Connected Off-highway Equipment Growth Opportunities

OEMs Lead the Market; Cross-participant and Cross-industry Collaborations Extend Reach

Over the past 5 years, more off-highway (agricultural, construction, and mining) equipment rental companies, shared platform providers, and service relationship management companies have been providing customers with solutions that address labor shortages, inventory management needs, and high operational and maintenance costs, creating significant demand for telematics services.

While OEMs and dealerships are partnering with digital solution providers and suppliers for inventory optimization, stand-alone platform providers are enhancing their purchasing processes for various customer segments through equipment and parts auctioning and peer-to-peer sharing and renting. They are partnering with technology suppliers and even with competitors to provide a smart, all-in-one experience to the end user. End customers are implementing prognostics, operator monitoring, and other fleet management solutions to better manage costs.

Regional and global standards and regulations related to data exchange and security will influence how equipment, users, and other industry stakeholders communicate with each other.

Demand for customized applications/features targeting fleet management, geofencing, prognostics, and staff forecasting will increase along with service and maintenance applications such as inventory management and optimization. Offering site and equipment management under a single platform will prove important in the short term for off-highway equipment providers.