PUBLISHER: The Business Research Company | PRODUCT CODE: 1559128
PUBLISHER: The Business Research Company | PRODUCT CODE: 1559128
Construction machinery telematics involves incorporating telecommunications and informatics technologies into construction equipment to monitor, gather, and transmit data regarding the machinery's performance, location, usage, and condition. This technology facilitates real-time tracking and management of construction equipment, which boosts operational efficiency, maintenance, and safety.
The primary types of construction machinery equipped with telematics include cranes, excavators, telescopic handlers, and loaders and backhoes. A crane, for instance, is a large machine used to lift and transport heavy objects in construction and industrial environments. Telematics systems comprise both hardware and software, featuring elements such as tracking and diagnostic tools. Sales are made through various channels, such as original equipment manufacturers (OEMs) and the aftermarket.
The construction machinery telematics market research report is one of a series of new reports from The Business Research Company that provides construction machinery telematics market statistics, including the construction machinery telematics industry's global market size, regional shares, competitors with a construction machinery telematics market share, detailed construction machinery telematics market segments, market trends and opportunities, and any further data you may need to thrive in the construction machinery telematics industry. This construction machinery telematics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The construction machinery telematics market size has grown rapidly in recent years. It will grow from $1.03 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The expansion observed in the historical period can be linked to a rise in investments aimed at modernizing infrastructure, an increase in residential and commercial construction projects, government regulations designed to enhance safety on construction sites, greater use of telematics in excavators and other construction machinery, and a growing focus on operational efficiency.
The construction machinery telematics market size is expected to see rapid growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The anticipated growth during the forecast period is driven by heightened construction activities, the growth of the real estate sector, a rising preference for asset tracking solutions, increased investments in the digital transformation of construction, and growing demand within the mining industry. Key trends for the forecast period include a greater focus on predictive maintenance, advancements in product development and innovations, the integration of artificial intelligence (AI), the adoption of the Internet of Things (IoT), and the implementation of connected technologies.
The growth in construction activities is anticipated to drive the expansion of the construction machinery telematics market. Construction activities involve a variety of tasks necessary for the planning, execution, and completion of building projects, which are crucial for developing residential, commercial, and industrial structures, as well as infrastructure projects such as roads, bridges, and tunnels. This increase in construction activities is attributed to factors such as urbanization, infrastructure development, and population growth. Construction machinery telematics plays a significant role in enhancing efficiency, safety, and cost-effectiveness in these growing construction and infrastructure projects by offering real-time data on equipment location, performance, and usage. This data helps optimize workflows, improve maintenance, and boost safety. For example, in June 2023, the Northern Ireland Statistics and Research Agency reported a 6.5% overall expansion in the construction industry from the first quarter of 2022 to the first quarter of 2023, with the housing sector growing by 11.1% and the infrastructure subsector by 3.7%. Thus, the increase in construction and infrastructure activities is fueling the growth of the construction machinery telematics market.
Leading companies in the construction machinery telematics market are developing advanced solutions, such as new mixed-fleet telematics systems, to improve equipment monitoring and management across various machinery brands. A mixed-fleet telematics system allows for the unified monitoring and management of different brands and types of construction machinery from a single platform. For instance, in February 2022, Hitachi Construction Machinery (UK) Limited launched the CTFleet Link system, a telematics solution designed for mixed fleets of construction equipment. This system enables users to track the performance and location of both Hitachi and other manufacturers' equipment via an online portal. The CTFleet Link system is notable for its high reporting frequency and its ability to display ISO15143-3 operational data, including idling time and fuel consumption.
In September 2021, Trackunit A/S, a US-based company specializing in fleet management solutions for the construction industry, acquired the industrial IoT division of ZTR Control System LLC. This acquisition, the terms of which were not disclosed, will allow Trackunit to create a unified telematics business serving the construction sector on a global scale, providing enhanced efficiency and a wider range of services. ZTR Control System LLC, also based in the US, offers telematics solutions for construction equipment and machinery.
Major companies operating in the construction machinery telematics market are Caterpillar Inc., Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra, Hitachi Construction Machinery Co. Ltd., Deere & Company, Bosch Rexroth AG, Rosenberger Telematics GmbH, Trimble Inc., JLG Industries Inc., Topcon Corporation, EquipmentShare.com Inc., Samsara Inc., Geotab Inc., Teletrac Navman US Ltd., Inseego Corp., Mix Telematics Limited, Trackunit Corporation, Orbcomm Inc., ABAX Group AS, Tenna LLC, Hyundai Construction Equipment Co. Ltd., Cellutrak Canada Inc., J C Bamford Excavators Ltd., MachineMax
North America was the largest region in the construction machinery telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction machinery telematics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the construction machinery telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The construction machinery telematics market consists of revenues earned by entities by providing services such as real-time location tracking, performance monitoring, fuel management, and operator behavior monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The construction machinery telematics market also includes sales of telematics control units (TCUs), maintenance monitoring systems, and GPS tracking 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 Machinery 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 machinery 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 machinery 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 machinery 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.
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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.