Off-Highway Vehicle Telematics – Market Analysis & Opportunity Assessment, 2014 - 2020
Oct 16, 2014 | Chemicals & Materials | FMI
Telematics is a combination of telecommunication technologies and informatics. Off-highway vehicle (OHV) telematics is an integrated use of information and communication with telecommunications technology. It is the technology of sending, receiving, and storing information pertaining to off-highway vehicles through telecommunication devices.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 are installed in each OHV, which communicates with the user and web-based software.
The associated technology and solutions with the off-highway vehicle telematics market act as go-to solution for enhancing the total cost of ownership, mainly in specific segments such as mining, construction, industrial, and agricultural equipment, which, in turn, drive the growth of the market worldwide. 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 solutions would increase over the next six years. Moreover, government regulations and standardizations would boost the OHV telematics market, resulting in a growing installation base. In the next six years, the global market for off-highway hybrid commercial vehicles is expected to grow significantly at a high CAGR of around 70%.
The key players in the OHV telematics market include Caterpillar Inc., Daimler AG, General Motors Co., Omnitracs, MiX Telematics, Telogis, Verizon, Masternaut, AB Volvo, Orvcomm, and TomTomNV. Participants in this market follow the strategy of acquisitionsand mergers to enhance their market share and customer base. Moreover, OEMs dealing in heavy equipment are going into strategic partnerships with aftermarket vendors to develop advanced solutions. For example, in 2013, Telogis signed an agreement with Manitowoc Company Inc.to develop OHV solutions.
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