Market Size of Construction Machinery Telematics Industry
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Construction Machinery Telematics Market Analysis
The construction machinery telematics market size is estimated at USD 1.19 billion and is expected to reach USD 2.48 billion, registering a CAGR of 13.02% during the forecast period.
- The construction machinery telematics market is a dynamic and evolving sector within the construction machinery industry. Factors such as rapid urbanization, industrialization, rising government investments in infrastructure development, and expansion and growth activities of the real estate and construction companies across the region are expected to enhance demand in the market.
- The construction machinery telematics market is driven by consumers' growing demand for machinery efficiency. The surge in the usage of portable technology in construction machinery, such as smartphones and advanced driver assistance systems (ADAS) features, like proximity detection alerts and collision avoidance systems, has also pushed the adoption of telematics in construction machinery. However, complexity and high price features make fleet operators reluctant toward these technologies, negatively affecting the growth of the construction machinery telematics market during the forecast period.
- One of the major factors driving the market's growth is the growing construction industry, especially in developing countries, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors. The rise in construction companies and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways due to the growing population and urbanization.
- Growing population and rapid urbanization in emerging economies such as China, India, and Brazil have resulted in a surge in construction activities and infrastructure development, fueling demand for heavy machinery. The increasing heavy machinery for construction machinery is likely to contribute to the growth of the machinery telematics market over the coming years.