ALBANY, N.Y., March 4, 2021 /PRNewswire/ -- Telematics technology incorporates on-board diagnostics, log and report data, GPS technology, and monitoring sensors allowing tracking of heavy equipment utilized for various operations. Data regarding idle hours of the machine, system alarms, GPS location, and use of fuel can all be accessed via a web portal. The importance of insights and real-time data to heavy equipment operators and fleet owners is stimulating more interest in the integration of telematics system into heavy equipment machineries. These factors are likely to support development of the global telematics in heavy equipment market in the near future.
In addition, expansion of the global telematics in heavy equipment market is likely to be driven by rising implementation of telematics in the construction sector, innovations in wireless communication technology, and augmented use of mobile devices. The rapid development of the connectivity infrastructures in developing countries around the world are anticipated to provide exciting possibilities for telematics providers in the heavy equipment industry.
It is expected that the global telematics in heavy equipment market will hit a size of US$ 1743.8 Mn by 2025. The market is estimated to expand at a growth rate of 6.3 % CAGR. As more OEMs incorporate telematics technology in heavy equipment, the adoption of telematics in the construction industry is expected to increase dramatically in the years to come.
Multiple Benefits of this Technology to Accelerate its Demand in the Market
The growing demand for various field-positioning capabilities offered by telematics is prophesized to drive the the global telematics in heavy equipment market. Rapidly developing network of high-speed internet along with the rising use of portable mobile computing devices, such as smartphones, are likely to drive demand in the market. Besides, numerous benefits of telematics, such as crash warning systems in vehicles and driver-alert control systems is likely to bolster penetration of telematics in heavy equipment sector.
High Demand from the Construction Industry to Open Plethora of Opportunities
The global telematics in heavy equipment market is positioned to gain immensely from its increasing demand from the thriving building and construction industry. The utilization of telematics in the construction industry is growing rapidly, which is likely to augur well for the market. Besides, a rising number of OEMs integrate telematics technology into their equipment in a bid to obtain additional benefits like maintaining a better track of equipment's performance. Operators have been observing several benefits of telematics, such as reduced consumption of fuel, diminished theft, and improved overall growth of the said market.
Booming Construction Sector to Offer Promising Growth Opportunities in Asia Pacific
Over the forecast timeframe, numerous factors such as the expanding base of mobile device customers, availability of a vast number of heavy duty equipment, and the existence of a flourishing construction industry in the region are estimated to bolster growth of the market in the Asia Pacific region. In terms of main applications, the global telematics in heavy equipment market is prophesized to gain a substantial share of revenue from the construction industry in the coming years. Growing need for protection for workers and drivers is likely to drive the demand for this technology in the regional construction sector, which is likely to boost growth of the telematics in heavy equipment market in Asia Pacific region.
Telematics in Heavy Equipment Market: Growth Drivers
Telematics is increasingly being used in the construction industry, as a growing number of OEMs incorporate telematics technology into their equipment so as to obtain additional benefits such as better monitoring of equipment output.
Increasing utilization of mobile devices, telematics adoption in the construction sector, and innovations in wireless communication technology are some of the crucial factors expected to drive the global telematics in heavy equipment market.
While many well-known telematics solution providers are located in developed countries, they also operate in the developing countries.
Analyze global telematics in heavy equipment market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Telematics in Heavy Equipment Market: Key Competitors
The Morey Corporation
Zonar Systems Inc.
Heavy Construction Systems Specialists Inc.
Explore 254 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Telematics in Heavy Equipment Market (End Use - Agriculture, Construction, and Mining; Technology - Cellular and Satellite) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025 at https://www.transparencymarketresearch.com/telematics-heavy-equipment-market.html
Global Telematics in Heavy Equipment Market: Segmentation
Intelligent Transportation System Market – The global intelligent transportation system market is estimated to expand at a CAGR of ~10% and surpass US$ 60 Bn by 2030 driven by the urgency to develop transport infrastructure in order to cope with increasing traffic congestion in urban areas across the globe.
Automotive Telematics Market – The automotive telematics market is projected to reach a value of ~US$ 99 Bn by 2027, expanding at a CAGR of ~17% during the forecast period. The automotive telematics market is likely to be driven by the rise in preference for security and safety features in vehicles.
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