Construction Machinery Telematics Market Size (2024 - 2029)

Construction Machinery Telematics Market Analysis

The Construction Machinery Telematics Market size is estimated at USD 1.19 billion in 2024, and is expected to reach USD 2.48 billion by 2029, growing at a CAGR of 13.02% during the forecast period (2024-2029).

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.

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.

Construction Machinery Telematics Industry Segmentation

Construction machinery telematics is an electronic device unit that provides real-time access to machines by tracking engine hours, providing mileage report alerts, and monitoring fuel consumption. Additionally, equipment management personnel can receive alerts through fault codes when something is wrong with a piece of equipment outfitted with electronic monitors.

The construction machinery telematics market study includes machinery type, sales channel, telematic feature type, and geography. Based on the machinery type, the market is segmented into a crane, excavator, telescopic handler, loader and backhoe, and other machinery types. Based on the sales channel type, the market is segmented into OEM and aftermarket. Based on the telematic feature type, the market is segmented into tracking, diagnostic, and other telematic features (fleet or asset management, etc.). Based on Geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

For each segment, the market sizing and forecast have been done based on the value (USD).