Increasing Adoption of Telematics in Construction Equipment is Driving the Growth of Telematics in Heavy Equipment Market

Globally, the telematics in heavy equipment market is expected to grow with a CAGR of 10.9% during the forecast period from 2023 to 2030. The market is driven by the wide scale adoption of the telematics solution among the construction machineries and equipment. As the pressure on the construction industry to reduce the cost of operation and enhance efficiency is increasing, the construction organizations are swiftly shifting towards the technology solution to enhance the operational efficiency. Furthermore, the integration of the telematics into the machineries enable the effective fleet management reduces the cost and enhances the profits. 

The rapid advancement in the technology such as wireless technology, GPS technology and telematics is also served as the major factor driving the market growth. However, the low adoption is estimated to be the major inhibitor in the growth of the market. It is estimated that only 18-20% of the construction equipment comes with telematics. The high capital cost of the equipments, and long decision making cycles are the primary factor companies are reluctant to adopt the new equipments. 

Satellite Telematics is Estimated to Grow Significantly During the Forecast Period  

The telematics in heavy equipment market is segmented based on the technology into cellular and satellite telematics. The cellular telematics accounted for more than 80% share in the revenue in 2021. The growth of the market is attributed to the increasing network capabilities of 3G, 4G and LTE network. Furthermore, the advancement in the 5G network infrastructure and increasing activities by the telecom companies to commercial the 5G is further accelerating the market growth. On the other hand, satellite telematics is estimated to grow substantially during the forecast period.

North America is Leading the Telematics in Heavy Equipment Market       

North America led the global telematics in heavy equipment market in 2021 with the market share of more than 45%. The increasing industrialization and urbanization in the region is the major factor driving the market growth. The increasing investment by the construction equipment and machinery manufacturers in the telematics is further accelerating the growth of the market. Moreover, rapid technological advancement in the region also fosters the market growth.

The major vendors in the telematics in heavy equipment market are DPL Telematics, Trimble Inc, ACTIA Group, Geotab Inc, Heavy Construction Systems Specialists Inc, GPS TRACKIT, LHP Telematics LLC, Navman Group, LoJack Corporation, ORBCOMM Inc, TelliQ AB, Teletrac, Telogis, Topcon Corporation, The Morey Corporation, and Zonar Systems Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Telematics In Heavy Equipment market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Telematics In Heavy Equipment market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Telematics In Heavy Equipment market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Telematics In Heavy Equipment market?
• Which is the largest regional market for Telematics In Heavy Equipment market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Telematics In Heavy Equipment market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Telematics In Heavy Equipment market worldwide?