The projected size of the global construction and heavy equipment telematics market is expected to reach USD 1,498 million by 2026, with a compound annual growth rate (CAGR) of 17.2% from the estimated value of USD 676 million in 2021.
Factors driving the growth of the construction and heavy equipment telematics market include the increasing demand for telematics solutions in off-highway equipment and government mandates focusing on the safety and security of such equipment. Opportunities in the market are expected to arise from the Electronic Logging Device (ELD) mandate for construction and mining equipment, as well as regulations pertaining to autonomous mining equipment. These factors will contribute to the growing demand for telematics solutions in the coming years.
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The construction and heavy equipment telematics market experienced a decline in 2020 due to the impact of the COVID-19 pandemic on the construction, agriculture, and mining industries. However, it is projected to recover at a significant rate during the forecast period, with increased demand for telematics solutions in the post-pandemic scenario compared to the pre-pandemic situation.
The asset tracking segment is expected to drive the market between 2021 and 2026. Asset tracking solutions utilize technologies such as GPS, GSM, and GPRS to accurately detect, locate, and manage fleets in real-time. This solution enables individual and fleet companies to track asset locations and monitor their performance, leading to optimized routing management and reduced operating costs. In North America, asset tracking and monitoring services for off-highway equipment hold significant importance, making it the largest market share region. Fleet managers extensively utilize asset tracking solutions to track asset status and location, mitigating the risk of theft.
In terms of vehicle category, the existing fleet is estimated to hold the largest market share in 2021. This is due to the larger volume of existing fleet for construction, agriculture, and mining equipment. The adoption of telematics for the existing fleet is gaining popularity, especially with the availability of cellular technologies like 5G in remote working locations. However, the market share for telematics in new equipment sales is expected to increase as telematics penetration grows in Non-Road Mobile Machinery (NRMM), particularly in developing economies such as South Africa, Brazil, and India.
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The Asia Pacific region is projected to be the fastest-growing market during the forecast period. Increased demand for safety and navigation services, particularly in China, Japan, India, and South Korea, is one of the key drivers for the market in this region. Additionally, Asia Pacific accounts for the largest market in terms of sales of construction, agriculture, and mining equipment. Although telematics solutions currently have lower penetration in Asia Pacific compared to North America and Europe, the region is expected to present attractive market opportunities as telematics adoption increases for both new equipment and the existing fleet.
Key players in the construction and heavy equipment telematics market include Verizon, Trimble Inc., Topcon Corporation, Hexagon AB, and Robert Bosch. These market leaders have implemented strategies such as new product launches, partnerships, supply orders, expansions, and acquisitions to enhance their market share, diversify their offerings, and strengthen their business networks in the construction and heavy equipment telematics market.
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