Telematics is defined as the technique which integrates the services and features of a vehicle and further helps in monitoring them. In simpler terms, the telematics technology collects the driver and vehicle data using an onboard sensor system and transfers it to the service provider. One of the key application areas where the telematics technology finds its applications in the automotive industry are the off-highway vehicles (OHV).
Telematics-based services for OHV assist in security and tracking of the equipment and safety of the operation at a job site. OHVs are used in several applications in the construction, agriculture, and mining industry. Thus, growth in the construction and agriculture market is expected to result in the expansion of the global OHV telematics market.
The integration of telematics with the internet of things for connected vehicles helps in secure transfer of data and communication. This further facilitates real-time monitoring and brings opportunities in data analytics. The assessment of real-time data in terms of traffic, road maps, and weather conditions helps in analyzing the vehicle and driver data, further helping in predicting the behavioral and actionable insights.
According to the latest market intelligence report published by BIS Research titled “Global Off-Highway Vehicle Telematics Market – Analysis and Forecast (2019 – 2029),” the OHV telematics market is anticipated to grow at a CAGR of 13.29% during the forecast period, 2019 – 2029 and reach $2.82 billion by 2029.
Connectivity, along with self-learning systems is driving the development of various products in the automotive industry across the globe. Amongst the four prominent regions discussed in the study, North America is expected to acquire the highest market share followed by Asia-Pacific.
Moreover, as per the report published by BIS Research, the global OHV telematics market is segmented under cellular-based and satellite-based OHV telematics market, on the basis of the type of connectivity. Under cellular-based services, the 5G networks segment has become a focus area of research and is expected to expand at a rapid pace post the year 2022.
Additionally, there have been attempts by original equipment manufacturers (OEMs) to integrate security features and telecommunication in vehicles at the assembly level. The introduction of these OEM-fitted telematics systems is expected to further leverage the growth of the market during the forecast period.