Global Telematics in Heavy Equipment Market Is Expected To Reach USD 1.8 Billion By 2027 At A CAGR Of 17.2 percent.
A report on the Global Telematics in Heavy Equipment Market by Maximize Market Research offers a thorough analysis for the forecast period of 2022 to 2027.
Global Telematics in Heavy Equipment Market Scope:
For market participants, the research presents thorough market insights that include the sector’s recent, ongoing, and anticipated developments as well as anticipated market size and trends. Additionally, it offers a clear explanation of complex market data. The research looks at every industry category, with a focus on key businesses including market leaders, laggards, and new entrants. The whole PESTLE analysis for each country is included in the booklet. Since it offers a thorough analysis of the competitive landscape of the leading competitors in the Global Telematics in Heavy Equipment Market by goods and services, revenue, financial state, portfolio, growth strategies, and geographical presence, the report serves as an investor’s guide.
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Global Telematics in Heavy Equipment Market Overview:
Telematics is a technology that keeps track of a variety of data about a single vehicle or a fleet as a whole. Since many years ago, telematics has been utilised in the logistics sector to locate trucks, containers, and other assets. The technology offers new advantages while still serving a similar function in the heavy equipment and construction sectors. Asset tracking provides better security and defence against equipment and vehicle theft, abuse, and appropriation.
Global Telematics in Heavy Equipment Market Dynamics:
Telematics is essential in lowering workplace risks for operators and employees. While telematics can assist reduce possible risks and harm from operator error, engineering advancements cannot totally preclude human errors. The development of technologies including Wi-Fi, GPS, and telematics is estimated to spur market expansion. The shift toward telematics solutions by end-use industries including agriculture, construction, and mining to improve operational efficiency is also anticipated to fuel market expansion. The market growth is also estimated to be constrained by the limited adoption of the telematics solution.
Currently, the market’s largest source of revenue comes from the construction sector. As more OEMs integrate telematics solutions in heavy equipment, telematics use in the construction sector is significantly rising. One of the industries where workers face the greatest safety dangers is construction. In order to prevent accidents on construction sites, many heavy duty equipment firms are installing telematics in their equipment. The adoption of telematics in the construction industry has expanded, supporting the global market for telematics in heavy equipment as a result of the growing requirement for driver and worker safety as well as environmental protection.
Global Telematics in Heavy Equipment Market Regional Insights:
The Asia-Pacific region is expected to hold the major share of the Global Telematics in Heavy Equipment Market over the forecast period. The Asia-Pacific region is expected to hold the major volume of the Global Telematics in Heavy Equipment Market over the forecast period. The GDP of the major Asian Pacific nations is increasing quickly. The Asia Pacific Global Telematics in Heavy Equipment Market is majorly driven by the significant adoption rate of telematics in heavy equipment with various advanced wireless connectivity options, including M2M connectivity, 3G and 4G network, GPS, and Bluetooth across countries, namely China, India, and Japan. To offer integrated solutions to the end-users, heavy equipment manufacturers and telematics service providers are working together. India is expected to experience the highest CAGR growth among the Asia Pacific nations throughout the forecast period due to the country’s increasing use of mobile devices and sensors from Advanced Driver Assistance Systems (ADAS).
Middle East and Africa region is expected to grow rapidly at a highest CAGR during the forecast period. This is due to rising smartphone usage and technological developments in the Middle East and Africa region.
Global Telematics in Heavy Equipment Market Segmentation:
By End-Use Industry:
Global Telematics in Heavy Equipment Market Key Competitors:
• ACTIA Group
• LoJack Corporation
• The Morey Corporation
• TelliQ AB
• Topcon Corporation
• GPS TRACKIT
• LHP Telematics, LLC
• DPL Telematics
• Trimble Inc.
• Heavy Construction Systems Specialists Inc.
• ORBCOMM Inc.
• Geotab Inc.
• Zonar Systems Inc.
• Teletrac Navman Group
• Navman Group
• Tom Tom
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