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.
New York, June 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction & Heavy Equipment Telematics Market by Solution, Industry, Technology, Hardware, Form Factor, Vehicle Category & Region - Global Forecast to 2026" - https://www.reportlinker.com/p06097870/?utm_source=GNW
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.
In-depth interviews were conducted with directors, CEOs, managers, consultants, and executives from various key organizations operating in this market.
• By Company Type: Supply Side – 60%, Demand Side – 40%
• By Designation: D Level –60%, C Level –20%, and Others – 20%
• By Region: North America – 50%, Europe –30%, and Asia Pacific –20%
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.
This study segments the construction & heavy equipment telematics market and forecasts the market size based on solution [asset tracking, fuel management, fleet performance reporting, navigation, diagnostics, equipment/fleet maintenance, fleet safety, and others (equipment utilization and geo-fencing)]; industry (construction, agriculture, and mining); technology (cellular and satellite); hardware (telematics control unit and infotainment display unit); form factor (embedded, integrated, and tethered); vehicle category (new sales and existing fleet); and region (Asia Pacific, Europe, North America, and Rest of the World).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall construction & heavy equipment telematics market.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
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