Future Market Insights (FMI) delivers key insights on the off-highway vehicle (OHV) telematics market in its latest report titled, "Off-highway Vehicle (OHV) Telematics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026." The global OHV telematics market is projected to register a healthy CAGR of 8.9% in terms of value during the forecast period (2016-2026).
Growth of the global OHV telematics market is mainly driven by increasing adoption of telematics technologies across all applications such as construction, agriculture and mining equipment. Other trends driving growth include reduction in the cost of telematics services, government policies to increase safety and security of OHV and increasing global demand for off-highway vehicles. Reluctance to change business practices and lack of standardization of telematics systems are certain factors restraining growth of the OHV telematics market.
On the basis of end-use application, the global off-highway vehicle (OHV) telematics market has been segmented into construction, agriculture and mining. The construction segment has been estimated to account for 62.4% value share of the market in 2015. Adoption of telematics in the construction segment is higher due to increasing demand for telematics technology from construction equipment rental companies.
By technology, the global OHV telematics market has been segmented into cellular and satellite. The cellular segment is expected to register a CAGR of 9.0% over the forecast period. Cellular technology is the most preferred technology for telematics service providers as cellular networks are available in most places.
On the basis of sales channel, the global OHV telematics market is segmented into OEM and aftermarket. The OEM segment is expected to register a CAGR of 9.4% in terms of value over 2016-2026.
North America's Dominance of Global Off-Highway Market to Continue
North America has been estimated to dominate the global OHV telematics market, with over 66.8% market share in 2015 and is anticipated to remain dominant by 2026 end, followed by Western Europe, Asia Pacific Excluding Japan (APEJ), and Japan. Among all the regions, the Latin America market is anticipated to register the highest CAGR over 2016-2026, followed by Japan. This is mainly attributed to increasing demand from construction, agriculture, and mining sectors in Latin America and Japan.