The construction machinery telematics market has grown rapidly, increasing from $1.03 billion in 2023 to $1.16 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.5%. This growth is driven by rising investments in infrastructure modernization, increased residential and commercial building activities, government regulations aimed at improving safety on construction sites, the rising use of excavators and other equipment in telematics, and heightened demand for operational efficiency. The market is projected to grow to $1.88 billion by 2028, at a CAGR of 12.8%. Future growth is driven by expanding construction activities, the real estate industry's expansion, increased preference for asset tracking solutions, growing investments in digitalizing the construction sector, and rising demand in the mining sector. Major trends include increased demand for predictive maintenance, advancements in product development and innovation, adoption of AI, IoT integration, and deployment of connected technologies.
Major Driver In The Construction Machinery Telematics Market
The increase in construction activities is expected to propel the growth of the construction machinery telematics market. As construction projects rise due to urbanization and infrastructure development, machinery telematics improves efficiency and safety by providing real-time data on equipment performance. The Northern Ireland Statistics and Research Agency reported a 6.5% expansion in the construction industry from Q1 2022 to Q1 2023, with significant growth in the housing sector. This rise is expected to boost the construction machinery telematics market.
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Construction Machinery Telematics Market Competitive Landscape
Caterpillar Inc., Komatsu Ltd., Kubota Corporation, Mahindra & Mahindra, Hitachi Construction Machinery Co. Ltd., Deere & Company, Bosch Rexroth AG, Rosenberger Telematics GmbH, Trimble Inc., JLG Industries Inc., Topcon Corporation, EquipmentShare.com Inc., Samsara Inc., Geotab Inc., Teletrac Navman US Ltd., Inseego Corp., Mix Telematics Limited, Trackunit Corporation, Orbcomm Inc., ABAX Group AS, Tenna LLC, Hyundai Construction Equipment Co. Ltd., Cellutrak Canada Inc., J C Bamford Excavators Ltd., MachineMax
Key Construction Machinery Telematics Market Trend
The construction machinery telematics market is advancing with new mixed-fleet telematics systems to improve equipment monitoring across diverse brands. Mixed-fleet telematics systems unify monitoring and management of various construction machinery within a single platform. Hitachi Construction Machinery (UK) Limited introduced the CTFleet Link system in February 2022. This telematics system enables users to monitor the performance and location of Hitachi equipment and machinery from other manufacturers through a live online portal, featuring high reporting frequency and ISO15143-3 operational data display.
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Construction Machinery Telematics Market Segmentation
The construction machinery telematics market covered in this report is segmented –
1) By Machinery Type: Crane, Excavator, Telescopic Handling, Loaders And Backhoes
2) By Component: Hardware, Software
3) By Telematic Feature: Tracking Source, Diagnostic Source, Other Telematics Features
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
By Geography:The regions covered in the construction machinery telematics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the construction machinery telematics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Construction Machinery Telematics Global Market Report 2024 furnishes information about the global construction machinery telematics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
