Global Telematics in Heavy Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Telematics in Heavy Equipment Market Overview :

“The global Telematics in Heavy Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report also offers insightful and detailed information regarding the various key players operating in the global telematics in heavy equipment market, and their financials, apart from strategies, acquisitions & mergers, and market footprint.

The global telematics in heavy equipment market has been segmented on the basis of application type, technology type, and region. The global telematics in heavy equipment market is projected to expand at a CAGR of X.X% from 2018 to 2027, and is expected to reach US$XXX million by the end of 2027.

Telematics is basically combines GPS or cellular technology with on-board diagnostics to record, and locate exactly where the car is and how far the car is travelling with cross reference to how the car is behaving internally and is composed of end-user computing devices, computer networks and backbone telecommunications infrastructure.

Telematics includes heavy equipment fleet by optimizing usage, locating equipment, improving preventative maintenance, helping avoid theft, maximizing fuel efficiency, optimize asset utilization, improve preventative maintenance, gain complete fleet visibility and enhance operational efficiency. Telematics involves combination of two broad technologies i.e. telecommunications and information technology in the automotive industry.

It is used for sending, receiving and storing information relating to objects such as vehicles – via telecommunication devices to track heavy equipment vehicles in remote area. Satellite-based tracking devices are also able to track the location of heavy equipment even when they are in remote areas like construction sites, mines, or oil & gas fields.

With their cellular counterparts, satellite-based tracking devices can locate misplaced or stolen equipment or track equipment being used during off-hours or in unauthorized areas. This enables vehicles to be monitored and tracked efficiently thus pose a lucrative opportunity and a vast area to expand. Certain vendors focus on providing differentiated and customized solution across various types of vehicles by enhancing its product solution with various technologies.

The benefits of the telematics start from the ability to connect the equipment to the GPS tracking deployed in the machine. Road infrastructure constraints, increasing demand for connectivity at low cost are the driving factors that are expected to fuel growth of the telematics in heavy equipment market over the forecast period.

In addition, government regulations towards telematics to ensure safety being the key driving factor for the growth of the global telematics in heavy equipment market. However, growing threat of cyber-attacks and limited security offered are likely to hinder the growth of global telematics in heavy equipment market growth in the forecasted period.

Adoption of Big data and analytics in telematics in order to enhance solution efficiency and productivity is the current trend witnessed across certain vendors. It can reduce material costs and improve supply chain, increase product yield, as well as improve product quality and safety. In addition, integration of telematics with Application Platform Interface (API) aids further productivity as it can streamline data gathering process in order to gain quicker insights is another trend witnessed globally.

The global telematics in heavy equipment market report has been segmented on the basis of application type, technology type, and region. On the basis of application, the global Telematics in heavy equipment market is segmented into vehicle tracking, fleet management, satellite navigation, vehicle safety communication and others. On the basis of technology, the global telematics in heavy equipment market is segmented into cellular and satellite. On the basis of region, the global telematics in heavy equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Currently, the North America dominates the global telematics in heavy equipment market in terms of revenue due to stringent government regulation to provide safety on roads. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing adoption for telematics which is expected to boost growth of the global telematics in heavy equipment market.

Global Telematics in Heavy Equipment Market Segmentation:

Segmentation on the basis of application type:

• Vehicle Tracking
• Fleet Management
• Satellite Navigation
• Vehicle Safety Communications
• Others

Segmentation on the basis of technology type:

• Cellular
• Satellite

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa