Telematics in Heavy Equipment Market: Rising Penetration of Telematics in Construction Sector to Spell Growth for Market
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.
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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.
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.
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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.
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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India is estimated to grow at significant CAGR among the countries in Asia Pacific region during the forecast period owing to the growing adoption of Advanced Driver Assistance System (ADAS) sensors and mobile devices. Construction segment is expected to hold highest market share in China in Asia Pacific in 2025. In Middle East and Africa region, GCC countries held highest market share in 2016 followed by South Africa owing to the infrastructure development and increasing advancements in wireless communication technologies.
Cellular technology segment is projected to grow at significant CAGR in Middle East and Africa over the forecast period due to increasing usage of smartphones and advancements in technology. In South America, Brazil is expected to grow at highest CAGR among other countries during forecast period due to ongoing technological advancements and launch of new innovative telematics solutions by number of players.
The key players in the global telematics in heavy equipment market include Trimble Inc., Telogis, Heavy Construction Systems Specialists Inc., ORBCOMM Inc., Geotab Inc., Zonar Systems Inc., Teletrac, Navman Group, ACTIA Group, LoJack Corporation, The Morey Corporation, TelliQ AB, Topcon Corporation, GPS TRACKIT, LHP Telematics, LLC, and DPL Telematics.
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