Demand for Off-Highway Vehicle (OHV) Telematics to Witness Significant Surge Due to Increasing Cost of Fuel

 

Off-highway Vehicle (OHV) Telematics

Off-highway vehicle (OHV) telematics collects data from various sources, including traffic lights and traffic signs. It finds applications in agriculture, mining, construction, and other industries majorly due to increasing fuel costs. Off-highway vehicle telematics systems are used primarily to improve the delivery of customer service, reduce claims due to mismatches between the time the claim was made and the time it is processed, and increase the profitability of premiums. In order for such systems to work properly, they must be able to provide accurate and timely data in real-time about the conditions encountered during a claim.

When an insurer purchases off-highway vehicle (OHV) telematics system software they are often purchasing the best available technology for managing these various aspects of vehicle and driver tracking. There are many different components that make up these systems. The most basic of components includes the base unit and the portable modules. The base unit is often mounted on the vehicle in such a way that it can be accessed without opening the door and shutting the engine. These systems often have multiple built in gauges and instruments and may include GPS based instruments and vehicle diagnostic instruments.

Off-highway vehicle (OHV) telematics systems can provide an invaluable tool for both insurers and drivers. Many of these systems have been deployed successfully in the United States and several other European countries and have met with great success. The market in Europe is dominated by Germany and the U.K and is 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.

Companies that have deployed off-highway vehicle (OHV) telematics systems have faced significant challenges in securing contracts from primary producers and service providers across the global supply chain. In many cases, the challenges focus on supply chain management practices rather than actual product availability. These challenges have been blamed on insufficient pricing and poor quality and security of the supply chain. As a result of this deficiency, off-road vehicle telematics systems have been unable to penetrate the barriers that have effectively blocked off-road vehicle telematics software solutions from reaching the markets that need them. This has resulted in a dearth of off-road vehicle telematics equipment that is capable of fulfilling the operational needs of the major customer groups across the construction, mining, agriculture and forestry sectors.

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