Dublin, July 28, 2021 (GLOBE NEWSWIRE) -- The "Construction & Heavy Equipment Telematics Market by Solution (Asset Tracking, Diagnostics, Fleet Safety), Industry (Construction, Mining, Tractor), Technology, Hardware, Form Factor, Vehicle Category & Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global construction & heavy equipment telematics market size is projected to reach USD 1,498 million by 2026, from an estimated value of USD 676 million in 2021, at a CAGR of 17.2%.
An increase in demand for telematics solutions in off-highway equipment and government mandates on safety and security of off-highway equipment are the driving factors that are expected to boost the construction and heavy equipment telematics market.
ELD mandate for construction and mining equipment and regulations on autonomous mining equipment will offer favorable opportunities and propel the demand for telematics solutions in the coming years.
"By hardware, infotainment display unit is projected to be the largest markets during the forecast period"
Infotainment display unit enables features such as hands-free calls and data transfer commands. The advanced interface and high-resolution video and audio quality make the telematics unit and infotainment display unit more usable, informative, and attractive.
Audio/video interface is a crucial part of telematics solutions for displaying real-time information about navigation maps, equipment speed, multimedia options, climate, and others. Over the coming years, manufacturers in the market would shift to audio/video interfaces with virtual imaging features.
"By solution, diagnostics is expected to be the fastest market owing to significance of maintenance activities"
Remote diagnostics offer health and diagnosis reports for the equipment through a wireless medium network. It detects the faults related to the engine and sends real-time information, either proactively sent by the equipment itself or requested by the authorized service stations. The generated Diagnostic Trouble Codes (DTC) are analyzed at the backend and sent back to the user after analysis.
This also helps understand the frequency of a problem diagnosed within the equipment. It helps the mechanic provide remote services by reducing the service time of the equipment, which, in turn, results in improved service quality and overall customer satisfaction. North America is expected to hold a major share of the diagnostics segment because of its large base volume and the highest penetration of telematics.
RoW is speculated to be the fastest-growing market for diagnostics because of increasing adoption of telematics and advanced technologies in South America. According to primary respondents, several mining-heavy countries in the region have low focus on maintenance. The region could witness faster adoption of diagnostics solutions to ensure timely maintenance of mining equipment.
"Europe is projected to be the second-largest market throughout 2026"
EU regulations regarding safety have led to an increase in penetration of telematics solutions, and the trend is expected to be followed by other regions. Europe is also home to several major off-highway OEMs such as Volvo, Liebherr, Sandvik, Epiroc, and JCB. Off-highway is one of the key contributors to the economy of Europe.
To increase the overall efficiency and safety, there is a drift from conventional systems to advanced connected systems. This drift is expected to positively impact the demand for construction, agriculture, and mining with telematics solutions in the future. The market growth in the region can be attributed to stringent regulations in the EU.
Advanced technologies would improve safety and minimize the risk of collisions and hazardous situations. European countries have a strong network infrastructure capable of providing seamless services for telematics solutions. Hence, Europe presents a considerable growth opportunity for telematics solutions, services, and applications.
Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch GmbH (Germany) are some of the leading construction & heavy equipment telematics companies in the global market.
Market Dynamics
Drivers
- Increasing Demand for Telematics in Off-Highway Equipment
- Government Mandates on Safety and Security of Off-Highway Equipment
Restraints
- Cost Sensitivity of Fleet Owners
- Complete Network Coverage and Elimination of Blind Spots
Opportunities
- Eld Mandate for Construction and Mining Equipment
- Standards for Autonomous Mining Equipment
Challenges
- Lack of Data Security and Privacy Concerns
- Lack of Standardization
Construction & Heavy Equipment Telematics Market, COVID-19 Impact - Scenario Analysis (2019-2026)
- Construction & Heavy Equipment Telematics Market, Most Likely Scenario
- Construction & Heavy Equipment Telematics Market, Optimistic Scenario
- Construction & Heavy Equipment Telematics Market, Pessimistic Scenario
- Construction & Heavy Equipment Telematics Market (Pessimistic), by Region, 2018-2026 (USD Million)
Safety & Regulatory Landscape
Ecosystem Map
Patent Analysis
Technology Analysis
Case Study
- Construction
- Off-Road Truck and Equipment Rental
Trends/Disruptions Impacting Customer's Business
Company Profiles
- Verizon
- Trimble Inc.
- Topcon Corporation
- Hexagon Ab
- Robert Bosch Gmbh
- Webfleet Solutions
- Sierra Wireless
- Orbcomm
- Calamp Corp.
- Actia Group
Additional Companies
North America
- Geotab Inc.
- Zonar Systems
- The Morey Corporation
- Teletrac Navman Inc.
- Heavy Construction Systems Specialists
- Wireless Links
- Lhp Telematics
- Dpl Telematics
- Gps Trackit
Europe
- Box Telematics Limited
- Telliq Ab
- Dsa Daten- Und Systemtechnik Gmbh
- Telic Ag
- Frotcom
Rest of the World
- Mix Telematics
For more information about this report visit https://www.researchandmarkets.com/r/1eya43