The vendor landscape of the global telematics in the heavy equipment market is becoming increasingly competitive due to the rising number of companies and the rapid pace of technological advancement in the field of telematics. Telematics solution providers focus on providing solutions with integrated wireless connectivity and easy-to-use interfaces to acquire a larger consumer base and observes Transparency Market Research in a recent report.
According to the report, the global telematics in the heavy equipment market is expected to rise to a valuation of US$1,743.8 mn by 2025, registering an impressive CAGR of 11.5% from 2017 to 2025.
The global market for telematics in the heavy equipment sector is chiefly driven due to the rising demand for various field positioning capabilities offered by telematics. The vast rise in the usage of portable mobile computing devices such as smartphones, rapidly expanding network of high-speed internet, and the enormous set of benefits that telematics offer, including driver-alert control systems and collision warning systems in vehicles, has also increased the adoption of telematics in heavy equipment.
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Thriving Construction Industry to Help Market Grow at Rapid Pace
The global telematics in the heavy equipment market also benefits from the rising demand from the thriving global construction industry. Growing usage of mobile devices, advancements in wireless communication technologies, and increasing telematics adoption in the construction industry are fundamental factors expected to boost the global telematics in the heavy equipment market during the forecast period. The penetration of telematics in the construction sector is increasing significantly as several OEMs implement telematics solutions in their equipment for added benefits such as keeping an effective track of equipment performance. Operators realise more benefits of telematics, such as theft reduction, reduced fuel consumption, and improved efficiency of heavy equipment. Telematics also provides safety to fleet operators by enabling them to observe noise limit requirements and real-time site access. These factors are expected to significantly impact the overall development of global telematics in the heavy equipment market.
The report segments the global telematics in heavy equipment market into construction, agriculture, and mining in terms of application. Of these, the construction industry is presently the leading revenue contributor to the overall market. The penetration of telematics in the construction segment is increasing significantly as number of OEMs implement telematics solutions in heavy equipment. Construction is one of the sectors with the highest safety risks for workers. Hence, heavy-duty equipment companies are implementing telematics in construction equipment to avoid any accidents on construction sites. Due to the increasing need for drivers’ and workers’ safety and environment protection, the penetration of telematics in the construction industry has increased, thereby boosting the global telematics in the heavy equipment mark.
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North America to Continue Leading Global Market in Coming Years
North America emerged as the leading revenue-generating region in the global telematics in the heavy equipment market, followed by the Asia Pacific. The Asia Pacific regional market is likely to expand at the highest CAGR over the report’s forecast period. Factors such as the rising consumer base of mobile devices and the presence of a thriving construction sector, and the availability of a large number of heavy-duty equipment in the region are expected to boost Asia Pacific telematics in the heavy equipment market period. In terms of critical applications, the global telematics in the heavy equipment market is expected to acquire a significant share in its revenue from the construction sector in the next few years owing to the increased need for the safety of drivers and workers.
Some of the leading companies in the market are Navman Group, Heavy Construction Systems Specialists Inc., Geotab Inc., Topcon Corporation, Zonar Systems Inc., Teletrac, Trimble Inc., LoJack Corporation, ACTIA Group, and The Morey Corporation.
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