Market Size –
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 growth in the historic period can be attributed to increasing investments in infrastructure modernization, increasing the number of residential and commercial building activities, government regulations to improve safety across construction sites, increasing usage of excavators and other construction equipment in telematics, and increasing demand for 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 growth in the forecast period can be attributed to rising construction activities, expansion of the real estate industry, rising preference for asset tracking solutions, growing investments in the digitalization of the construction sector, and increasing demand in the mining sector. Major trends in the forecast period include increasing demand for predictive maintenance, product development, and innovations, adoption of artificial intelligence (AI), adoption of the internet of things (IoT), and the adoption of connected technologies.
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Scope Of Construction Machinery Telematics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Construction Machinery Telematics Market Overview
Market Drivers –
The rising construction activities are expected to propel the growth of the construction machinery telematics market going forward. Construction activities encompass a wide range of tasks involved in the planning, executing, and completing building projects. These activities are essential for creating residential, commercial, and industrial structures and infrastructure projects such as roads, bridges, and tunnels. The increasing construction activities are due to urbanization, infrastructure development, and population growth. Construction machinery telematics is extremely useful for improving efficiency, safety, and cost-savings across rising construction and infrastructure activities by providing real-time data on equipment location, performance, and utilization to optimize workflows, enhance maintenance, and increase safety. For instance, in June 2023, according to the quarterly construction inquiry published by the Northern Ireland Statistics and Research Agency, a Northern Ireland-based public authority, from the first quarter of 2022 to the first quarter of 2023, the overall construction industry expanded by 6.5%, with the housing sector of construction increasing by 11.1% and the infrastructure subsector by 3.7%. Therefore, rising construction and infrastructure activities are driving the growth of the construction machinery telematics market.
Market Trends –
Major companies operating in the construction machinery telematics market are developing advanced solutions, such as new mixed-fleet telematics systems, to enhance equipment monitoring and management across diverse machinery brands. A mixed-fleet telematics system refers to technology that enables unified monitoring and management of various brands and construction machinery within a single platform. For instance, in February 2022, Hitachi Construction Machinery (UK) Limited, a UK-based manufacturing construction equipment company, launched the CTFleet Link system, a new telematics system specifically designed for fleets of mixed construction equipment. It allows users to monitor the performance and location of their Hitachi equipment and their equipment from other manufacturers via a live online portal. CTFleet Link stands out in the industry because of its high reporting frequency and its capability to display ISO15143-3 operational data, including idling time and fuel usage.
The construction machinery telematics market covered in this report is segmented –
1) By Machinery Type: Crane, Excavator, Telescopic Handling, Loaders And Backhoes
2) By Component: Hardware, Software
3) By Telematic Feature: Tracking Source, Diagnostic Source, Other Telematics Features
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Construction Machinery Telematics Market Report Structure
3. Construction Machinery Telematics Market Trends And Strategies
4. Construction Machinery Telematics Market – Macro Economic Scenario
5. Construction Machinery Telematics Market Size And Growth
…..
27. Construction Machinery Telematics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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