Telematics in Heavy Equipment Market: Global Industry Analysis and Forecast (2021-2029)

Telematics in Heavy Equipment Market was valued at US$ 1,243 Mn in 2021. Global Telemetric in Heavy Equipment Market size is expected to grow at a CAGR of 12% through the forecast period.
Telematics in Heavy Equipment Market Overview:
A piece of equipment telematics system is a system that sends data for a piece of equipment across a communication network. Vehicle telematics also known as fleet telematics uses GPS tracking and onboard communication systems to communicate vehicle information. The principle is the same; the difference is that, as opposed to being installed on cars, telematics is used to track various sorts of industrial equipment.



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Tracking and monitoring are two of telematics' most popular uses. It may trace the whereabouts of powered and unpowered equipment via tracking. Additionally, to monitor, it keeps an eye on fuel usage, fault codes, engine diagnostics, and various sensor data for different pieces of equipment. Heavy equipment telematics solutions gives an analytical report about past performance and future scope. It is presented in graphs and pie-chart form to make it better to understand.

2021 is considered as a base year to forecast the market from 2022 to 2029. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.

COVID-19 Impact on Market:

The market is impacted by the COVID-19 outbreak. The return of the off-highway business has an uncertain timetable. As a result of the advent of various viral mutations in specific areas of the world. The revenue of the companies offering telematics solutions has been significantly impacted by the epidemic. Applications in mining, agriculture, and construction are regarded as important services. Countries have concentrated on preserving the off-highway industry's operations. The market is expected to be driven by government regulations pertaining to the safety and security of off-highway equipment as well as an increase in consumer demand for telematics. The impact of the COVID-19 disease's new mutations on the off-highway industry and the economies of several nations shock the market.

With improvements in several services, automated technologies, and connectivity, the demand for construction and heavy equipment telematics is expected to rise significantly. The majority of OEMs are working to build and provide a range of services that satisfy end-user needs. These OEMs also intend to create completely automated machinery, which boosts demand for telematics services.
Telematics in Heavy Equipment Market Dynamics:

Market Drivers:

Telematics in the heavy equipment market is driven by the wide-scale adoption of the telematics solution among the construction machinery and equipment. Construction firms are quickly embracing technology as a solution to improve operational efficiency as the pressure on the sector to lower operating costs and increase efficiency grows. Additionally, effective fleet management is made possible by the incorporation of telematics into the machinery, which lowers costs and increases profits.

Fast development in technology such as GPS technology, wireless technology and telematics also served as the key factor driving the growth of the telematics in heavy equipment market.With the aid of tracking capabilities, equipment telematics also offers advantages such as improved visibility, less downtime, and theft prevention.Some of the key drivers expected to propel the telematics in heavy equipment market during the forecast period include rising mobile device usage, improvements in wireless communication technologies, and rising telematics adoption in the construction sector.

Market Restraints:

The main factor hampering the market's growth is the low adoption. Only 18 to 20 % of construction equipment is thought to have telematics. The main reasons why businesses are hesitant to accept new equipment are the high capital costs of the equipment and the lengthy decision-making processes.

Market Opportunities:

ELD is required for any self-propelled or towed motorized vehicles in the off-highway sector, including dump trucks and cement mixers. In the new rule, agricultural equipment has received some limited exemptions. In order to record driving time more efficiently and accurately for Hours of Service (HOS) purposes, an ELD synchronizes with a vehicle's engine. Paper logs and an older recorder known as the Automatic On-Board Recording Device are expected to be replaced by ELD (AOBRD).

The telematics industry now has a new source of income thanks to this obligation. According to information provided by current vendors, 3 million automobiles are probably affected.This has accelerated the demand for the introduction of innovative, scalable products and services to satisfy both current and future needs.

