Telematics in Heavy equipment Market to See Increased Competition Due to Foray of New Players

The competition in the global market for telematics in heavy equipment is likely to heat up in the years to come because of the foray of numerous solution providers. At present, prominent names in the industry are mostly based out of developed countries, with operations worldwide.

Daimler Trucks North America, Trimble Inc., MiX Telematics, Zonar Systems, Inc., GPS Insight, Telogis, Masternaut Limited, PACCAR Inc., Topcon Corporation, Teletrac Navman Group, DPL Telematics, Inseego Corp., Element Fleet Management Corp., LHP Telematics, SmartDrive Systems, Inc., OEM Data Delivery, LoJack Corporation, TeMeDa, LLC, and GPSTrackIt are to name a few of such key players in the global telematics in heavy equipment market.

According to a Transparency Market Research report, the global telematics in heavy equipment market will likely register a solid CAGR of 15.1% in the forecast period between 2017 and 2025 to become worth US$6.47 bn by the end of 2025.

Which factors are serving to drive the market?

Telematics helps in collecting, recording, and transmitting vehicle operational data on a web-based platform which can be analyzed by vehicle owners for useful insights. Rising demand for different field positioning capabilities offered by the telematics has led to a surge in the use of telematics solutions in heavy equipment across countries. Surging use of smartphones, high speed data networks, and numerous advantages of telematics has upped uptake of telematics in heavy equipment. However, one factor acting as a roadblock to the market is the expenditure required for research and development.

What are key applications of telematics in heavy equipment?

Telematics in heavy equipment mainly find application in vehicle tracking, vehicle safety communications, fleet management, satellite navigation, etc. At present, the vehicle tracking application leads the market with maximum share and in the years ahead too will hold on to its dominant share. This is primarily on account of the need to bring down the number of accidents on the road caused by increasing urban population and ability of people to buy personal cars – all of which have served to make thoroughfares congested and dangerous. The vehicle tracking application helps to constantly monitor their location, movements, status, and behavior. The application of fleet management is seeing increasing uptake too for the very same reason. 


Why is Asia Pacific a dominant market?

Based on geography, South America, North America, Europe, Asia Pacific, and the Middle East and Africa are the key segments in the global telematics in heavy equipment market. Asia Pacific, among them, leads the market in terms of revenue generation owing to latest wireless connectivity options such as 4G and 5G network, M2M connectivity, and GPS and Bluetooth in countries of China, India, and Japan. Of the three countries, India is expected to register maximum growth because of the increasing adoption advanced driver assistance system (ADAS) sensors and mobile devices. Overall, the Asia Pacific market is anticipated to surpass all other by clocking a CAGR of 15.6% over the course of the forecast period between 2017 and 2025.

What makes North America a key region?

North America, powered by the U.S., is another key region in the global telematics in heavy equipment market. It follows Asia Pacific in the second position. The market in the region has been boosted mostly by companies domiciled in the region that are focused on offering technologically superior solutions to customers. Apart from that, rapid progress in connectivity technologies such as 5G network, enhanced GPS function, and satellite communication in telematics, used in vehicle tracking application is also positively impacting the market. The market is expected to rise at a 15.3% CAGR in the forecast period to become worth US$1.83 bn by 2025.

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