- The telematics in heavy equipment market is driven by increasing digitization and use of advanced equipment in the industrial sector.
- Integration of the IoT with heavy equipment is also acting as a major driver for market growth.
- However, the complexity of the software solution used for managing the telematics data is inhibiting the growth of the market.
According to a new market research report published by Credence Research “Global Telematics in Heavy Equipment Market (Technology (Cellular, Satellite); Application (Agriculture, Construction, Mining) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027” the telematics in heavy equipment market is set to grow with a CAGR of 10.9% during the forecast period.
The telematics in heavy equipment market is driven by increasing digitization and use of advanced equipment in the industrial sector. Over the past decade, industrial facilities are consumed by the potential of digital work sites, particularly advanced equipment with data communication capabilities. These programs, such as telematics or GPS, not only allow operators to track equipment, but also enable them to monitor the overall functioning of the equipment. This information can significantly enhance the operational efficiency and safety at work sites.
Integration of the IoT with heavy equipment is also acting as a major driver for market growth. Moreover, increasing adoption of the Industry 4.0 Revolution and automation across the industrial facilities are also augmenting demand for telematics in heavy equipment. However, the complexity of the software solution used for managing the telematics data is inhibiting the growth of the market.
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The telematics in heavy equipment market is categorized based on application, into agriculture, construction, and mining. The construction sector accounted for more than a 60% share of revenue in 2018. The growing integration of telematics into the machines and tools for fleet management is driving market growth. Furthermore, a growing need in the construction sector to reduce the cost of operation and enhance the operational efficiency is further driving market growth. On the other hand, the agriculture sector is projected to grow significantly during the forecast period.
Asia Pacific’s telematics in heavy equipment market is projected to grow considerably during the forecast period. Market growth is driven by an increasing demand for advanced equipment across the construction industry. Advancement in wireless communication technologies is also driving demand for telematics solutions in heavy equipment. Furthermore, the growing trend of automation of IoT is accelerating market growth in the region.
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.