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(I-AutoNewsWire.com, July 20, 2021 ) 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%. 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.
As autonomous technology continues to develop and prices fall to a more affordable level, the number of autonomous off-highway equipment will grow in the coming years. Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch GmbH (Germany), some of the market leaders, offer extensive telematics solutions in the off-highway industry. These companies have strong distribution networks at the global level and strategic partnerships with off-highway OEMs would drive the use of autonomous equipment.
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By industry, mining is speculated to create attractive revenue opportunities during the forecast period. The use of telematics in the mining industry has improved safety, productivity, and operational efficiency from pit to port by replacing manual mining operations, including exploration, drilling, blasting, digging, loading, hauling, crushing, transportation, and ship loading; with fully autonomous and connected systems. Telematics can help manage everyday operations to keep everything running efficiently within a mining site, from available resources to real-time locations of assets. Monitoring haul cycles helps mine managers address delays and make real-time modifications. Based on fleet data, information from telematics indicates where delays are likely to occur, which can be addressed immediately. Mining sites rely heavily on mobile light towers, but they can be a costly resource when staff needs to visit and manually check each one. GPS tracking allows remote management of towers, with data such as fuel level, engine data, and light status sent live to the server. Hence, telematics for the mining industry is anticipated to witness optimistic market opportunities.
By form factor, demand for embedded segment is projected to be the fastest by 2025. The growth of embedded telematics in the long term can be attributed to various disruptive factors such as government mandates, cost optimization of service plans, and increase in cloud-based services. Moreover, the adoption of 5G technology, which provides high-speed connectivity, will shift the inclination of manufacturers and buyers toward embedded telematics solutions. Additionally, embedded solutions offer faster and reliable data communication between the equipment and infrastructure. All these factors have contributed to the market size of embedded telematics solutions across regions.
RoW is a diversified region for the off-highway industry, especially for mining and agriculture. The key markets considered for this study in the region include Brazil, South Africa, Argentina, Chile, Peru, Saudi Arabia, Iran, and Turkey. South Africa is one of the key countries in the region. The entry of OEMs through strategic partnerships and mergers & acquisitions and enforcement of relevant regulations are expected to augment the deployment of telematics in South Africa. Major telematics solution providers in South Africa include TomTom Telematics and MiX Telematics. Local market players (such as Mix Telematics) in South Africa will result in low-cost telematics solutions as compared to the imported ones, which will drive the construction and heavy equipment telematics market in the country.
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COVID-19 Impact on Market
The COVID-19 pandemic has disrupted markets on a global scale. The off-highway industry is experiencing an uncertain recovery timeline due to the introduction of various mutants of the virus in certain parts of the world. The pandemic has had a considerable impact on the telematics solution providers’ revenue. Construction, agriculture, and mining applications are considered as essential services. Countries have focused on maintaining the operations of the off-highway industry. Government mandates on safety and security of off-highway equipment and Increase in demand for telematics solutionsin off-highway equipment are expected to drive the market. With the advent of new mutants of the COVID-19 disease, its impact on the off-highway industry and economies of global countries may jolt the market in 2021.
The construction & heavy equipment telematics market is likely to witness a significant increase in demand with developments in various services and automated technologies along with connectivity advancements. Majority of OEMs are making efforts to design and develop various services that meet end-user requirements. Also, these OEMs aim to develop fully automated equipment that could increase the demand for telematics services.
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Mr. Aashish Mehra