According to our latest market study on "Off-Highway Vehicle Telematics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Connectivity Type, Application, Technology, and Geography," the market is expected to grow from US$ 781.00 million in 2021 to reach US$ 1,166.96 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.

The ongoing digital transformation in the construction industry is driving the need for new technologies, presenting opportunities for the off-highway vehicle telematics market. Telematics for construction equipment enables companies to track the location and performance of their assets, monitor asset utilization, and ensure optimal usage. This helps improve overall efficiency by allowing underutilized equipment to be relocated to where it is needed. Furthermore, the market is being propelled by the growth in construction activity in both public and private sectors. Numerous infrastructure-related projects are either underway or planned in countries such as India, the Philippines, the UAE, Saudi Arabia, Egypt, Nigeria, and the US. For instance, as part of the "One Hundred Smart Cities" program in the Union Budget of 2014-2015, the Government of India allocated a budget of US$ 1.12 billion for the current fiscal year.

Additionally, the government plans to invest US$ 650 billion in various infrastructure projects across the country in the next 20 years. The Middle East is also seeing several infrastructure projects in progress, such as Jeddah Economic City in Saudi Arabia, Masdar City and Dubailand in the UAE. As a result, there is a surging demand for construction equipment in these regions.

Impact of COVID-19 Pandemic on Global Off-Highway Vehicle Telematics Market

North America is a leading region in the development and adoption of new technologies, boosted by favourable government policies that promote innovation and strengthen infrastructure capabilities. The region has a significant demand for off-highway vehicle telematics due to the increasing investments in advanced technologies, favourable government policies, and a rise in demand for automobiles. However, the recent pause in manufacturing units due to the COVID-19 pandemic has highlighted the off-highway vehicle telematics market's reliance on manufacturing players such as automobile companies and automobile component manufacturers. The automobile industry faced challenges such as electric mobility, driverless cars, automated factories, and ridesharing before the pandemic. With severe restrictions on travel, international manufacturing closures, declining car sales, and significant layoffs, the industry is currently experiencing a major setback. Once the industries return to normal operational conditions, the overall demand for off-highway vehicle telematics is expected to increase.

The global off-highway vehicle telematics market is divided into connectivity, application, technology, and geography. Based on connectivity, the global off-highway vehicle telematics market is bifurcated into cellular-based OHV telematics and satellite-based OHV telematics. In 2020, the cellular-based OHV telematics segment held the larger market share. In terms of application, the off-highway vehicle telematics market is segmented into construction industry OHV telematics, agriculture industry OHV telematics, mining industry OHV telematics, and others. In 2020, the construction industry OHV telematics segment accounted for the largest market share. Based on technology, the off-highway vehicle telematics market is segmented into LTE-M, NB-IoT, Sigfox, and others. In 2020, the LTE-M segment accounted for the largest market share.

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