Construction Machinery Telematics Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033

The Business Research Company recently released a comprehensive report on the Global Construction Machinery Telematics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The construction machinery telematics market size has grown rapidly in recent years. It will grow from $1.03 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increasing investments in infrastructure modernization, increasing the number of residential and commercial building activities, government regulations to improve safety across construction sites, increasing usage of excavators and other construction equipment in telematics, and increasing demand for operational efficiency.

The construction machinery telematics market size is expected to see rapid growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to rising construction activities, expansion of the real estate industry, rising preference for asset tracking solutions, growing investments in the digitalization of the construction sector, and increasing demand in the mining sector. Major trends in the forecast period include increasing demand for predictive maintenance, product development, and innovations, adoption of artificial intelligence (AI), adoption of the internet of things (IoT), and the adoption of connected technologies.

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Market Drivers and Trends:

The rising construction activities are expected to propel the growth of the construction machinery telematics market going forward. Construction activities encompass a wide range of tasks involved in the planning, executing, and completing building projects. These activities are essential for creating residential, commercial, and industrial structures and infrastructure projects such as roads, bridges, and tunnels. The increasing construction activities are due to urbanization, infrastructure development, and population growth. Construction machinery telematics is extremely useful for improving efficiency, safety, and cost-savings across rising construction and infrastructure activities by providing real-time data on equipment location, performance, and utilization to optimize workflows, enhance maintenance, and increase safety. For instance, in June 2023, according to the quarterly construction inquiry published by the Northern Ireland Statistics and Research Agency, a Northern Ireland-based public authority, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5%, with the housing sector of construction increasing by 11.1% and the infrastructure subsector by 3.7%. Therefore, rising construction and infrastructure activities are driving the growth of the construction machinery telematics market.

Major companies operating in the construction machinery telematics market are developing advanced solutions, such as new mixed-fleet telematics systems, to enhance equipment monitoring and management across diverse machinery brands. A mixed-fleet telematics system refers to technology that enables unified monitoring and management of various brands and construction machinery within a single platform. For instance, in February 2022, Hitachi Construction Machinery (UK) Limited, a UK-based manufacturing construction equipment company, launched the CTFleet Link system, a new telematics system specifically designed for fleets of mixed construction equipment. It allows users to monitor the performance and location of their Hitachi equipment and their equipment from other manufacturers via a live online portal. CTFleet Link stands out in the industry because of its high reporting frequency and its capability to display ISO15143-3 operational data, including idling time and fuel usage.

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Major Key Players of the Market:

Caterpillar Inc., Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra, Hitachi Construction Machinery Co. Ltd., Deere & Company, Bosch Rexroth AG, Rosenberger Telematics GmbH, Trimble Inc., JLG Industries Inc., Topcon Corporation, EquipmentShare.com Inc., Samsara Inc., Geotab Inc., Teletrac Navman US Ltd., Inseego Corp., Mix Telematics Limited, Trackunit Corporation, Orbcomm Inc., ABAX Group AS, Tenna LLC, Hyundai Construction Equipment Co. Ltd., Cellutrak Canada Inc., J C Bamford Excavators Ltd., MachineMax

Construction Machinery Telematics Market 2024 Key Insights:

• The construction machinery telematics market size is expected to see rapid growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Rising Construction Activities Fuel Growth In The Construction Machinery Telematics Market
• Advancements In Telematics Enhancing Construction Machinery Management
• North America was the largest region in the construction machinery telematics market in 2023

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