Market Forecast: Off-Highway Vehicle Telematics to Reach USD 2154.3 Million by 2033 with 16% CAGR

The off-highway vehicle (OHV) telematics market is expected to be valued at USD 488.3 million in 2023, rising to USD 2154.3 million by 2033. The off-highway vehicle (OHV) telematics market is predicted to develop at a 16% CAGR between 2023 and 2033.

The forecast for the OHV telematics market remains positive, mostly due to the increased implementation of telematics solutions in construction, agriculture, and mining equipment.

The automotive sector is utilizing next-generation technologies including automotive telematics while assisting in the creation and efficiency of machines. As a result of this, the market is expected to increase significantly over the forecast period.

Gain expert insights and supercharge your growth strategies. Request our market overview sample:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1430

The expansion of the automobile sector and the use of sophisticated technologies for improved equipment performance have increased end-user demand for telematics technologies.

The incorporation of big data and other modern technologies for improved connectivity and real-time data has increased in off-highway vehicles. Moreover, the increased demand for sophisticated OHVs for applications including precision farming is driving the use of telematics technologies.

The rise of telematics, combined with great performance and reduced labor costs thanks to the support of AI and IoT, has increased sales of OHVs equipped with modern telemetry systems.

The growing requirement for OHV security and protection without sacrificing cost or efficiency has resulted in the implementation of a smart telematics system that optimizes machinery operations.

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