Latest Industry Research Report On “Global Construction Machinery Telematics Market – Segmented By Type (On Road, Off Road), Vehicle Type, And Geography (North America, South America, Europe, APAC, MEA) – Growth, Trends And Forecast (2018-2023)” in-depth analysis of the market state and also the competitive landscape.
The global construction machinery telematics market is expected to grow at a fast pace over the forecast period. Some of the major factors driving the growth of the market are rise in infrastructural investments, growing construction industry, and reduced fuel consumption. However, complex features and high price associations make the fleet operators reluctant to integrate the technology into business processes.
Asia-Pacific Likely to Expand Over the Forecast Period
Currently, North America is expected to be the largest market for the market for the construction equipment telematics, however, Asia-Pacific region is projected to expand with the highest CAGR over the forecast period. Some of the major factors that will aid in driving the market are growing construction industry in the region, availability of a large number of heavy equipment, and the rising consumer base of mobile devices.
Construction Machinery Telematics Market Competitive Landscape:
Major Key Players – JCB, Volvo Construction Equipment, Komatsu, and Caterpillar, amongst others.
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Increasing Infrastructure Investments
The global GDP is estimated to grow at a rate of 3.9% in 2018 according to the IMF, and this growth is supported by growth in both building and infrastructure investments. Asia-Pacific region is the fastest growing infrastructure market, driven by increasing government spending in China and India, as both the countries have depended on building and infrastructure to boost the economy and create jobs.
One of the major growth drivers for the infrastructure industry, as a whole, and the mobile crane market, in particular, is the China-led, Belt and Road Initiative, which is aimed at building roads, railways, ports, and energy projects stretching from Chinas western regions to Europe. The projects under the Belt & Road initiative are expected to create a huge demand for construction equipment. Additionally, the market for excavators and other types of construction machinery is anticipated to strengthen in China over the forecast period. Government spending on municipal infrastructure projects is the key reason for healthy sales of construction machinery in recent months. For instance, cities around the country are expanding subways and other urban transportation systems. In 2018, China is expected to continue the implementation of proactive and sound monetary policies and the development plans of Guangdong, Hong Kong, and Macao Bay Area.
Moreover, in China, as the restrictions on foreign investment in land development, high-end hotels, office buildings, international exhibition centers, and the construction and operation of large theme parks have also been lifted. This is expected to increase the demand for high-performance equipment in the country, thus driving the construction equipment market.
India is still a developing economy, the construction sector is one of the booming industries in the country, and will continue to grow due to increased demand for real estate and infrastructure projects. The Indian government has allocated USD 90 billion in 2017 to build a road network of over 80,000 kilometers over the next 5 years, and USD 3 billion for Gram Sadak Yojana for construction of roads in rural areas. Furthermore, the United States government is also expected to increase its infrastructure spending by over USD 1 trillion in the next 10 years, with an aim to create more jobs in the country.
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