The increasing advancement in telematics and the rising adoption of easy-to-use interfaces for obtaining a larger consumer base is projected to augment the growth of the global telematics in the heavy equipment market. Telematics deals with the transmission of computerized data via long distances.
Construction Industry is Holding Dominant Share on account of Increasing Adoption by Heavy-Duty Equipment Companies
With respect to segmentation by application, the global telematics in the heavy equipment market is dominated by the construction industry on account of the increasing adoption of telematics solutions by OEM. Various heavy-duty equipment organizations are implementing telematics in development equipment to stay away from any mishaps on building destinations. Because of increasing requirements for drivers' and laborers' wellbeing and climate insurance, the entrance of telematics in the development industry has increased in this manner boosting the worldwide telematics in the heavy equipment market.
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According to Transparency Market Research, the global telematics in the heavy equipment market is projected to rise at a CAGR of 11.5% to reach USD 1743.8 million by the end of the forecast period. The forecast period is set between 2017 and 2025.
Rapid Expansion of Internet of Things Across Manufacturing Unites will Bolster Growth
The growing use of cell phones, progressions in remote correspondence innovations, and increasing reception of telematics in the development industry is a portion of the key factors that are relied upon to support the worldwide telematics in the heavy equipment market during the forecasted period. The worldwide market for telematics in the heavy equipment area is predominantly determined because of the rising interest in different field positioning capacities offered by telematics. The huge ascent in the utilization of compact portable computing gadgets, for example, cell phones, quickly expanding organization of rapid internet, and the tremendous arrangement of advantages that telematics offer, including driver-ready control frameworks and impact warning frameworks in vehicles, has additionally increased the reception of telematics in heavy equipment.
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The worldwide telematics in the heavy equipment market additionally profits from the rising interest from the thriving worldwide development industry. The growing use of cell phones, progressions in remote correspondence advances, and increasing telematics reception in the development industry are major components expected to support the worldwide telematics in the heavy equipment market during the figure time frame. The entrance of telematics in the development area is increasing essentially as a few OEMs execute telematics arrangements in their equipment for added advantages like keeping a successful track of equipment execution. Administrators acknowledge more advantages of telematics, like burglary decrease, diminished fuel utilization, and further developed proficiency of heavy equipment. Telematics likewise gives security to armada administrators by enabling them to notice clamor limit prerequisites and ongoing site access. These elements are relied upon to altogether affect the general improvement of worldwide telematics in the heavy equipment market.
Demographically, the global telematics in the heavy equipment market is widespread into the regions of North America, Latin America, Asia Pacific, Europe, and the Middle East, and Africa. Among these, the market is dominated by North America, with the Asia Pacific in close competition. Factors attributing to the dominance of North America include the presence of top players and the increasing need for driver and worker safety. On the other hand, the rising consumer base for heavy-duty equipment and the increasing number of building and construction activities are also expected to promote the growth of the market in the Asia Pacific.
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Companies operating in the global telematics in the heavy equipment market are investing in merger and acquisition strategies and product launches to gain an upper hand in the overall market competition. Besides this, companies are indulging in software development and quality analysis to maintain a strong foothold in the overall market competition.
The information presented in this review is based on a report by Transparency Market Research titled, “Telematics in Heavy Equipment Market (End Use - Agriculture, Construction, and Mining; Technology - Cellular and Satellite) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2025.”
Some of the prominent players of the global telematics in heavy equipment market include DPL Telematics, LHP Telematics, GPS Trackit, Topcon Corporation, LoJack Corporation, Zonar Systems Inc., ORBCOMM Inc., Trimble Inc., Actia Group, TelliQ AB, The Morey Corporation, Navman Group, Heavy Construction Systems Specialists Inc., Teletrac, Geotab Inc., and others.
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