Decline in The Automotive Sector due to Covid-19 Pandemic Significantly Impacts Off-highway Vehicle (OHV) Telematics 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:

  • Employee journeys between their home and place of work, with an additional diversion of up to two kilometers also allowed

  • No more than 750 kilometers in total for each FBT year

  • 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.

Competitive Analysis

Key players operating in the global off-highway vehicle (OHV) telematics market are 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.

April 2019: ORBCOMM Inc. launched its enhanced web platform and its latest telematics devices for heavy equipment industry.

April 2019: Bridgestone Europe NV/SA, a subsidiary of Bridgestone Corporation, acquired TomTom Telematics, a subsidiary of TomTom International BV for US$ 1 billion.

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