Construction & Heavy Equipment Telematics Market to Reach USD 1,498 million by 2026

“Increase in demand for telematics solutions in off-highway equipment and government mandates on safety and security of off-highway equipment are set to drive the construction and heavy equipment telematics market”

The global construction & heavy equipment telematics market size is projected to reach USD 1,498 million by 2026, from an estimated value of USD 676 million in 2021, at a CAGR of 17.2%. Increase in demand for telematics solutions in off-highway equipment and government mandates on safety and security of off-highway equipment are the driving factors that are expected to boost the construction and heavy equipment telematics market. ELD mandate for construction and mining equipment and regulations on autonomous mining equipment will offer favorable opportunities and propel the demand for telematics solutions in the coming years.

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“By hardware, infotainment display unit is projected to be the largest markets during the forecast period”

Infotainment display unit enables features such as hands-free calls and data transfer commands. The advanced interface and high-resolution video and audio quality make the telematics unit and infotainment display unit more usable, informative, and attractive. Audio/video interface is a crucial part of telematics solutions for displaying real-time information about navigation maps, equipment speed, multimedia options, climate, and others. Over the coming years, manufacturers in the market would shift to audio/video interfaces with virtual imaging features.

“By solution, diagnostics is expected to be the fastest market owing to significance of maintenance activities”

Remote diagnostics offer health and diagnosis reports for the equipment through a wireless medium network. It detects the faults related to the engine and sends real-time information, either proactively sent by the equipment itself or requested by the authorized service stations. The generated Diagnostic Trouble Codes (DTC) are analyzed at the backend and sent back to the user after analysis. This also helps understand the frequency of a problem diagnosed within the equipment. It helps the mechanic provide remote services by reducing the service time of the equipment, which, in turn, results in improved service quality and overall customer satisfaction. North America is expected to hold a major share of the diagnostics segment because of its large base volume and the highest penetration of telematics. RoW is speculated to be the fastest-growing market for diagnostics because of increasing adoption of telematics and advanced technologies in South America. According to primary respondents, several mining-heavy countries in the region have low focus on maintenance. The region could witness faster adoption of diagnostics solutions to ensure timely maintenance of mining equipment.

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This release was published on openPR.