The use of telematics in construction vehicle is continuously increasing in order to achieve higher productivity of the vehicle. Telematics are increasingly being installed in smaller as well as large construction vehicles. The telematics system consists of GPS technology, on board diagnostics, and monitoring sensors, which are connected by cellular network that provides continuous insights on vehicle performance and operation. Telematics covers common points which include GPS location, fuel composition, idle times, and machine alerts in construction vehicles. Therefore, major manufacturers are installing telematics systems, as standard equipment, in order to achieve higher efficiency.
Telematics offers several benefits such as asset location, in which telematics data records machine activities on site, it also notifies maintenance and repair schedules by providing data points to vehicle owners. Telematics also measures the performance of the operator and reduces the threat of theft by using GPS technology.
Consequently, the telematics market for construction vehicle is likely to expand during the forecast period. Expansion of the construction industry, rising infrastructure investments, increasing investment of private sector in infrastructure, which includes investments in road and airports construction, and expansion of the real-estate sector are key factors that are likely to fuel the demand for construction vehicles during the forecast period.
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The telematics market in construction vehicle can be segmented based on technology type, sales channel, and region. Based on technology type, the telematics market in construction vehicle can be classified into cellular network and satellite. Cellular technology or satellite technology is implemented in construction vehicles according to surrounding conditions, customer preference, and government norms for radio usage. Companies such as Caterpillar and Volvo Construction Equipment provide cellular communication as well as satellite technology for vehicles.
In terms of sales channel, the telematics market in construction vehicle can be divided into OEM and aftermarket. Replacement of GPS systems, data logger, and other equipment after malfunction is included under the aftermarket segment. End-users generally prefer telematics services provided by OEMs, as compared to aftermarket telematics service providers owing to superior quality of the product and easy access for service facility. Major construction vehicle manufacturers such as Volvo, Caterpillar, JCB are started providing component along the their vehicle owing to OEM sub segment is likely to expand during the forecast period.
Based on region, the telematics market in construction vehicle can be bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Currently, North America dominates the telematics market for commercial vehicle owing to the presence of key players, developed infrastructure, and high rate of adoption of innovative technology in the region. The telematics market in construction vehicle in Asia Pacific is estimated to expand at a significant growth rate during the forecast period. This is primarily due to expansion of the construction industry in the region.
Key players operating in telematics market in construction vehicle include TomTom Telematics BV, HARMAN International, ORBCOMM, Topcon, MiX Telematics, Teletrac Navman US Ltd, Omnitracs, Wacker Neuson SE, Trackunit A/S., and Zonar Systems. Key players operating in the global telematics market in construction vehicle are expected to benefit from the formation of strategic alliances with other global players. These players have strong global presence, firm establishments, and diverse product portfolios.