New York, March 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Off-Highway Vehicle Telematics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connectivity Type, Application, and Technology" - https://www.reportlinker.com/p06244585/?utm_source=GNW
The off-highway vehicle telematics market covers a wide range of equipment utilized in the construction, mining, agriculture, and forestry industries, including specialist heavy machinery, lighter gear, and other vehicles.Telematics hardware and software solutions for remote monitoring and management of fleets of machinery and equipment used in these industries are called off-highway vehicle telematics.
By using off-highway vehicle (OHV) telematics devices that allow GPS, cellular, or satellite connectivity for access to real-time equipment data, off-highway vehicle telematics solutions offer continuous monitoring of the position, condition, health, and utilization of equipment.
Increasing demand for OHV data analysis due to higher productivity, effective utilization and lower operational costs connected with maintenance and repairs, is supporting the off-highway telematics market growth.In addition, as fleet managers prefer productivity solutions for better management, which would in turn, support the growing demand for off-highway telematics in fleet management system.
Furthermore, the off-highway vehicle telematics market is being driven by regulations in developed regions to equip off-highway vehicles with telematics for improved tracking of vehicle emissions, fuel emissions, driver hour regulation, and accident detection.Commercial trucks utilize electronic logging devices (ELDs) or electronic onboard recorders (EOBRs) to increase road safety in the US.
ELD compliance has risen steadily since the mandate was initially announced in 2014.The additional features of typical ELDs include vehicle analytics, accident detection, driver behavior monitoring, and fuel consumption analysis.
In the European Union, all commercial vehicles must adhere to driver hour limits and have tachygraphy installed if they weigh more than 3,500 kilos. Telematics solutions are becoming more popular in the heavy-duty on- and off-highway equipment industry. Major automakers are now including telematics systems as standard equipment on their vehicles, and this trend is spreading to additional models and equipment categories. The expansion of end-use sectors like construction, mining, and agriculture, particularly in emerging countries, is expected to boost the demand for off-road vehicles and ultimately fuel the growth of the off-highway vehicle telematics market.
Impact of COVID-19 Pandemic on Off-Highway Vehicle Telematics Market
COVID–19 pandemic has significantly affected the world and continues to shatter several countries.Until the COVID-19 pandemic, the automotive industry was experiencing substantial growth in production, sales, and technological advancements.
The COVID-19 pandemic has resulted in regional lockdowns, line closures, and the disintegration of transportation organizations.Furthermore, the financial vulnerability of the off-highway vehicle telematics market due to the pandemic is much higher than it was in previous outbreaks, such as severe acute respiratory syndrome (SARS), avian influenza, pig influenza, bird influenza, and Ebola.
Due to the rapidly rising cases, the market is being influenced from various angles.The labor force’s availability is reportedly disrupting the global market’s inventory network, as the lockdown and the virus spread are forcing people to stay indoors.
When the manufacturing process is halted, the retail network comes to a halt, negatively impacting the off-highway vehicle telematics manufacturers as both are linked.
Based on connectivity type, the off-highway vehicle telematics market is segmented into cellular-based OHV telematics and satellite-based OHV telematics. The cellular-based OHV telematics segment led the off-highway vehicle telematics market with a share of 77.6% in 2020.
Based on application, the off-highway vehicle telematics market can be segmented into construction industry OHV telematics, agriculture industry OHV telematics, mining industry OHV telematics, and others. The construction industry OHV telematics segment led the off-highway vehicle telematics market with a share of 64.3% in 2020.
Based on technology, the off-highway vehicle telematics market can be segmented into LTE-M, NB-IoT, Sigfox, and others. The LTE-M segment led the off-highway vehicle telematics market with a share of 82.3% in 2020.
Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global off-highway vehicle telematics market.
Several governments are developing strict laws to enhance the safety and security of off-highway vehicles.This includes routine inspections, timely brake servicing, and integrating electronic tools and communication systems in vehicles.
According to the US Department of Labor, accessories of heavy equipment such as engine parts, service brakes, dump trucks, and loaders are to be checked at the start of each shift to ensure safety.The telematics system provides fleet operators with fast updates on the engine and driving performance and serves as a communication channel.
Furthermore, installing telematics in heavy machinery reduces the work and time necessary for manual equipment inspection.The demand for rules in the off-highway vehicle telematics market stems from the desire to standardize equipment, improve equipment performance, and reduce accident risks throughout the construction industry.
For instance, the Executive Order 13834 Efficient Federal Operations report from 2019 emphasizes the necessity of telematics adoption in the federal government. Over the next few years, these regulatory actions are likely to boost market demand. According to an Occupational Safety and Health Administration report, the US experienced roughly 15 deaths per day on average in 2019—i.e., 5,333 workers died due to machinery and equipment failure in 2019. China is a country where automobile manufacturing in April 2020 was estimated to be ~5,231,161 units, according to statistics from the Organisation Internationale des Constructeurs d’Automobiles. In April 2021, China’s manufacturing fell to roughly 1,714,000 units. Despite the fall in production, the construction industry’s desire for off-highway telematics has increased. The adoption of telematics by China’s automotive sector is aided by strict regulatory restrictions for installing satellite location and telematics systems. Furthermore, according to the European Road Safety Observatory, the German government enacted strict laws regulating off-highway vehicle safety. As a result, automakers and OEMs are implementing modern technologies such as artificial intelligence and the internet of things to increase performance and offer real-time data, thereby reducing risk on building sites. Therefore, stringent government policies are supporting the global off-high vehicle (OHV) telematics market growth.
The key companies operating in the off-highway vehicle telematics market include Omnitracs, LLC; ORBCOMM; Stoneridge, Inc.; Teletrac Navman; TomTom International BV; Trackunit A/S; Wacker Neuson, Zonar Systems Inc.; TTCONTROL GMBH; and ACTIA Group.
Read the full report: https://www.reportlinker.com/p06244585/?utm_source=GNW
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