Market Challenges:

In order to obtain valuable information, the data generated by a vehicle is transmitted via a wireless channel for additional interpretation and analysis. From designing, development, and integration through the implementation stage, telematics-based communication encompasses several stages. The information must be delivered precisely and at the appropriate moment. The obtained data is evaluated and used in a variety of ways, including maintenance and repair reports, accident alarms, navigation, and weather, to satisfy governmental restrictions (safety-related features). But growing internet access exposes equipment to vulnerabilities as it becomes more connected to the outside world.
Telematics in Heavy Equipment Market Segment Analysis:
Based on Technology, the cellular segment held the xx% of market share in 2021.Despite the widespread use of 4G connectivity for communication, several regional governments are intending to introduce 5G connectivity for better and quicker communication. In order to create 5G technology for data connectivity in the automobile industry, Tier-I firms are forming strategic alliances. The telematics market is anticipated to be driven by newer, quicker technologies like 4G LTE and the eventual 5G (in the not too distant future). The telematics industry is anticipated to be driven by the expanding capabilities of 5G technology as well as rising off-highway equipment sales. The future expansion of the telematics solutions market, however, may be constrained by a lack of standardization and worries about data security and privacy.



Based on the Application, the fleet management segment held the xx% of share in 2021.A significant factor driving the expansion of telematics in the heavy equipment market is the rising demand for fleet management systems from the transportation sector in order to lower operational costs due to rising maintenance costs. Additionally, the fleet management system has a number of advantages, including cheaper maintenance costs, reduced fuel consumption, and a reduction in traffic accidents.
Telematics in Heavy Equipment Market Regional Insights:
The North America region dominated the market with XX % share in 2021. TheNorth Americaregion is expected to witness significant growth at a CAGR of XX% through the forecast period.

The region is expected to increase at a substantial rate due to the quick development of connectivity technologies including the 5G network, improved GPS capabilities, and satellite communication in telematics. Advanced telematics solutions are available from numerous European fleet management and telematics vendors. According to the maximize findings, the UK supplied the largest part of the overall European heavy equipment telematics market due to a large number of smartphone users and the quick technological advancements in the construction sector.

The GDP of the major Asian Pacific nations is increasing quickly. The Asia Pacific telematics in heavy equipment market is expected to be 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). In China and the Asia Pacific region, the construction sector is anticipated to have the biggest market share. The GCC countries, which were followed by South Africa in terms of market share in the Middle East and Africa, did so as a result of infrastructure growth and the rapid development of wireless communication technologies.

The objective of the report is to present a comprehensive analysis of the Global Telematics in Heavy Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Telematics in Heavy Equipment Marketdynamic, structure by analyzing the market segments and projecting the Telematics in Heavy Equipment Marketsize. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Telematics in Heavy Equipment Marketmake the report investor’s guide.
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Global Telematics in Heavy Equipment Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 1243Mn.


Forecast Period 2022 to 2029 CAGR:
12%
Market Size in 2029:
US$ 3,077.62 Mn.


 Segments Covered:
by Technology
• Cellular
• Satellite


by Application
• Fleet Management
• Vehicle Tracking
• Satellite Navigation
• Vehicle Safety Communication
• Others



Telematics in Heavy Equipment Marketby Region
• North America
• Europe
• Asia Pacific
• SouthAmerica
• Middle East and Africa
Telematics in Heavy Equipment MarketKey Players
• Trimble Inc
• Mix Telematics
• Daimer Trucks North America
• Topcon Corporation
• Masternaut Limited
• Inseego Corp.
• Zonar System, Inc.
• Element Fleet Management Corp.
• DPL Telematics
• TeletracNavman Group
• PACCAR Inc.
• LHP Telematics
• LoJack Corporation
• OEM Data Delivery
• TeMeDa,LLC
• GPS Insight
• SmartDrive System, Inc

Frequently Asked Questions:

1] What segments are covered in the Global Telematics in Heavy Equipment Market report?
Ans. The segments covered in the Telematics in Heavy Equipment Market report are based on Technology and Application.

2] Which region is expected to hold the highest share in the Global Telematics in Heavy EquipmentMarket?
Ans. The North America region is expected to hold the highest share in the Telematics in Heavy Equipment Market.

3] What is the market size of the Global Telematics in Heavy Equipment Market by 2029?
Ans. The market size of the Telematics in Heavy Equipment Market by 2029 is expected to reach US$ 3,077.62 Mn.

4] What is the forecast period for the Global Telematics in Heavy Equipment Market?
Ans. The forecast period for the Telematics in Heavy Equipment Market is 2020-2029.

5] What was the market size of the Global Telematics in Heavy Equipment Market in 2021?
Ans. The market size of the Telematics in Heavy Equipment Market in 2021 was valued at US$ 1243 Mn.