The global construction and heavy equipment telematics market size is projected to reach USD 1,498 million by 2026, from an estimated value of USD 676 million in 2021, at a CAGR of 17.2%. Increase in demand for telematics solutions in off-highway equipment and government mandates on safety and security of off-highway equipment are the driving factors that are expected to boost the construction and heavy equipment telematics market.
Verizon (US), Trimble Inc. (US), Topcon Corporation (Japan), Hexagon AB (Sweden), and Robert Bosch (Germany) are expected to be the market leaders. These players have adopted strategies such as new product launches, partnerships, supply orders, expansions, and acquisitions to increase their share and diversify and strengthen their business networks in the construction and heavy equipment telematics market.
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Verizon. is the leading player in the market majorly because it generates the highest telematics revenue of all market players. It focuses on organic as well as inorganic growth strategies. In August 2019, Verizon Connect introduced the Field Service Dispatch that makes real-time workforce management solutions easy for dispatchers to efficiently schedule and communicate job information to technicians and customers. Verizon Connect Field Service Dispatch works with the Verizon Connect Reveal platform to combine vehicle location data and technician status to help operations managers make faster decisions and provide better service from a single application without switching the telematics and field service solutions.
Trimble Inc. is another leading player because of its diversified conveyor system portfolio. The company developed new products and reported multiple inorganic growth strategies for construction and heavy equipment telematics market in the period, 2019–2021. For example, in May 2021, Trimble introduced its Trimble® GuidEx Machine Guidance System, an advanced machine navigation solution proposed to guide machines along route corridors or to specific target areas. The systems can be installed on any machine, from utility terrain vehicles (UTVs) to heavy equipment, on- or off-road. Trimble GuidEx uses an integrated GNSS and Inertial Navigation System (INS) to compute a virtual reference point and precise heading, pitch, and roll. Regardless of the equipment or the application, Trimble GuidEx uses customer-provided data to keep operators aware of dangerous areas and reduces time and money wasted on unnecessary work. Trimble GuidEx was built to meet the needs of natural resource exploration activities and can be used for several other applications.
Construction & Heavy Equipment Telematics Market by Solution (asset tracking, diagnostics, fleet safety), Industry (Construction, Mining, Tractor), Technology, Hardware, Form factor, Vehicle category, & Region - Global Forecast to 2026
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