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Telematics in Heavy Equipment Market - Rising Number of Accidents Make Vehicle Tracking Key Application Segment

11-17-2017 11:21 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
The competition in the global telematics in heavy equipment market is expected to intensify in the years to come on the back of entry of a host of new players. At present, prominent companies in the market are based out of developed countries, but have worldwide operations. Serving to boost growth in the market is the rising usage of smartphones, availability of high speed data networks, and different types of telematics. Acting as a roadblock to the market is the high cost of research and development.

According to Transparency Market Research, the global telematics in heavy equipment market is expected to rise at a CAGR of 15.1% from 2017 to 2025 to become worth US$6.47 bn by 2025-end.

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Rising Number of Accidents Make Vehicle Tracking Key Application Segment

Depending upon application, the key segments of the global telematics heavy equipment market are vehicle tracking, fleet management, satellite navigation, vehicle safety communications, etc. Of them, the vehicle tracking application dominates the market and in the years ahead too will continue to retain its dominant position. This is because of the pressing need to bring down the number of accidents – fatal or not – on account of the increasing number of vehicles plying on the road through monitoring their location, movements, status, and behavior. For the same reason, the application of fleet management is also seeing rising adoption. Satellite navigation is another key application segment in the global telematics heavy equipment market which accounts for a substantial share.

Technology-wise, the global telematics in heavy equipment market is segmented into cellular and satellite. Of them, the cellular segment is anticipated to clock maximum growth as cellular network is available in most places and it is relatively affordable to set up.

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Asia Pacific Dominates Market Because of Advanced Wireless Connectivity

Geographically, Asia Pacific leads the market for telematics heavy equipment with maximum share. The region is also expected to clock maximum CAGR of 15.6% during the period from 2017 to 2025. Rising at this solid pace, the market in the region is expected to grow its dominant share in revenue to US$2.26 bn by 2025. This is because of the increased availability of advanced wireless connectivity options such as M2M connectivity, 4G and 5G network, GPS and Bluetooth in countries of China, India, and Japan.

Automobile manufacturers and telematics service providers are collaborating with each other to provide integrated solutions to the end-users. India, among the three countries, is estimated to register maximum growth owing to the rising uptake of advanced driver assistance system (ADAS) sensors and mobile devices.

North America, powered by the U.S., trails Asia Pacific in terms of market size. The region’s market has seen good growth so far on the back of players focusing on providing technologically superior solutions to customers. Besides, swift progress in connectivity technologies, namely 5G network, enhanced GPS function, and satellite communication in telematics is also benefitting the vehicle tracking application, thereby boosting the market. The market is expected to rise at a 15.3% CAGR in the forecast period to become worth US$1.83 bn by 2025.

Some of the key players in the global telematics in heavy equipment market are Trimble Inc., MiX Telematics, Daimler Trucks North America, Zonar Systems, Inc., Telogis, Masternaut Limited, Topcon Corporation, Teletrac Navman Group, Element Fleet Management Corp., DPL Telematics, LHP Telematics, LoJack Corporation, OEM Data Delivery, SmartDrive Systems, Inc., GPS Insight, and GPSTrackIt.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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