The global material handling equipment telematics market size is expected to reach USD 7.6 billion by 2025, according to a study conducted by Grand View Research, Inc., exhibiting a CAGR of 11.7% during the forecast period. Technological advancements in the field of telematics and improved connectivity services have resulted in increased integration of telematics solutions in off-highway equipment.
Rising
number of sensor nodes being embedded in the equipment are used to transmit
real-time data and collect a variety of information regarding equipment’s
location, fuel consumption, and distance traveled, among others. This data is
further being used by fleet operators to make prompt business decisions and
improve their operational efficiency. Material handling equipment telematics
solutions are also increasingly enabling operators to monitor and manage fleet
operations in real time to improve cost savings, productivity, and customer
gratification.
Material
handling equipment telematics solutions are being increasingly integrated into
a range of equipment used in the construction, agriculture, manufacturing, and
mining industries. The adoption of telematics solutions in the construction
sector is especially rising as numerous OEMs are deploying these solutions in
their products for added benefits such as keeping an effective track of
equipment performance, reduction in fuel consumption, and theft reduction. This
trend is expected to have a positive impact on the growth of the global
material handling equipment telematics market.
However,
lack of advanced networking technologies in developing regions, which are
required for enabling reliable and high-speed connected infrastructures, is
likely to present substantial concerns regarding data privacy and data
security. This will, thus, hinder the adoption of telematics in material
handling equipment. Furthermore, concerns such as complexity of deployment of telematics
solutions and lack of standardization are also expected to hamper growth
prospects of the market.
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Material Handling
Equipment Telematics Market Report Highlights
- In 2017, the truck
telematics segment accounted for over 20.0% of the overall revenue.;
Growing concerns related to vehicle security, safety, and traffic
congestion are expected to drive the growth of the truck telematics
segment
- In regions such as North
America and Europe, wireless connectivity infrastructure is
well-developed, facilitating widespread investments in telematics
solutions among fleet operators.
- North America is projected
to dominate the market through 2025, whereas Asia Pacific will register
the highest growth during the same period
- Some of the prominent
players in the material handling equipment telematics market are TomTom
International BV, ORBCOMM, MiX Telematics, Teletrac Navman US Ltd.,
Omnitracs, and Zonar Systems.
- These players are focused on
collaboration opportunities with numerous stakeholders and innovations
through increased resources diverted towards R&D activities.
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Material Handling
Equipment Telematics Market Segmentation
Grand View Research has segmented
the global material handling equipment telematics market based on product and
region:
Material Handling
Equipment Telematics Product Outlook (Revenue, USD Million, 2014 - 2025)
- Aerial Work Platform
- Forklift
- Truck Mounted Forklift
- Articulated Forklift
- Side Loader
- Other
- Crane
- Port Crane
- Truck mounted Crane
- Others
- Earthmoving Equipment
- Spreader
- Articulated Wheel Loader
- Farm Implements
- Road Work Vehicle
- Self-propelling AG machine
- Others
- Truck
- Military Vehicle
- Trailer
- Others
- Tractor
- Terminal Tractor
- Tow Tractor
- Others
- Telehandler
- Others
- Sweeper & Scrubber
- Personnel & Burden
Carrier
- Power Generation/Light
Station
- Others
Material Handling
Equipment Telematics Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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