According to a new market report published by Transparency Market Research titled “Telematics in heavy equipment Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”, the global telematics in heavy equipment market is expected to reach a value of US$ 6,473.3 million (€5480.97 million) by 2025. The market is projected to expand at a CAGR of 15.1% during the forecast period from 2017 to 2025.
Telematics is used to collect, record, and transmit vehicle operational data on a web-based platform which can be used by vehicle owner for further analysis. Growing demand for various field positioning capabilities offered by the telematics has increased the penetration and growth of telematics solutions in heavy equipment globally. Increasing usage of smartphones, availability of high speed data networks and various benefits of telematics has increased the adoption of telematics in heavy equipment, says Pragati Pathrotkar, senior SEO at Transparency Market Research.
Developed regions such as North America and Western Europe are expected to witness increased adoption of telematics for vehicle tracking and fleet management over the forecast period. However, the high R&D expenditure on telematics equipment is likely to be limiting factor for the global telematics in heavy equipment market growth in the coming years. The key trends prevalent in the telematics in heavy equipment market are adoption of big data in telematics and integration of telematics with Application Platform Interface (API).
In terms of application, the market has been divided into vehicle tracking, fleet management, satellite navigation, vehicle safety communications and others. Adoption of telematics for fleet management and tracking of vehicles is increasing rapidly in order to reduce the accidents on the field.
Vehicle tracking application segment is expected to consistently dominate during the forecast period owing to the growing need for monitoring the location, movements, status and behavior of a vehicle or fleet of vehicles in order to reduce accidents and vehicle theft on the field.
Apart from vehicle tracking, satellite navigation segment is also expected to hold significant market share during the forecast period. The numerous advancements such as 4G and 5G networks, advanced GPS, implementation of Internet of Things (IoT) and big data are expected to boost the telematics in heavy equipment market. Increasing use of telematics in various applications such as road safety and transportation, wireless communication, internet and multimedia services is enhancing the growth of telematics in heavy equipment market across different regions of the world.
On the basis of technology, the global telematics in heavy equipment market is segmented into cellular and satellite. Cellular segment is anticipated to grow at highest CAGR during the forecast period as the cellular network is available in most places and it is very affordable to set up.
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa and South America. In 2016, Asia Pacific was the topmost revenue generating region followed by North America. The global telematics in heavy equipment market in Asia Pacific is further expected to grow at highest CAGR by 2025. Factors such as increasing usage of mobile devices and presence of large number of heavy duty vehicles in the region are expected to boost Asia Pacific telematics in heavy equipment market over the forecast period.
Europe is also anticipated to grow at significant CAGR during the forecast period owing to the ongoing technological advancements and increasing investments in construction industry. Middle East & Africa and South America are expected to grow at significant rate owing to the increasing technological advancements in telematics in the regions.
The company profiling of key players in the global telematics in heavy equipment market includes company overview, major business strategies adopted, SWOT analysis and market revenues for years 2014 to 2016.
The company profiling of key players in the global telematics in heavy equipment market includes company overview, major business strategies adopted, SWOT analysis and market revenues for years 2014 to 2016.
The key players profiled in the global Telematics in heavy equipment market include Trimble Inc., MiX Telematics, Daimler Trucks North America, Zonar Systems, Inc., Telogis, Masternaut Limited, Topcon Corporation, Teletrac Navman Group, PACCAR Inc., Inseego Corp., Element Fleet Management Corp., DPL Telematics, LHP Telematics, LoJack Corporation, OEM Data Delivery, TeMeDa, LLC, SmartDrive Systems, Inc., GPS Insight and GPSTrackIt.
The author of this blog is Pragati Pathrotkar, senior SEO at Transparency Market Research
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