United States/WA: The global off-highway Vehicle (OHV) telematics market is estimated to account for US$ 116.3 Mn in terms of value in 2019 and is expected to grow at a CAGR of 13.3% during the forecasted period 2019-27.
Report Pages:[130 Pages]
The report on the Off-Highway Vehicle (OHV) Telematics Market contains information curated by experts to estimate the closest and most accurate dynamics of the global industry. The study broadly covers the different aspects and segments belongs to the global market.
Highway vehicle (OHV) telematics collects data from various sources, including traffic lights and traffic signs. It finds applications in agriculture, mining, constructions, and other industries.
Market Dynamics
Increasing fuel cost is expected to propel growth of the global off-highway vehicle (OHV) telematics market. For instance, according to Indian Oil, the cost of diesel in India was US$ 0.92/liter in June 2019, which increased to US$ 1.03/liter in November 2020.
Among regions, Europe is expected to witness decline in the off-highway vehicle (OHV) telematics market, owing to emergence of Covid-19 that has led to decline in the automotive scector. For instance, in April 2020, Kia Motors announced that its South Korea-based contract manufacturer for compact vehicles has suspended production. Moreover, the market in Europe is also witnessing several M&A activities. For instance, in April 2019, Bridgestone Europe NV/SA, a subsidiary of Bridgestone Corporation, acquired TomTom Telematics, a subsidiary of TomTom International BV for US$ 1 billion.
In Asia Pacific, changes in regulatory scenario is expected to boost growth of the off-highway vehicle (OHV) telematics market. For instance, in Australia, changes in Fringe Benefits Tax (FBT) laws is expected to boost adoption of OHV telematics. Under law changes, personal vehicle use exempt from FBT is now limited to:
Major Key Companies Involving in Off-Highway Vehicle (OHV) Telematics Market:
TomTom International BV, Zonar Systems Inc., Harman International Industries Inc., Bridgestone Europe NV/SA, Trackunit A/S, ORBCOMM Inc., Omnitracs LLC, Topcon Corporation, Navman Wireless, Wacker Neuson SE, and MiX Telematics Limited.
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Employee journeys between their home and place of work, with an additional diversion of up to two kilometers also allowed
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No more than 750 kilometers in total for each FBT year
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Single journeys for a wholly private purpose of 200 kilometers or less
The off-highway vehicle (OHV) telematics market in Africa is expected to witness sluggish growth, owing to low awareness and adoption of OHV telematics in emerging economies. Moreover, growing reluctance of end users to change business practices is also expected to limit the market growth.
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