Increasing Adoption of Telematics in Construction Equipment is Driving the Growth of Telematics in Heavy Equipment Market
Globally, the telematics in heavy equipment market is expected to grow with a CAGR of 10.9% during the forecast period from 2019 to 2027. The market is driven by the wide scale adoption of the telematics solution among the construction machineries and equipment. As the pressure on the construction industry to reduce the cost of operation and enhance efficiency is increasing, the construction organizations are swiftly shifting towards the technology solution to enhance the operational efficiency. Furthermore, the integration of the telematics into the machineries enable the effective fleet management reduces the cost and enhances the profits.
The rapid advancement in the technology such as wireless technology, GPS technology and telematics is also served as the major factor driving the market growth. However, the low adoption is estimated to be the major inhibitor in the growth of the market. It is estimated that only 18-20% of the construction equipment comes with telematics. The high capital cost of the equipments, and long decision making cycles are the primary factor companies are reluctant to adopt the new equipments.
Market Synopsis
Get a sample copy for more information
Satellite Telematics is Estimated to Grow Significantly During the Forecast Period
The telematics in heavy equipment market is segmented based on the technology into cellular and satellite telematics. The cellular telematics accounted for more than 80% share in the revenue in 2018. The growth of the market is attributed to the increasing network capabilities of 3G, 4G and LTE network. Furthermore, the advancement in the 5G network infrastructure and increasing activities by the telecom companies to commercial the 5G is further accelerating the market growth. On the other hand, satellite telematics is estimated to grow substantially during the forecast period.
Get a sample copy for more information
North America is Leading the Telematics in Heavy Equipment Market
North America led the global telematics in heavy equipment market in 2018 with the market share of more than 45%. The increasing industrialization and urbanization in the region is the major factor driving the market growth. The increasing investment by the construction equipment and machinery manufacturers in the telematics is further accelerating the growth of the market. Moreover, rapid technological advancement in the region also fosters the market growth.
Get a sample copy for more information
The major vendors in the telematics in heavy equipment market are DPL Telematics, Trimble Inc, ACTIA Group, Geotab Inc, Heavy Construction Systems Specialists Inc, GPS TRACKIT, LHP Telematics LLC, Navman Group, LoJack Corporation, ORBCOMM Inc, TelliQ AB, Teletrac, Telogis, Topcon Corporation, The Morey Corporation, and Zonar Systems Inc.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The telematics in heavy equipment market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global telematics in heavy equipment market based on technology, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Technology Segment (2017–2027; US$ Bn)
• Cellular
• Satellite
|
|
Application Segment (2017–2027; US$ Bn)
• Agriculture
• Construction
• Mining
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of telematics in heavy equipment in 2018 and forecast up to 2027?
- Which is the largest regional market for telematics in heavy equipment?
- What are the major trends followed in telematics in heavy equipment market across different regions?
- Who are the key companies in the telematics in heavy equipment market?
- What are the key strategies adopted by the leading telematics in heavy equipment companies in market?
Unique data points of this report
- Statistics on telematics in heavy equipment and spending worldwide
- Recent trends across different regions in terms of adoption of telematics in heavy equipment across connectivity
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
