PUBLISHER: The Business Research Company | PRODUCT CODE: 1546452
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546452
Construction and heavy equipment telematics involves the integration of telecommunications and informatics to monitor and manage the performance, location, and utilization of construction and heavy equipment using GPS, sensors, and data analytics. Its primary goals are to optimize equipment usage, improve operational efficiency, ensure safety, and reduce maintenance costs through real-time data and insights.
This field encompasses various segments, including asset tracking, fuel management, fleet performance reporting, navigation, diagnostics, equipment maintenance, fleet safety, and other solutions. It utilizes technologies such as cellular and satellite communication, offers different hardware configurations such as embedded, integrated, and tethered devices, and caters to vehicle categories such as new and existing fleets across industries such as construction, agriculture, mining, and others.
The construction and heavy equipment telematics market research report is one of a series of new reports from The Business Research Company that provides construction and heavy equipment telematics market statistics, including construction and heavy equipment telematics industry global market size, regional shares, competitors with a construction and heavy equipment telematics market share, detailed construction and heavy equipment telematics market segments, market trends and opportunities, and any further data you may need to thrive in the construction and heavy equipment telematics industry. This construction and heavy equipment telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The construction and heavy equipment telematics market size has grown rapidly in recent years. It will grow from $0.84 billion in 2023 to $1.01 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth observed in the historic period can be attributed to several factors, improving equipment utilization and productivity, reducing operational costs, ensuring compliance with safety protocols and regulatory requirements, enhancing job site efficiency and coordination, and monitoring and minimizing environmental impact through efficient equipment operation and effective fuel management strategies.
The construction and heavy equipment telematics market size is expected to see rapid growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The forecasted growth can be attributed to several factors, seamless integration with enterprise resource planning (ERP) systems, growing automation in construction and heavy equipment operations, expansion of urban areas, and rising customer demands for efficient project delivery. Key trends expected in this period include the adoption of advanced technologies such as IoT (Internet of Things), enhanced hardware for better data collection, storage, and cloud-based processing, geofencing and geo-location services, and the use of AI algorithms for predictive equipment maintenance and operational optimization.
The construction and heavy equipment telematics market is set to benefit from the increasing number of global infrastructure projects. These projects, which involve large-scale initiatives by governments, private entities, or public-private partnerships, aim to develop, upgrade, or maintain essential physical structures and facilities. Key drivers include urbanization, government investments, technological advancements, and the growing demand for improved transportation and utility systems. Telematics in construction and heavy equipment play a crucial role in enhancing efficiency, reducing operational costs, improving project management, and ensuring timely project completion through real-time monitoring and data-driven decision-making. For example, in July 2022, infrastructure investments in low- and middle-income countries rebounded significantly, according to the World Bank. Private participation in infrastructure commitments totaled $91.7 billion across 263 projects, marking a notable 23% increase from 2021's $74.5 billion. This resurgence underscores the role of infrastructure growth in driving the construction and heavy equipment telematics market.
Major players in this market are increasingly focusing on developing advanced solutions tailored for managing fleets of construction and heavy equipment. These solutions, such as telematics platforms, integrate telecommunications and informatics to collect, transmit, and analyze vehicle and equipment data. They are pivotal in enhancing operational efficiency, safety, maintenance optimization, and providing real-time monitoring and diagnostics capabilities. For instance, Caterpillar Inc., a leading US-based equipment manufacturer, launched the VisionLink Productivity platform in March 2023. This cloud-based telematics platform is designed for PM600 and PM800 cold planers, offering detailed jobsite and machine data, productivity dashboards, and robust reporting. Such advanced features bolster operational visibility, efficiency, and cost optimization, consolidating Caterpillar's leadership in the construction and heavy equipment telematics sector.
In May 2024, Geoforce, a US-based company specializing in cloud-based asset tracking platforms, acquired Temeda to enhance its fleet management capabilities in industrial equipment. This acquisition expands Geoforce's portfolio with Temeda's telematics platform expertise, reinforcing competitiveness in the construction and heavy equipment telematics market and broadening its customer base.
Major companies operating in the construction and heavy equipment telematics market are Verizon Connect, Robert Bosch, Caterpillar Inc, John Deere, Komatsu Ltd, CNH Industrial, Kubota Corporation, Kobelco Construction Machinery, Liebherr Group, Volvo Construction Equipment, Hitachi Construction Machinery Co. Ltd, Hilti Corporation, JCB, Yanmar Co. Ltd., Hexagon AB, Trimble Inc., Topcon Corporation, Astec Industries, Geotab, Doosan Infracore, Orbcomm, Octo Telematics, DPL Telematics, Dynapac
North America was the largest region in the construction & heavy equipment telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction and heavy equipment telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the construction and heavy equipment telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The construction and heavy equipment telematics market includes revenues earned by entities by providing services such as remote monitoring, fleet management, asset tracking and management, monitoring operator behavior, automatically scheduling maintenance, and ensuring equipment compliance with regulatory standards. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The construction and heavy equipment telematics market consists of sales of products such as telematics control units, sensors, communication modules, on-board display units, and storage devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Construction And Heavy Equipment Telematics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on construction and heavy equipment telematics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for construction and heavy equipment telematics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The construction and heavy equipment telematics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.