Connected Off-highway Equipment Market, Global, 2024-2030

The Market is Experiencing Transformational Growth Mainly Due to Customer Preferences and Data-driven Decisions

The construction, mining, and agricultural equipment industries comprise high-cost equipment that addresses specific requirements and applications; however, these equipment accumulate significant operational and maintenance costs throughout their life cycles. While equipment utilization used to be a concerning metric, the growing labor shortage, reduced parts availability, and project timeline lags have given rise to solutions focusing on prognostics, asset productivity, and real-time data. The increasing focus on project deadlines and sustainability and the growing emphasis on minimizing costs have resulted in increasing customer demand for the integration of solutions to enable the tracking of heavy machinery and peripheral units in single software applications.

In addition, the evolution of sensor technologies and the influx of start-ups in the connected agriculture space are increasing competitive intensity in precision agriculture, thereby driving demand for telematics in the sector. OEMs are concentrating on acquiring and forging partnerships with information technology, alternative/innovative technology companies, and start-ups to gain intellectual property (IP), experience, and market reach. Cross-industry participants are seeking alternative revenue streams to enter the connected off-highway equipment market. The dynamic market environment and emerging economies will not only increase adoption but also create new revenue streams and strengthen customer relationships for key stakeholders.