March 31, 2020

Telematics In Heavy Equipment Market size scrutinizes globally in the new report

Telematics in the Heavy Equipment market is expected to grow by 10.9 per cent during the forecast period.

Telematics in the heavy equipment market is driven by growing digitalisation and the use of advanced equipment in the industrial sector. Over the last decade, industrial installations have been consuming the potential of digital work sites, particularly advanced data communication equipment. This equipment, such as telematics, GPS, not only enables operators to monitor the equipment but also enables them to monitor the overall functioning of the equipment. This information may significantly improve operational efficiency and safety at the workplace.

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The integration of IoT based on heavy equipment also acts as a major driver for the growth of the market. In addition, the growing adoption of Industry 4.0 Revolution and Automation across industrial installations is also increasing the demand for telematics in heavy equipment. However, the complexity of the software solution used to manage telematics data is inhibiting the growth of the market.

Telematics in the Heavy Equipment market is categorized by application in agriculture, construction and mining. The construction sector accounted for more than 60% of revenue in 2018. The growing integration of telematics into fleet management equipment and tools is driving the market growth. Moreover, the rising need of the construction sector to reduce operating costs and increase operational efficiency is further riding market growth. On the other hand, during the forecast period, the agricultural sector is expected to grow significantly.

Construction Industry to Remain Key Revenue Contributor In terms of application, the report segments the global market for heavy equipment telematics in construction, agriculture and mining. Currently, the construction industry is the leading contributor of revenue to the overall market. Telematics penetration is increasing significantly in the construction segment as numbers of OEMs are implementing telematics solutions in heavy equipment. Construction is one of the sectors where workers face the highest safety risks. As a result, numerous heavy-duty equipment companies implement telematics in construction equipment to avoid any accidents on construction sites. Due to the growing need for safety and environmental protection for drivers and workers, the penetration of telematics in the construction industry has increased, thereby boosting global telematics in the heavy equipment market.

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Telematics in the heavy equipment market in the Asia Pacific is expected to grow significantly over the forecast period. The market growth is driven by the increasing demand for advance equipment across the construction industry. The advancement of wireless communication technologies also drives demand in heavy equipment for the telematics solution. In addition, the increasing trend of IoT automation is accelerating the region’s market growth.

In North America, the region is expected to rise at a substantial growth rate due to rapid advances in connectivity technologies such as advances in the 5G network, enhanced GPS functionality and satellite communication in telematics. Europe’s multiple telematics providers and fleet management firms offer advanced telematics solutions. As per estimates, the U.K. Due to a large number of smartphone users and the rapid technological innovations in the construction industry, the largest share of telematics in the whole of Europe contributed to the heavy equipment market in 2016.

The prominent vendors of 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.

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