Trusted Business Insights presents the Latest Study on Material Handling Equipment Telematics Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Material Handling Equipment Telematics Market
The global material handling equipment telematics market size was valued at USD 3.18 billion in 2017. It is expected to expand at a CAGR of 11.7% during the forecast period. The industry has witnessed significant developments in the past few years. Technological advancements and increased digitalization of material handling equipment have enabled easy tracking of equipment performance.
There has been a growing demand for equipment diagnostics data for predictive analytics by OEMs and a notable rise in government regulations pertaining to equipment safety, enhanced user experience, and improved operational efficiency of the equipment. These trends have been instrumental in leading to increased adoption of telematics in off-highway equipment of late.
Increasing construction activities in emerging economies such as India and China are providing a significant push to the overall market. For instance, the Chinese government announced the Belt and Road Initiative (BRI), also known as the One Belt One Road (OBOR) in 2013, which is an ambitious project aimed at connecting Chinese overland with the Middle East, Africa, and Europe with the help of highways, railways, ports, and energy projects. Several construction projects under the initiative are likely to create massive demand for construction equipment over the forecast period.
Given that construction equipment telematics accounts for over 50.0% of the total market, promising growth prospects of the construction industry are poised to boost the growth of the overall market. Deployment of telematics solutions in material handling equipment has helped monitor equipment usage trends and ensure safety and security of operators.
Improved equipment performance and innovative features of new product varieties such as driver monitoring, predictive equipment maintenance, fuel management, and fleet analytics have led to cost benefits. These benefits are projected to encourage the adoption of material handling equipment in the near future. The future scope of development of the market will essentially be determined by the need to reduce costs and boost productivity in the highly competitive market. Vehicle OEMs are estimated to capitalize on this growth by installing OEM telematics devices to deliver better results for customers.
However, implementing such advanced connected technology calls for a robust networking infrastructure to ensure seamless connectivity and transfer of real-time information. Lack of adequate network infrastructure, especially in developing economies such as India and Brazil, is one of the key factors inhibiting the growth of the off-highway equipment telematics market. Moreover, concerns about cyber-attacks and data-loss can limit the market from realizing its utmost potential.
Market Segmentation, Outlook & Viewpoint: Global Material Handling Equipment Telematics Market
Product Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2025)
Aerial Work Platform
Truck Mounted Forklift
Truck mounted Crane
Articulated Wheel Loader
Road Work Vehicle
Self-propelling AG machine
Sweeper & Scrubber
Personnel & Burden Carrier
Power Generation/Light Station
Key Players, Recent Developments & Regional Insights: Global Material Handling Equipment Telematics Market
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Based on product, the market has been segmented into aerial work platform, forklift, crane, earthmoving equipment, truck, tractor, telehandler, and others. Amongst these, the truck telematics segment held the largest share in the market in 2017. It is anticipated to exhibit a CAGR of 15.0% over the forecast period.
Improvements in road infrastructure and surging demand for goods transportation from the e-commerce sector are estimated to bolster the sales of trucks, thereby leading to increased scope of utilization of telematics solutions in trucks in the near future. Rising installation of telematics devices in trucks is expected to aid in an increment in collection of data pertaining to aspects such as driver behavior, vehicle location, and engine diagnostics, which can open new avenues for players in the material handling equipment telematics market.
The technology is also being increasingly installed in a variety of earthmoving equipment such as articulated wheel loaders, road work vehicles, and spreaders to boost job-site productivity by enabling preventative maintenance of these vehicles, tracking equipment utilization, and reducing the overall consumption of fuel. The earthmoving equipment telematics segment represented over 20.0% of the overall revenue in 2017 and is also expected to grow at a substantial CAGR over the forecast period.
North America commanded the dominant share in the market in 2017. It is characterized by presence of technologically-advanced firms that make investments for development of autonomous vehicles technologies, networking solutions, and IoT-enabled services. Robust IT infrastructure, high-speed networks, and rapid adoption of new technologies are contributing to the growth of the region. The regional market is also likely to register a CAGR of over 12.0% during the forecast period.
Asia Pacific telematics demand in off highway equipment market is poised to rise at the highest CAGR during the same period, thanks to notable advancements observed in networking technologies, rising investments in the infrastructure development sector, and increasing regulatory mandates pertaining to fuel emissions. Soaring adoption of cloud, IoT, autonomous vehicles, and mobility solutions in the region is projected to further benefit the growth of the regional market.
Material Handling Equipment Telematics Market Share Insights
The market is marked by presence of both large-scale and medium-scale material handling equipment telematics solution providers. The major players in the market include TomTom International BV, ORBCOMM, MiX Telematics, Teletrac Navman US Ltd., Omnitracs, and Zonar Systems.
These companies are aggressively investing in R&D activities to develop novel telematics solutions in order to sustain in the highly competitive arena. Furthermore, off highway equipment telematics solution providers are also emphasizing on strengthening their regional presence by collaborating with other players offering similar products and services. This strategy will help them augment their market presence and achieve a competitive advantage over peers.
Key Insights Covered: Global Material Handling Equipment Telematics Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Material Handling Equipment Telematics industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Material Handling Equipment Telematics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Material Handling Equipment Telematics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Material Handling Equipment Telematics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Material Handling Equipment Telematics industry.
Research Methodology: Global Material Handling Equipment Telematics Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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