Telematics in Heavy Equipment Market: Snapshot
Growing usage of mobile devices, advancements in wireless communication technologies and increasing adoption of telematics in construction industry are some of the fundamental factors that are expected to boost the global telematics in heavy equipment market during the forecast period.
Number of prominent telematics solution providers are based in the developed countries, however, they are having operations from developing countries as well. In 2016, North America region held highest market share for telematics in heavy equipment market followed by Asia Pacific. Telematics solution providers in North America are focusing on offering various advanced technology solutions to the consumers. The U.S. held highest market share in 2016 for North America and is estimated to grow at significant CAGR during the forecast period owing to the growing investments by heavy equipment companies in telematics technology.
In North America, due to the rapid advancements in connectivity technologies such as advancements of 5G network, enhanced GPS function and satellite communication in telematics, the region is expected to rise at significant growth rate. Multiple telematics providers and fleet management companies from Europe are offering advanced telematics solutions. As per estimates, the U.K. contributed highest share to total Europe telematics in heavy equipment market in 2016 owing to the significant number of smartphone users and rapid technology innovations in construction industry.
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Global telematics in heavy equipment market is expected to grow at CAGR of 11.5% during the forecast period from 2017 to 2025. According to estimates, construction segment held the highest market share in 2016 and expected to grow at significant CAGR during the forecast period.
Construction Industry to Remain Key Contributor of Revenue
In terms of application, the report segments the global telematics in heavy equipment market into construction, agriculture, and mining. Of these, the construction industry is presently the leading revenue contributor to the overall market. The penetration of telematics in construction segment is increasing significantly as number of OEMs are implementing telematics solutions in heavy equipment. Construction is one of the sectors with the highest safety risks for workers. Hence, number of heavy duty equipment companies are implementing telematics in construction equipment to avoid any accidents on construction sites. Due to increasing need for drivers’ and workers’ safety and environment protection, the penetration of telematics in construction industry has increased thereby boosting the global telematics in heavy equipment market.
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Asia Pacific to Provide Promising Growth Opportunities
Major countries in Asia pacific are growing rapidly in terms of GDP. The substantial adoption rate of telematics in heavy equipment with different advanced wireless connectivity options such as M2M connectivity, 3G and 4G network, GPS and Bluetooth across countries namely China, India and Japan in the region is expected to drive the Asia Pacific telematics in heavy equipment market. Heavy equipment manufacturers and telematics service providers are collaborating with each other to provide integrated solutions to the end-users.
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