Construction & Heavy Equipment Telematics Market worth $1,498 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 17, 2021 /PRNewswire/ -- According to the new market research report "Construction & Heavy Equipment Telematics Market by Solution (asset tracking, diagnostics, fleet safety), Industry (Construction, Mining, Tractor), Technology, Hardware, Form factor, Vehicle category, & Region - Global Forecast to 2026", published by MarketsandMarkets™, 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%.
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104 – Tables
51 – Figures
220 – Pages
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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.
The Construction & Heavy Equipment Telematics Market saw a decline in 2020 as the construction, agriculture, and mining industries witnessed a considerable decline in operations due to the COVID-19 pandemic. However, as per MnM projections, the market is anticipated to recover at a significant rate during the forecast period because of the increased demand for telematics solutions in the post-COVID-19 scenario as compared to the pre-COVID-19 scenario.
Asset tracking segment is expected to drive the market from 2021 to 2026
The asset tracking segment is estimated to hold the largest market share in the Construction & Heavy Equipment Telematics Market. The asset tracking solution works with the aid of several technologies such as GPS, GSM, and GPRS for precisely detecting, locating, and handling fleets in real-time. With the help of this solution, individual and fleet companies can track the location of assets and keep a precise watch on asset performance by using the location and movement data for further analysis. It also reduces operating costs by optimizing routing management. North America is currently estimated to account for the largest market share because of the significance of asset tracking and monitoring services for off-highway equipment. Fleet managers have been largely using this solution to track the status of their assets and know their location to eliminate the possibility of theft
Existing fleet is expected to be the largest market, by vehicle category, in 2021
By vehicle category, the existing fleet is estimated to be the largest segment of the market in 2021 because of larger base volume of existing fleet for construction, agriculture, and mining equipment. The usage of telematics for the existing fleet is getting popular due to the availability of cellular technologies such as 5G in remote working locations. The market share for telematics in new sales is expected to increase with an increase in penetration of telematics in NRMM, especially in developing economies such as South Africa, Brazil, and India.
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Asia Pacific is projected to be the fastest-growing market during the forecast period
One of the key drivers for the Asia Pacific market is the increased demand for safety and navigation services, particularly in China, Japan, India, and South Korea. Moreover, the region accounts for the largest market in terms of sales of construction, agriculture, and mining equipment. Although Asia Pacific has a relatively lower penetration of telematics solutions than North America and Europe at present, it is projected to grow at the fastest CAGR during the forecast period. With higher penetration of telematics for new equipment as well as the existing fleet, the region is expected to create attractive market opportunities.
Key Market Players:
The report analyzes all major players in the Construction & Heavy Equipment Telematics Market including Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch (Germany) are expected to be the market leaders. These players have adopted strategies such as new product launches, partnerships, supply orders, expansions, and acquisitions to increase their share and diversify and strengthen their business networks in the construction and heavy equipment telematics market.
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