTom International BV
Trackunit A/S
Wacker Neuson
Zonar Systems Inc.
TTCONTROL GMBH
ACTIA Group

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Key Segmentations

By Sales Channel

Original Equipment Manufacturers (OEMs)
Aftermarket

By Technology Type

Cellular
Satellite

By End-Use Application        

Construction
Agriculture
Mining

By Region

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa

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This release was published on openPR.