ALBANY, New York, October 25, 2017 /PRNewswire/ --
The global telematics in heavy equipment market is predicted to witness high degree of competition in the years to come on account of the entry of many new solution providers. Currently, most of the big names in the industry are headquartered in the developed countries, but have operations in developing countries as well.
Some of the key players operating in the global telematics in heavy equipment market are Trimble Inc., MiX Telematics, Daimler Trucks North America, Zonar Systems, Inc., Telogis, Masternaut Limited, Topcon Corporation, Teletrac Navman Group, PACCAR Inc., Inseego Corp., Element Fleet Management Corp., DPL Telematics, LHP Telematics, LoJack Corporation, OEM Data Delivery, TeMeDa, LLC, SmartDrive Systems, Inc., GPS Insight, and GPSTrackIt.
A report by Transparency Market Research, predicts the global telematics equipment market to expand at a healthy clip by clocking a CAGR of 15.1% during the forecast period from 2017 to 2025. Rising at this pace, the market is expected to attain a value of US$6.47 bn by 2025-end.
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Based upon technology, the global telematics in heavy equipment market can be divided into cellular and satellite. Of the two, the cellular segment is expected to register maximum growth pace in the next couple of years since cellular network is available in most places these days and is relatively affordable to set up.
Geographically, the key segments of the global telematics in heavy equipment market are North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of them, Asia Pacific accounts for a dominant share because of the presence of wireless connectivity options such as M2M connectivity, 4G and 5G network, GPS and Bluetooth in countries of China, India, and Japan. India, among the three countries, is expected to outshine vis-à-vis growth rate due to the rising uptake of advanced driver assistance system (ADAS) sensors and mobile devices. Overall, the region is projected to register maximum CAGR of 15.6% from 2017 to 2025.
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Rising Use of Smartphones Proves Beneficial to Market
Telematics is used to collect, record, and transmit vehicle operational data on a web-based platform which can be used by vehicle owners for further analysis. Growing demand for various field positioning capabilities offered by the telematics has upped adoption of telematics solutions in heavy equipment globally. Increasing usage of smartphones, availability of high speed data networks, and various benefits of telematics has increased the adoption of telematics in heavy equipment.
Vehicle Tracking Application Majorly Fuelling Market Growth
The vehicle tracking application is at the forefront of driving growth in the global market for telematics in heavy equipment. This is primarily on account of the increasing number of vehicles on road which has increased the chances of accidents. The vehicle tracking system helps keep a proper track of the movement of vehicles on the road and thereby serve to lessen the number of accidents.
One factor posing a challenge to the market for telematics for heavy equipment is the expenditure required for research and development.
Some of the prominent trends in the market are adoption of big data in telematics and integration of telematics with Application Platform Interface (API).
This review is based on the findings of a TMR report, titled, "Telematics in Heavy Equipment Market (Application - Vehicle Tracking, Fleet Management, Satellite Navigation, and Vehicle Safety Communications; Technology - Cellular and Satellite) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
The Global Telematics in Heavy Equipment Market is segmented as below:
Global Telematics in Heavy Equipment Market, by Application
- Vehicle Tracking
- Fleet Management
- Satellite Navigation
- Vehicle Safety Communications
Global Telematics in Heavy Equipment Market, by Technology
Global Telematics in Heavy Equipment Market, by Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of MEA
- South America
- Rest of South America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research